Santander launches fee-free bank account
Santander, the Spanish financial giant which owns the likes of Abbey and Alliance & Leicester, has today announced plans for a fee-free bank account which will go on general release in the UK in 2010. Under the terms of the account, holders will not be charged any fees on authorised or unauthorised overdrafts although they will still incur a pre-agreed interest rate which will start at 12.9%. Even the interest rate is one of the most competitive in the marketplace at the moment!
The only proviso for those applying for the fee-free bank account is the fact they must have a mortgage, or a mortgage pending, with Abbey, Bradford & Bingley or Alliance & Leicester. The Santander Zero current account would appear to be the company's response to the expected announcement on overdraft charges which could cost the UK banking sector billions of pounds in compensation. This is an issue which has been ongoing for some time but one which is now nearing a close, and a close which should hopefully be in favour of UK consumers.
Opinion is split as to whether other UK banking institutions will follow suit, but one thing is for sure, the UK banking sector as we know it today will be a very different animal in 12 months time.
Share this..
Related stories
The Recession is over, as UK GDP rises
The Office for National Statistics (ONS) has revealed that the UK double-dip recession is officially over, after the economy grew by 1pc in the third quarter leading to September. This represents the fastest rate of growth for the economy in the last five years, and brings to an end a nine month period in which the economy shrank continuously. This represents hope that the economy is finall...
Read MoreMore pay freezes on the way in 2010
While the UK government has already issued a statement confirming that public sector wages will only rise by a maximum of 1% during 2010 and possibly 2011, it would appear that the private sector has taken a harsher approach to the problem. One in five UK companies are looking towards a pay freeze in 2010 and reducing or scrapping benefits such as bonuses and gym memberships for employees. At a ti...
Read MoreUK unemployment hits 16 year high
UK unemployment hit 2.51 million in the three months to March 2010 which is the highest level since the last Conservative government in 1994. The Office for National Statistics rolled out these figures today just hours after the new government was asked to take office by the Queen. So what does this mean for the UK economy? While the headline unemployment figure in the UK is very disappointing...
Read MoreWhat to do if… you have been refused credit or refused a loan?
06/05/2015 If you have attempted to speak to your bank about purchasing a loan or credit card but been refused, don’t feel too disheartened. There could be many different reasons why, and it might not necessarily be due to your behaviour. There are other options open to you, and things you can do to help improve your chances in the future. If you have been refused credit due to a bad cred...
Read MoreHow do you know that you are paying the correct income tax?
Today's revelation that hundreds of thousands of workers in the UK have received incorrect tax codes for the 2010/11 tax year will have shocked many people. The vast majority of us automatically assume that the information which the revenue sends to our employers and ourselves is correct and does not need to be reviewed or checked. However, how can you be so sure this is the case? While there h...
Read More