A Santander bank account that doesn’t charge overdraft fees will be open to more customers in 2011.
Customers with overdrawn accounts will not be charged a fee under a Santander current account.
Santander’s ZERO Current Account will soon become available to almost two thirds of customers, the Spanish banking giant has revealed.
The ZERO account is fee-free, which means consumers are not charged for dipping into their overdrafts or using their debit cards abroad. From the beginning of next year the account will be open to customers who have £10,000 or more in a savings account, a mortgage or an investment product with the bank.
The change could affect up to four million Santander customers.
Vim Maru, director of retail products at Santander UK, said: “At Santander we set out to offer the best deals to customers who bring or hold their main bank account with us. This is why we developed the Santander ZERO Current Account to offer those that have chosen us for their mortgage, investment or savings needs the very best bank account”.
He added: “I encourage every one of them to visit a Santander branch, visit us online or call us, to discuss how they can take advantage of our dedicated switching service and start to save money on their banking by moving to the Santander ZERO Current Account”.
The account will also offer free ATM access across the globe. Although overdraft fees will not be charged, overdrawn accounts will be charged at 12.9% interest.