Zero Current Account

At Santander we really value our customers and are serious about rewarding loyalty. That’s why our unique Zero Current Account is specifically designed for existing Santander mortgage, savings and investment customers†.

The only current account on the market to offer:

No fees if you exceed your overdraft and No fees from us when you use cash machines or your debit card anywhere in the world††
Plus 5% AER (fixed) on balances up to £2,500 for 12 months when you pay in £1,000 each month. And 0% EAR overdraft for 4 months when you switch to us

What you need to do:

To apply: you need to be aged 18 or over, be living permanently in the UK
To apply online: meet the Santander Mortgage and Investment eligibility criteria (†see details below)
Santander savings and A&L mortgage customers who meet the eligibility criteria need to apply via Branch or over the phone

Legal Details

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Dedicated Switcher Service

To have a Zero Current Account you must switch your existing bank account to us. It's important you feel confident in the switching process, which is why we'll help you to Switch:

1. We'll do all we can to switch your account within 20 days.*

2. To qualify for overdraft matching you must be approved for a Visa Debit card, agree to pay your income into your new account and provide proof of your existing overdraft. Maximum overdraft matching limit is £5000.

3. No Arranged Overdraft interest or fees for 4 months and up to 12 months, depending on the current account you choose - see Representative Example**

4. We'll waive or refund all of our fees as you switch.

5. We'll do the hard work for you - our dedicated team will help you every step of the way.

Click here to read more about our simple 3 step process

Representative example:

0% EAR (variable) Arranged Overdraft. No Daily Arranged Overdraft Fee for the first four months. After four months any fees you pay will be based on the account you choose

Zero Current Account

0% EAR (variable) Arranged Overdraft for the first four months. 12.9% EAR (variable) thereafter.
Assumed Arranged Overdraft credit limit: £1,200. Actual amount may differ.

Interest rate and charges information

You will earn 5.00% AER /4.89% gross (fixed) for the first 12 months on balances up to £2,500 when you pay at least £1,000 into your account each month. After 12 months you will earn 1.00% gross/AER (variable).
We do not pay interest on balances over £2,500 or on the whole balance if the required monthly credit is not made.
Our preferential interest rate is only paid out if you pay in £1,000 per month. Please note this is not a calendar month, it is in the month from the date of your account being opened. For example, if your account was opened on the 7th, you must pay £1000 in each month between the 7th and 6th of the following month, every month to qualify.
Your Arranged Overdraft will be 0% EAR (fixed) for the first 4 months, when you use our Account Transfer Service. It then changes to a competitive 12.9% EAR typical (variable) (overdrafts are offered depending on your circumstances).
To qualify for overdraft matching - see above for details
^†† We will not charge you for using a cash machine abroad but the cash machine operator may make a charge. If you're given the option of paying in local currency or sterling, please make sure you choose the local option. If you choose sterling, it means that the retailer or bank will handle the conversion and may charge you a conversion fee or a foreign usage fee (or both).
Further information about this account including rates, charges, Terms & Conditions, user guide and more, can be found by clicking here

^† Qualifying criteria

You are eligible if:

You must be at least 18 years old and be living permanently in the UK.
You switch your main current account using the Account Transfer Service (new current account customers only).
It is your main current account and you pay in a minimum of £1,000 each month;
Mortgage account holders: Your mortgage account with Santander must not have been in arrears ('arrears' means you have missed 2 or more mortgage payments in a row in the last 12 months). This product is not available to Santander Commercial mortgage customers.
Savings account holders: The balance you hold in your Santander savings account(s) (which can be spread across more than one Santander savings accounts) must total a minimum of £10,000 and this balance has been held for a minimum of 3 months. For joint Zero Current Account applications at least one of the account holders must have a total savings balance of £10,000. Santander savings include any savings accounts held with Santander UK but excludes any savings with cahoot.
Investment account holders: Your investment is held with Santander ISA Managers Limited (excluding Cash ISAs), Santander Portfolio Management UK Limited or Santander Unit Trust Managers Limited or you have a Santander Stockmarket Linked Bond.

Please note:

You must remain a Santander mortgage, Santander investment or Santander savings account holder for the duration of time you hold a Zero Current Account. If you no longer meet the eligibility criteria we will contact you before transferring you to an alternative Santander current account.
Customers are limited to a maximum of 2 Zero Current Accounts per person; this includes both single and joint account types.

How to apply

Customers who hold a mortgage / savings / investments products with Santander, Can apply for a new Zero Current Account in the following ways, providing the eligibility criteria is met:

if you hold a Santander mortgage or investment you can apply online today
if you hold a Santander savings account (over £10,000 which has been held for a minimum of 3 months) or an Alliance & Leicester mortgage you can apply by calling 0800 707 6692 between 8am and 9pm Monday to Friday, Saturday from 8am to 4pm, or go into your local branch

Existing Santander current account holders who use their existing Santander current account as their main account and:

have paid in at least £1,000 each month for the last three months;
have at least 2 active direct debits or standing orders set up on their account; and
hold a mortgage / savings / investment product with us (and meet the eligibility criteria^? )

Can apply to upgrade to a Zero Current Account by calling 0800 707 6692 between 8am and 9pm Monday to Friday, Saturday from 8am to 4pm, or go into your local branch.

Existing customers transferring to the Zero Current Account will receive 1.00% gross/AER (variable) credit interest on balances up to £2,500 when they pay in £1,000 each month.

Not eligible for Zero? If you don't meet the eligibility criteria why not consider our Preferred Current Account - it pays 5% AER (fixed for 12 months) on balances up to £2,500 when you pay in £1,000 each month. Click here to see our Preferred Current Account. 0% EAR (variable) Arranged Overdraft. No Daily Arranged Overdraft Fee for the first four months. After four months any fees you pay will be based on the account you choose

*95% of switches through the account transfer team were completed within 20 days from March to August 2011

** Overdrafts depend on your circumstances and you must repay any overdraft when we ask in line with our General Terms and Conditions.

AER stands for Annual Equivalent Rate and shows what the interest rate would be if we paid interest and added it to your account each year. The gross rate is the interest rate we pay before income tax is taken off.

EAR stands for Effective Annual Rate and represents the yearly cost of an overdraft, which takes account of how often we charge interest to the account, and does not include any other fees or charges.

Rates and information correct as at 25 November 2011