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Our History

The history of Santander in the UK

Since its entry into the UK market in November 2004, Santander UK has transformed, moving from its heritage of three former building societies to a full-service retail and commercial bank.

AER and EAR explained

AER stands for Annual Equivalent Rate and shows what the interest 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. Interest is calculated daily and paid monthly. Rates may change. 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. Overdrafts depend on your circumstances and you must repay any overdraft when we ask in line with our General Terms and Conditions.