Changes to laws or banking regulations can often affect your current accounts and other banking services. We always alert you to any changes to your account's terms and conditions, and we also update this page regularly to clearly communicate the details of any changes.
This page shows you the latest changes to our current accounts.
From 12 April 2021, we’ve made changes to 1I2I3, Select and Private Current Accounts as shown below.
We’ve reduced the monthly fee to maintain the account from £5 to £4. This means your monthly fee will be £12 less per year. We’ve also reduced the interest rate from 0.60% to 0.30% AER/gross (variable). You’ll still continue to earn interest on balances up to £20,000.
|1|2|3, Select and Private Current Account||Before 12 April 2021||From 12 April 2021|
|Monthly fee to maintain the account||£5|
|Interest rate (on balances up to £20,000)||0.60% AER/gross (variable)||0.30% AER/gross (variable)|
There are no changes to how the account works or the cashback you earn. You’ll be able to see your interest on your statements and on Online and Mobile Banking.
Here’s why we made the changes
The Bank of England base rate remains at an all-time low and interest rates across the market have continued to reduce, which has affected the overall cost of providing this account to you.
We therefore took the difficult decision to make further changes to your account to ensure we meet our need to run a sustainable business.
We remain the only bank to offer cashback and interest on a current account and the majority of our customers will continue to earn more cashback and interest than the cost of the monthly fee. You’ll also still have access to the benefits of 1I2I3 World and have the option to earn additional cashback with Retailer Offers, so we hope you can continue to benefit from this account.
On 12 April 2021, interest was removed on the 1|2|3 Student, 1|2|3 Postgraduate or 1|2|3 Graduate current accounts.
|Before 12 April 2021||From 12 April 2021|
|Interest earned on balances up to £2,000||1.00% AER/gross (variable)|
We've also made a change to overdrafts on our 1|2|3 Graduate Current Account.
We’ve changed the interest-free arranged overdraft for this account from £2,000 to £1,000 when accounts move to the second year of the account. Arranged overdraft interest of 39.94% EAR (variable) will be charged for any arranged overdraft balance over £1,000.
This change will impact accounts that move into year 2 from July 2021. Accounts that moved into their second year on or before 30 June 2021 are not affected by this change.
There are no changes to overdrafts on our 1|2|3 Student or 1|2|3 Postgraduate current accounts.
|Year 1 of your account||From year 2|
|Arranged overdraft||Up to £2,000 interest-free|
£1,000.01 and over, interest rate of 39.94% EAR (variable) which gives a Representative rate of 5.97% APR*
*Representative APR is calculated based on arranged overdraft of £1,200. No interest is charged on the first £1,000 of your arranged overdraft. Actual credit limit may differ.
The Bank of England base rate remains at an all-time low and interest rates across the market have continued to reduce. We’ve therefore taken the difficult decision to make this change to your account in order to balance the cost of providing the account and ensure we can do this in a sustainable way.
We’re changing the General Terms and Conditions for current accounts to reflect the UK’s changing legal and regulatory relationship with the European Union (EU). The UK left the EU on 31 January 2020. The UK’s Transition Period with the EU ended on 31 December 2020.
These changes will happen automatically and will take effect for your account from 12th May 2021. There is no change to how you make payments.
We've included the key information about these changes below, but you can view the updated version of your account Terms and Conditions
Single Euro Payments Area (SEPA)
Santander will continue to offer SEPA payments from your account following the end of the UK’s Transition Period with the EU on 31 December 2020. References to the ‘Single Euro Payments Area’ will continue to include the UK, but the UK will be listed as a separate jurisdiction. You can continue to make and receive SEPA payments from and to your account as you do today.
European Economic Area (EEA) Payments and cut-off times
The definition in the terms of your account for ‘EEA Payments’ has been updated to clarify that these payments are made from your account held in the UK into recipient accounts held in the EEA.
There is no change to the cut off times for when you can make a payment and when funds will be received in the recipient’s bank.
We’ve made some changes to your Data Protection Statement to include more information about how we use automated decision making to make decisions about you. We’ve also made changes to tell you how we share and sell anonymised data in the Santander group of companies and outside it, for statistical analysis, research and other business purposes. This data can’t be used to identify you.
These changes apply to all personal data we hold for you in relation to any product or account you have with us. There are no changes to how you use your account.
We may have already contacted you to tell you about these changes. They won’t come into effect until you receive that notification.
For more details on how we use your information, please read the full statement (50 KB)
On 27 October 2020, we made changes to the cashback categories on the 1|2|3, 1|2|3 Lite, Select and Private Current Accounts as shown below. You’ll see that the cashback on communications (mobile and home phone bills, broadband and paid-for TV packages) has reduced to 1%, and cashback for water bills has increased to 3%.
The fee to maintain the 1|2|3 Lite Current Account has also changed from £1 to £2 a month.
We’re making these changes so we can continue to give cashback on household bills you have to pay, which we know is of benefit to millions of our 1|2|3 customers.
|Before 27 October 2020||From 27 October 2020|
|1% cashback||Water bills|
Council tax bills
Santander monthly mortgage payments
Council tax bills
|2% cashback||Gas and electricity bills|
Santander home insurance policies
Santander life protection premiums
|Gas and electricity bills|
Santander home insurance policies
Santander life protection premiums
|3% cashback||Mobile and home phone bills, broadband and paid-for TV packages|
Cashback changes will apply from the 27 October 2020 and will show on statements from the 27 November 2020. This means that the effective date of the change in cashback depends upon your statement date. For statements issued before the 27 November, cashback will be calculated using the previous tariff. For statements issued on or after the 27 November, the amount of cashback received will be at the new tariff. The date you receive cashback won’t change. You'll be able to see your cashback on your statements and on Online and Mobile Banking.
Note: cashback is paid on Direct Debit payments made directly to the provider. If your water bill, for example, is included within your council tax bill, cashback will be paid at the rate applicable for council tax, as it isn’t possible to identify the proportion of the payment that relates to water.
Changes to current accounts from 31 October 2018
In order to meet new regulatory requirements and to make account fees and charges clearer, we've introduced new documents and detail for personal current accounts. This detail does not impact the services or fees and charges on your personal current account, but makes it easier for you to compare common charges and fees across our personal current account range and those offered by other providers.
We've made things clearer by introducing a set of Standardised terms for some of the most common services that may incur a fee. We’ve also updated our terms and conditions, website and other communications to reflect these standardised terms. A new Glossary has been introduced to help you understand these terms. You’ll see the same terms used across all banks from 31 October 2018.
To help you compare certain fees and charges for a specific account, we’ve introduced a Fee Information Document for each of our personal current accounts, including accounts that are no longer available to open. These show the fees and charges that are linked to the most common services, making it easier for you to choose the right account for you.
We’ve introduced the new Statement of Fees, which will be provided to you annually in August. It shows all the fees and charges you’ve incurred on your account for the previous 12 months, as well as any interest earned.
Reading your Statement of Fees
Waived or reversed fees: If we’ve waived a fee before it’s been charged, you’ll be able to see it in ‘Number of times the fee was charged’ and ‘Total’. If we’ve refunded a fee after it’s been charged then you won’t see it in the Statement of Fees, but you can find it on your statement for your account.
Overdrafts on the Statement of Fees: For overdrafts the ‘Number of times the service was used’ shows on a daily basis and the ‘Number of times the fee was charged’ shows on a monthly basis. The amount charged monthly for an overdraft can be found on your statement.
If your account doesn’t have unarranged overdraft fees: You’ll be charged arranged overdraft fees if you go into an unarranged overdraft, so fees will show in the arranged overdraft fees ‘Total fees’ section even if you’ve incurred them using an unarranged overdraft.
The introduction of the Standardised terms, Glossary and Fee Information Document, as well as the replacement of the Annual Summary with the Statement of Fees, will not result in any change to the fees or charges, or the way you manage your account.
We are starting to move our debit card provider from Visa to MastercardTM
When your current Visa debit card expires or you need a replacement for a lost, stolen or damaged card, you may receive a new debit Mastercard rather than a Visa debit card.
Your new card will do everything your old card did and you'll get some great additional features. You can continue to use your existing PIN unless we've said we'll send you a new one.
When you receive your new debit Mastercard, you can use it straight away. Once you begin using your new card, your old Visa debit card will no longer work.
Your card number will change, so you'll need to:
- Update your card details on the websites you regularly use and for any annual subscriptions or recurring transactions such as car insurance.
- Set up your new card in your digital wallet if you use Apply Pay, Samsung Pay, Google PayTM, Fitbit Pay or Garmin PayTM (not applicable for top-up debit card).
If your Personal ID number for Mobile or Online Banking is your old Visa card number, this number will remain unchanged. You can always change this to a new number when you log on to Online Banking under My Details & Settings > Change Security Settings > Change Personal ID.
New features with your debit Mastercard
The following exciting new features will be available to use with your new debit Mastercard
Use the handy 'View PIN' feature in our Mobile Banking app to see your Mastercard PIN for a few moments if you've forgotten it.
Mobile Banking will let you temporarily freeze your Mastercard if you think it's lost or stolen. Card controls will let you decide whether to restrict certain transactions such as contactless payments, online transactions, international transactions and gambling transactions.
If you'd like to learn more about card freeze and card controls, take a look at our short video
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