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.
We’ll be updating the General Terms & Conditions for current accounts and savings to reflect new regulations and some changes to our services. Nothing is changing immediately; unless we say otherwise, the changes will happen by 6 April or 5 May 2020.
Summary of changes
1. From 6 April 2020, we’re changing how we charge for overdrafts on current accounts that offer them; moving from a fixed daily fee to a single, variable arranged overdraft interest rate and removing all other overdraft fees and charges. The fee for refusing a payment due to lack of funds won’t be charged on any transactions from 10 December 2019. Full details are included in the Key Facts Documents for impacted accounts.
2. From 5 May 2020, we’re making some changes to our 1I2I3, 1I2I3 Lite, Select and Private Current Accounts. Full details are included in the Key Facts Documents for these accounts.
3. We’re also taking the opportunity to let you know about some other changes to services and the terms of your account from 5 May 2020. This includes an increase in the foreign currency conversion fee from 2.75% to 2.95% of the value and a number of other foreign transaction fees already being removed.
The changes we’re making
Interest and fees on Sundays and Christmas Day: We use your account balance to calculate any debit or credit interest applicable to your account. Currently any transactions made on a Saturday or a Bank Holiday (except Christmas Day) are processed the same day but some deposits or withdrawals made on a Sunday or Christmas Day aren’t processed for credit or debit interest until the next working day. From 5 May 2020 deposits or withdrawals made on any day that a transaction is processed will be treated as received that day. This means any applicable credit or debit interest will be applied on a Sunday or Christmas Day, if the transaction is processed on that day.
Change to foreign currency conversion fee for cash withdrawals and debit card payments: The conversion fee for cash withdrawals and debit card payments in a foreign currency will change to 2.95% of the value, currently 2.75%. The following foreign transaction fees were removed on 10 December 2019.
- Foreign currency purchase fee for debit card payments, previously £1.25 per transaction.
- Cash withdrawal fee (including cash machines, purchase of travellers’ cheques or foreign currency at another bank, bureau de change or other outlet displaying the Visa or Mastercard sign abroad), previously 1.50% on each transaction.
- Single Euro Payments Area (SEPA) - non-urgent euro transfer, previously £15.00 (no card needed).
Foreign currency cheques: We’re adding the previously separate foreign currency cheque deposit Terms and Conditions into the Current and Savings Accounts Terms and Conditions so you can find all the terms and conditions related to foreign currency transactions in one place.
Foreign currency transactions: We’re also updating the CHAPS, EEA and International Payments terms and conditions to clarify the cut-off times for these payment types. Where you request to pay any third-party correspondent banking charges on an international payment (those made anywhere in the world outside of the EEA), we will debit your account with these charges immediately after we have received them from other banks. Please note we have no control over the correspondent bank charges that are levied by third party banks. Foreign currency card payments and cash withdrawals When you make a card payment or cash withdrawal in a foreign currency, it:
- will be converted into pounds using the Visa or Mastercard exchange rate as at the date we receive the payment instruction to debit your account (which may not be on the same day that you authorised the payment);
- may incur a Santander commission fee based on the amount of the transaction in the currency of origin; and
- may incur commission fees imposed by the retailer or bank that carries out the card payment or cash withdrawal.
We will send you regulatory alerts we are required to when you make a card payment or cash withdrawal overseas.
Paying cheques into your account: We’re updating the cheque clearance timescales following the introduction of the new cheque imaging process across UK Banks and Building Societies. We’re also clarifying that cheques paid into your account via the Post Office or through the post will take longer to reach us and including guidance on what you should do if you want to pay in a cheque which has expired, been cancelled, or declined.
Paying money in and automatic payments, like Direct Debits and standing orders: We’re clarifying the cut-off time for you to put money into your account to ensure you avoid or reduce overdraft charges each day. If your account is using an overdraft you have until 8pm to bring your account into credit to avoid charges for that day. We’ve also amended our terms to clarify that automatic payments are taken from your account at the beginning of the working day they are due. This means that if you don’t have available money in your account at this time, we will try to make the payment again later that afternoon (and for standing orders, again in the afternoon of the following working day). To ensure the payment is made, you will need to move enough money into your account or have an arranged overdraft sufficient to cover the payment, before 4pm (or 4pm the next working day for standing orders).
Confirmation of payee: When sending money to accounts in the UK you will now need to provide us with the exact name of the person you want to pay, along with the account number, sort code and type (business or personal).
Making changes to Terms and Conditions in the future: We’re clarifying our ability to make future changes to your agreement. We’ve given more detail around the types of changes that we might make and some examples of when we might make them. Also, as you may hold an account with us for a long time, we can’t anticipate everything that might happen over this period. This means we may also need to make other changes to your agreement.
Helping protect you from fraudsters: Earlier in the year we signed up to an industry code of good practice to help better protect our customers’ accounts and reduce the occurrence of authorised push payment (APP) fraud. Scams involving APPs occur when you authorise a payment to an account that you believe belongs to a legitimate payee – but which is, in fact, controlled by a fraudster. In the future, once you have told us that you believe you have been subject to an APP scam, we will look into this and apply industry standards to determine whether you are entitled to a full or partial refund. We will usually let you know within 15 working days after the day you told us about it, although this might take longer in exceptional circumstances. Any refund will be given to you without undue delay. Please note that we will not refund you if we find that you should have known that you were sending money to a fraudster – although we will always take circumstances into consideration.
Third Party Payment Providers (TPPs): TPPs can only access your online accounts with your permission and where these are payment accounts e.g. a current account and some savings accounts. If you ever withdraw your consent to allow a TPP access to your account, we will tell the TPP that you have done this.
Complaints: Our terms and conditions are being updated to reflect that if you don’t think we are meeting our legal obligations under the Payment Services Regulations 2017, you are able to complain to the FCA. For more information, visit www.fca.org.uk/consumers/how-complain/submit-information-payment-servic…
Joint accounts: We’d normally ask for permission from both account holders on a joint account to remove an account holder. There may be certain circumstances in the future, that we do this without permission from both customers. For example, where there is a marital dispute or an estranged relationship. The option on savings accounts to run an account on an ‘all to sign’ or ‘more than one signature’ basis will be removed for all new accounts. This means each customer can use the account on their own, without the others approval (this includes instructions to close the account). There is no change to existing accounts set up with ‘all to sign’. This option isn’t available on personal current accounts, where all account holders can operate the account without the others approval.
Data Protection Statement: We’re updating the Data Protection statement to clarify that you must provide your personal data if we are to process an application, even if you are an existing customer and we already hold your details. We have also made some changes to make the Data Protection Statement easier to understand.
Who our agreement is with: We’ve amended the definition of “you” in the terms of your account to make it clear that the agreement is between ourselves and you, or anyone you’ve chosen and agreed can act on your behalf, such as under a power of attorney.
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 damanged 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.
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