Santander launches 'revolutionary' current account

Thursday, 19 November 2009 12:00

Santander has today unveiled its Zero Current Account, so called because it comes with no fees or charges.

The new product, which is available to customers who have a mortgage with the bank, is being hailed by Santander as 'revolutionary'.

It said it was part of an initiative being launched in a bid to help radically change retail banking in the UK.

Antónia Horta-Osório, cheif executive of Santander UK, said: "Our new approach is one based on simplicity - the more business you do with us, the more we will offer you in return."

The account has no overdraft fees, makes no unauthorised or authorised charges provides a six per cent in-credit interest rate for one year.

It also does not charge for paid or unpaid items, or for using ATMS worldwide. There are no foreign exchange fees and it comes with a debit card which is fee-free for purchases world-wide.

The overdraft rate is 12.9 per cent.

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