Screenshot of Santander UK Current Accounts Home Page

If there is a product that can be described as the heart and soul of a banking relationship, then the current account is it. With the current account, consumers have the opportunity to do their daily transactions, receive funds, and make payments. This should be a simple account that helps consumers build an internal score with the bank. The Santander UK Current Accounts provide customers with a fair variety, but is it enough to satisfy diverse client needs? This review takes a look at what is on offer, and whether it compares well with the competitors.

A bank that also did quite well in their current account review, was Bank of Ireland.

About Santander UK

Screenshot of the History of Santander UK

Santander UK is surprisingly not of British origin, but as the name suggests, hails from Santander in Spain. The bank was founded in 1857 and provide the Spanish with essential banking services. Increased popularity ensured the bank was ready for growth. After expanding into many parts of Spain, the bank was ready to test distant shores. It started off with places such as Havana and Argentina. In the mid-1900’s, Europe was on the cards and London received a branch. The bank has been a key financial services provider for the UK inhabitants for a few decades but is still regarded as a fresh face on the British banking scene.

Handy Tips for Choosing the Ideal Current Account

Have a Look at the Account Fees and Transactional Fees

An account that carries a low monthly account fee, might charge a substantial fee for individual transactions. Customers are recommended to compare these in order to find the one that matches their needs more effectively. Some banks offer bundled accounts to counter excessive transaction fees.

Only Choose Bells and Whistles That Will Make Your Life Easier

All the fluff and drama of managing an account that requires jumping through hoops can be tiring. If the required transaction threshold or minimum balance is not the norm, it’s might only cause frustration and unnecessary fees.

Take A Look at the Minimum Balance Requirements

This is an important aspect to consider, especially if this balance is tough to maintain. Furthermore, accounts that require a high minimum balance should at least offer a good interest rate to counter the inconvenience.

Find Out Whether the Account Can Be Switched In Future

An account that may be suitable now, might not be suitable a few years down the line. Find out from the bank whether the account can be switched to another type without losing the account number. This will ensure continuity.

Santander UK Current Account Product Offerings

123 Current Account

Customers who appreciate a well-designed current account that meets most of their financial needs will find this account ideal. Furthermore, the account also offers cashback benefits on household bills.

  • Customers earn cashback on certain spend. There are different levels of earnings that range from 1% to 3% and depends on the types of bills. Customers need to meet minimum criteria to qualify for the cashback.
  • These cashback rewards are only earned through household bills paid by Direct Debit. There are a few exceptions that don’t form part of these bills.
  • This account also provides customers with interest on credit balances.
  • Furthermore, there is a monthly account fee of £5.
  • Customers will have access to a contactless Visa debit card.
  • Finally, customers may also apply for an overdraft facility, which is subject to their status.
Screenshot of 123 Lite Current Account Details Page Santander UK

123 Lite Current Account

Hassle-free and light on the pocket, this is the ideal entry-level account for those starting out with their first current account. Furthermore, customers still earn cashback on this account.

  • The cashback is earned in tiers of 1, 2, 3 and 5% and depends on the different bill payments. Not all household bill payments qualify for cashback. Also, clients need to meet the minimum criteria to qualify for cashback.
  • Mobile spend may also earn customers cashback.
  • The monthly account fee on this account is £1.
  • Furthermore, the account includes a Visa contactless debit card.
  • Also, customers stand the chance to earn an additional 15% cashback at certain retailers when they use their Santander Visa debit card.
  • Finally, customers may apply for an arranged overdraft which is subject to their status.

Everyday Current Account

Customers who wish to have a current account just for the essentials will find this account a good match. Furthermore, this account charges no monthly account fee.

  • This account doesn’t attract interest on positive balances.
  • Customers have 24/7 access to their account through various channels such as internet banking.
  • Furthermore, the account issues a Visa contactless debit card.
  • Also, customers may earn 15% cash back at certain retailers with their Santander Visa debit card.
  • Finally, customers may apply for an overdraft facility which is subject to approval.

Basic Current Account

This is a simple account that allows customers to perform basic transactions. Furthermore, customers have access to online banking.

  • The account doesn’t carry any account or overdraft fees.
  • There is a top-up debit card linked to the account to allow customers to manage their spend more efficiently.
  • Also, customers have 24/7 access to the account using online, mobile, and telephone banking.
  • Customers stand the chance to earn 15% cashback at certain retailers when they use their Santander top-up debit card.
  • Finally, there is also a cash card for those emergencies which can be used at an ATM.

123 Mini Account

Screenshot of 123 Mini Accounts Santander UK

Customers who wish their children to have early exposure to banking will find this account a good choice. The account is designed for children between the ages of 11 to 18.

  • The account provides a tiered interest rate that increases with higher balances. There is a maximum rate of 3% on balances between £300 and £2,000.
  • Furthermore, customers have 24/7 access to the account through mobile, internet, and telephone banking.
  • Customers will also receive free text and email alerts about their account.
  • Finally, customers have a choice between a cash card or Visa debit card.

123 Mini Account (in Trust)

This is a great account for those under the age of 11. The account is opened by the parent or guardian on behalf of the child.

  • This account is exclusive to Santander current account holders.
  • Customers enjoy a tiered interest rate with a maximum of 3% for balance between £300 and £2,000.
  • Furthermore, this account provides the ideal starting point to save for children.
  • The parent or guardian has complete control as the trustee of the account.
  • Finally, customers enjoy 24/7 access to the account.

123 Student Current Account

The perfect account for those over the age of 18, as it offers a free Santander 16-25 Railcard. Furthermore, customers will earn interest on their positive balances.

  • Customers can arrange for an overdraft subject to approval. There are no interest charges or service fees on the overdraft.
  • The Santander 16-25 Railcard is valid for 4 years and can save commuters as much as ⅓ off their travel costs.
  • Finally, customers have access to a Visa debit card.

A bank that also offers great current account options for students, is Royal Bank of Scotland.

123 Postgraduate Current Account

Students who wish to continue with higher education after their undergraduate degree will find this account a great match. Furthermore, it offers an interest and fee-free arranged overdraft.

  • Customers enjoy interest on their positive balances.
  • Finally, the account provides access to a Visa debit card.

123 Graduate Current Account

Graduates who have completed a course within the last 3 years will find this account attractive. Furthermore, the account offers access to a Visa debit card.

  • Customers enjoy a fee-free and interest-free arranged overdraft.
  • The account also provides customers with interest on positive balances.

International Student Current Account

This is the ideal account for foreign students who find themselves studying in the UK.

  • Customers enjoy one free deposit of a foreign cheque per month.
  • They also earn interest on positive balances.
  • Finally, the account provides a Visa debit card.

What We Like About Santander UK Current Accounts

If there is one thing that just sticks out at us, is the vast range of current accounts. There is something for everyone, from young to old. Although there isn’t a special account for seniors, any of the accounts on offer will provide them with great opportunities to save a few pounds.

The pricing on the accounts is also quite competitive, which makes them a suitable option. The pricing is also revealed to the customers upfront which improves the decision-making process.

Finally, the products are easy to navigate and don’t require too much effort from customers to maintain. Online and mobile banking is readily available.

Find out why Credit Agricole's current account section left us baffled.

What We Don’t Like About Santander UK Current Accounts

There is nothing to dislike about these accounts. As far as product ranges go, this is one of the most impressive encountered thus far.

Critical Reviews Rating Santander UK Current Accounts – 10 of 10

Screenshot of 123 Current Accounts Calculator Santander UK

When you come across a range of accounts such as these, the feeling that radiates is almost heartwarming. This is because everything has a perfect balance. Some of the characteristics of the accounts that simply jump out at us is the cashback earned on some of the accounts. There is also the interest or no-fee option to choose from.

For customers who wish to have a current account but without all the hassles usually associated with these accounts, this is the perfect range. We are happy to grant a perfect rating here.

Perfect ratings are hard to come by, just ask Deutsche Bank who missed it by a smidge with their current account range.