Santander has introduced a new card in the market which is the first in UK which charges you zero usage fees whenever you use the card. There are other benefits like zero per cent interest rate on balance transfers and zero rates as balance transfer fees.
Who can apply for the Santander Zero Current Account?
You are eligible for acquiring a Santander zero current accounts if you are above 18 years of age and a permanent resident of UK. Or you are an account holder of Santander ISA Managers Ltd, Santander Portfolio Management UK Ltd or Santander Unit Trust Managers Ltd, and you pay a minimum amount of £1,000 each month, or you are intending to use the Account Transfer Service to switch over your current account.
What’s behind the deal in Santander Zero Current Account?
This current account breaks all traditional barriers in rates and charges. There is an in credit interest rate of 6.00% which is normally fixed for 12 months. There will be no charge at all on usage of your debit card abroad. That is itself a blow to Nationwide Building Society which doesn’t charge for overseas financial transactions within the European Visa region specifications. Your overdraft will not be absolutely free which will be charged at 12.5%.If in case you exceed your agreed credit limit, Santander will not charge you a penny whereas other account holdings charge you for over credit standings. Don’t however assume that your overdrafts, over credit balances will run free, as there are little chances of your payments being authorised.
Financial Thresholds in Santander Zero Current Account:
You will earn 5% AER for the following 12 months flat on balances up to ₤2,500 when you pay at least ₤1000 per month into your account. If your balance exceeds the said limit you are not authorised to put into your account ₤1000 as you will not be allotted any interest charges.
Your overdraft offering will depend on the circumstances and will be charged at a flat rate of 12.9% EAR typical of its variability or 19.9% EAR if you fail to deposit ₤1000 into your account each month period. You must be aware that Santander doesn’t charge you a penny for your foreign transactions with your Visa debit card if and only if you choose to avail transaction in local currency. Other cash machine transaction would qualify you for a fee depending on current rates.
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