Details

Account nameSelect Current Account
ProviderSantander
ATM withdrawal limit£1000
Debit networkVisa
Card typeCash / Debit
Minimum eligibility age18 Years
Min. operating balance£0.01
Min. opening balance£0.01
Direct debits
Current account switch guarantee
Cheque Book

Santander UK is a wholly owned subsidiary of global bank Banco Santander. It entered the UK market in 2004 after acquiring Abbey National, and later acquired Bradford & Bingley and Alliance & Leicester which were all rebranded as Santander UK.

Santander offers a range of personal, select, private, business and corporate accounts.

What is the Santander Select current account?

The Santander Select current account is an everyday bank account that also enables you to earn interest on balances up to £20,000, plus cashback on selected household bills. In return you’ll need to pay a £4 monthly fee to maintain the account and you’ll need to meet certain eligibility criteria.

You can open the account individually or jointly and it comes with a Mastercard debit card with a cash withdrawal limit of £1,000 a day.

How does it work?

The Santander Select account offers the following key features:

  • Monthly interest. Earn interest of 0.30% AER on balances up to £20,000.
  • Cashback. Earn 1% cashback on council tax bills, mobile and home phone bills, broadband and paid-for TV packages, as well as Santander mortgage payments. Earn 2% cashback on gas and electricity bills, Santander home and life insurance premiums. Earn 3% cashback on water bills.
  • £500 interest-free overdraft. Rate of 39.94% EAR applies after this.
  • Fee-free withdrawals abroad. At Santander cash machines when you choose the local currency.
  • Retailer Offers. Enabling you to earn up to 15% cashback at certain retailers.
  • Global support. Access to 12,000 Santander branches in 12 countries.
  • Call centre support. Access to a 24-hour dedicated call centre for all your banking needs.

Who is it for?

To open the Santander Select account you’ll need to be at least 18 years old and permanently live in the UK. You’ll also need to either pay your main income of at least £5,000 a month into your Select account (excluding transfers from other Santander accounts) or keep £75,000 in any Santander investments, savings or current accounts.

To qualify for cashback and interest you must also pay in at least £500 a month and have at least 2 active direct debits.

What are the benefits?

There are several benefits to opening a Santander Select account. As well as offering an interest-free overdraft of £500, the account pays interest, offers fee-free withdrawals abroad and allows you to earn cashback on your household bills.

How to apply

You can apply for a Santander Select account online in just 10 minutes. Alternatively, you can call the UK customer service centre or go into your nearest branch.

Pros and cons of the account

Pros

  • Interest-free overdraft of £500
  • Earn up to 3% cashback on selected household bills
  • Fee-free ATM withdrawals abroad (at Santander cash machines)
  • Earn cashback at certain retailers
  • Interest paid on balances up to £20,000
  • Quick to open account online, by phone or in branch
  • Dedicated 24-hour customer support

Cons

  • Interest on in-credit balances is minimal
  • £4 account management fee
  • Strict eligibility criteria
  • Interest on overdrafts over £500 is 39.94% EAR

Our verdict

Providing you can meet the eligibility criteria and you are happy to pay £4 a month, the Santander Select current account is a competitive offering. As well as providing an interest-free overdraft for those who dip into the red, it also offers cashback on household bills and at certain retailers. Although the interest paid on the account is low, it is payable on a much higher balance than many other current accounts offer.

However, if you don’t need the interest-free overdraft and you’re not too worried about 24-hour customer support, the Santander 123 current account might be more up your street. It offers similar cashback rewards without the high income criteria, although there is still a monthly fee of £4 to pay.

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