Santander UK debit card: an overview of features, fees, and limits
Your essential guide to the Santander debit card UK, including features, fees, limits and everything else you need to know.
Looking for a new current account? If you’re thinking of making a switch from your current bank, there are lots of others to choose from.
But with so many current accounts available in the UK, how do you find the best one for you?
In this guide, we’ll run through some of the key things to look for. This includes account features, fees, interest rates and other benefits. This should help you compare what’s out there and pick a great current account for your needs.
And remember that you don’t necessarily have to go with a bank. If you send and receive money internationally, a money services provider like Wise and its Wise account could be a perfect fit. You can manage your money in 50+ currencies, spend using a linked Wise card, and get the mid-market exchange rate on all your foreign currency transactions.
Learn more about the Wise account
Please see the Terms of Use for your region or visit Wise fees & pricing for the most up-to-date information on pricing and fees.
A current account is a type of everyday bank account. It’s used for managing your everyday income and outgoings, such as receiving your salary and paying your bills.
Current accounts often come with a linked debit card, used for spending your balance.
There are many reasons to have a current account. To start with, you’ll need one if you work and receive a salary - along with other income. It’s also useful to have one for paying utility bills, rent and other everyday expenses. You can even set up standing orders and direct debits for recurring and regular payments.
Other benefits of having a current account include:
Choosing and opening a UK current account will all come down to what you need. You can be confident that most current accounts will offer the basics, such as online banking and access to a debit card.
But you might be looking for more, such as interest on your money, low or no account fees, or reward incentives for switching bank.
To help you compare accounts, here are just a few of the most important things to look for.
The first thing to check is how much it’ll cost you to have a particular current account. Carefully read through the account details and/or small print to check for:
It’s also worth looking into the fees and exchange rates for making international transfers, if this is a service you’ll use.
Some current accounts offer interest on your balance, which could be a helpful way to top up your earnings.
However, current account interest rates aren’t usually as good as those offered by savings accounts. So, when comparing accounts, it could be worth focusing on fees and charges rather than credit interest.
There are current accounts out there that offer cashback on everyday spending. This could be for bills, or when you spend at certain retailers.
This can be an attractive incentive, but only if the cashback you earn is higher than any monthly fees.
Another incentive banks use to attract new customers are rewards. Some reward current accounts come with a cash incentive (i.e. £100) when you switch, while others offer high interest for a certain period. There may even be other perks up for grabs.
To help you start your search, here’s the list of current account providers in the UK:¹
You can also get a current account at a digital bank, such as Revolut, Monese and Curve.
And a fantastic option for anyone with international links is Wise. The Wise account lets you manage your money in 50+ currencies, including GBP, and send money worldwide for low fees and a fair exchange rate. You can receive money from abroad, spend in 175 countries on your Wise card and manage everything online or in the handy Wise app.
Please see the Terms of Use for your region or visit Wise fees & pricing for the most up-to-date information on pricing and fees.
Many UK banks will let you open a current account without needing to make an initial deposit.
However, some accounts do have minimum pay-in requirements. This means that once the account is open, you’ll need to pay in a certain amount each month. For example, you’ll need to receive a minimum of £1,000 a month in wages, other income or other deposits within a month.
This may be alongside requirements, such as setting up a minimum number of monthly direct debits.
Many banks offer standard current accounts that are free to open and provide everyday banking services without any monthly charge. This is of course unless you exceed your overdraft limit or carry out a chargeable transaction like an overseas payment.
If you don’t qualify for a standard account (for example, if you have a poor credit rating), there are also fee-free basic accounts. These let you receive a salary, pay bills and spend using a debit card. But you may not get all the services offered by standard current accounts, such as access to an overdraft or a chequebook.
After reading this, you should have a handy checklist of things to look out for when comparing UK current accounts.
Fees and features are right there at the top of the priorities list. But it’s also worth looking at rewards and incentives to get yourself the best possible deal.
Sources used:
Sources last checked on date: 18-Nov-2022
This publication is provided for general information purposes only and is not intended to cover every aspect of the topics with which it deals. It is not intended to amount to advice on which you should rely. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content in this publication. The information in this publication does not constitute legal, tax or other professional advice from TransferWise Limited or its affiliates. Prior results do not guarantee a similar outcome. We make no representations, warranties or guarantees, whether express or implied, that the content in the publication is accurate, complete or up to date.
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