Santander private banking: requirements and services

Interested in private banking services? If you’re currently comparing banks and providers in the UK, one of the main names you’ll come across is Santander.

Santander offers private banking for over 200,000 customers in 11 countries, including the UK.¹ But is it the right choice for you?

In this guide, we’ll run through everything you need to know about becoming a Santander private client. This includes the accounts and services on offer, and how to meet Santander’s private banking requirements for new customers.

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What is Santander private banking?

Santander Private Bank offers a range of exclusive products and services to customers who meet particular requirements (more on that shortly). When you join as a customer, you’ll get a personalised service, and your own Private Banker to provide streamlined money management support.

Services include:

• Private banking and savings accounts
• Debit/credit cards with all kinds of perks
• Investment advice
• Wealth planning services
• Priority borrowing

International private banking with Santander

One of the main advantages of choosing Santander Private Bank is its international presence.

The bank is an established multi-national company which operates in 11 countries.² This means you can access a global network of specialists, wherever you are in the world.

This is ideal if you’re interested in opening specialist offshore and multi-currency accounts. Alternatively, you might be planning to invest overseas, start a business in a new country or even move overseas permanently. Santander’s international private banking team can help you do all of that, from arranging financing to opening a bank account in a new country.

There’s even a specialist UK-based team at Santander private banking international available to help you buy a home in Portugal or Spain.²

Benefits for Santander private clients

Here are just a few of the many benefits of joining Santander Private Banking:³

• A dedicated Private Banker to help you achieve your financial goals - available through video or in-person appointments to suit your schedule
• Access to exclusive banking, savings and multi-currency accounts
• Benefits with the Santander World Elite™ Mastercard® - including the Mastercard Concierge service, airport lounge access, hotel upgrades, insurance, shopping discounts and more
• Expert investment and wealth management advice - including pensions, will writing, succession planning and more
• Personalised priority borrowing, including mortgages, international mortgages and everyday borrowing solutions

Santander private banking requirements and minimum deposit

Not everyone is eligible to open a private bank account with Santander. There are certain conditions you’ll need to meet, in relation to your income, savings and investments.

To join, you’ll need to have one of the following:¹

• At least £500,000 in savings or investments
• A gross annual income of at least £250,000

There’s also a Santander private banking minimum deposit of £500 a month, and a requirement to set up at least two active Direct Debits.¹

Santander wealth management services

Santander Private Bank offers a number of specialist services to help you manage your wealth, make the most of your money and plan for the future.

Your Private Banker will create a personalised road map to help you choose your life and financial goals. They’ll draw in expertise from across the Santander Group and grant you access to a team of specialists to create a tailored wealth plan.

You can get advice on using investments to grow your wealth, property purchases, retirement and succession planning and much more. Pricing for these services is based on your individual needs, how complex your financial circumstances are and of course, which services you use.

Santander private banking debit and credit cards

When you open a Santander Private Current Account, you’ll get a Premium Debit Card along with a number of other benefits.

This includes:⁴

• Fee-free local currency withdrawals from Santander ATMs - withdraw up to £1,500 daily
• Access to 10,000 branches in 11 countries
• A preferential overdraft
• Monthly interest of 1.50% AER/1.49% gross (variable) on balances up to £20,000
• Up to 3% cashback on household bills, and up to 15% cashback with selected premium retailers

It’s worth noting though that there’s a £4 monthly fee to maintain the account.⁴

There’s also the option to hold global currency accounts with Santander, in USD or EUR. You can then transfer money between them if you wish.

And as a standalone product, you can also get the Santander World Elite Mastercard.⁷ This is a premium Santander private banking card, only available to Private and Select customers.

For a monthly fee of £15, this is a credit card that’s absolutely bursting with benefits. This includes access to a team of concierge lifestyle managers who can sort everything from restaurant reservations to travel arrangements.

You’ll get access to 1,000 airport lounges worldwide, discounted Santander travel insurance and 0.5% cashback on purchases up to £3,000 per month. Plus, zero Santander foreign transaction fees on purchases made abroad in the local currency.⁷

But of course, it isn’t only banks that can offer international money management services. Open a Wise multi-currency account, and you can send, spend and convert between 40+ currencies at once. It’s also ideal for sending large amounts securely overseas. And you can even get a Wise debit card for use in 150+ countries.

Register with Wise today

Borrowing options

As a Santander Private Bank customer, you’ll get access to what it calls ‘priority borrowing’ services.⁵ This means personalised and convenient borrowing arranged through your Private Banker, to meet even complex financing needs.

You can access mortgage and remortgage products, international mortgages and a range of other everyday borrowing services.

Wealth planning, protection and succession

If you’re thinking about the future, Santander wealth management services can help with:⁶

• Retirement and succession planning
• Estate and pension planning
• Will writing, legal expertise, later life lending and international tax planning (through referrals to specialist 3rd party providers)

Investment portfolios and advice

Last but not least, Santander can assist with investment management. Your Private Banker will work with the Santander Asset Management team to offer investment advice to help you achieve your financial goals.

There’s also the Model Portfolio Service. This involves creating a recommended portfolio focused on your personal needs for investing, with regular reviews to ensure you’re on track.⁸

As a Private Banking client, you can invest in a range of funds from Santander Asset Management. This includes Atlas, Portfolio Investments and other multi-index funds.⁸

Santander private banking address and contact number

Have a question about private banking with Santander? If you want to find out more about the benefits on offer, or whether you qualify for a Santander Private Bank Account, it’s a good idea to get in touch with the bank.

Here’s the essential contact info you need:

• Santander Private Banking contact number - 0330 678 1507 (if you’re based in the UK or +44 (0) 151 966 6048 (international)
• Santander registered office - 2 Triton Square, Regent's Place, London, NW1 3AN

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And that’s pretty much it - everything you need to know about Santander private banking in the UK, and a little bit about its international presence too.

We’ve covered the full range of services, including exclusive accounts, investment advice, wealth planning and more. And of course, those all-important Santander private banking requirements.

If you’re eligible and interested in becoming a customer, the next step is to get in touch with Santander.

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Sources used:

1. Santander Private Banking
2. Santander Global Private Banking
3. Santander Private Banking - Privileges
4. Santander Private Current Account
5. Santander Private Banking Borrowing
6. Santander Private Banking Wealth Planning
7. Santander World Elite Mastercard
8. Santander Investment Management

Sources last checked on date: 01-Nov-2022