Latest news with #SANTANDER
Scottish Sun
5 days ago
- Business
- Scottish Sun
Santander quietly HIKES fee for popular account with 100,000s customers and slashes cashback
The bank is also hiking fees and slashing perks on other accounts BANK BLOW Santander quietly HIKES fee for popular account with 100,000s customers and slashes cashback Click to share on X/Twitter (Opens in new window) Click to share on Facebook (Opens in new window) SANTANDER has quietly made changes to a popular credit card, hiking the monthly fee and slashing cashback. New customers applying for the bank's Edge Credit Card will now face a monthly fee of £4, an increase from the previous £3. Sign up for Scottish Sun newsletter Sign up 1 A customer uses an automated teller machine (ATM) outside a Banco Santander SA bank branch in Barcelona, Spain, on Monday, Jan. 31, 2022. Santander reports full year earnings on February 2. Photographer: Angel Garcia/Bloomberg via Getty Images Credit: Getty At the same time, Santander has slashed the maximum cashback customers can earn each month from £15 to £10. Plus, a major benefit for new customers has been removed - the 2% cashback on all purchases during the first year, which was previously capped at £15 per month. Existing Santander Edge credit card holders, however, can breathe a sigh of relief – for now. The bank has confirmed that the £3 monthly fee and £15 monthly cashback cap will remain in place for existing customers. They will also continue to enjoy 2% cashback on all purchases for the first year, before dropping to 1% cashback thereafter. That said, the bank hasn't committed to retaining these perks permanently, leaving current customers in limbo about the future. A Santander spokesperson said: "We regularly review our product offering to reflect wider market conditions, and as part of our refresh of our Santander Edge credit card, we will be giving all eligible customers the opportunity to earn up to £120 cashback per year, without having to be an existing Santander current account holder." The Santander Edge credit card is now available to new customers aged 18 or over, earning £10,500 or more annually, and residing permanently in the UK. Previously, applicants were required to hold a Santander current account. While the changes may seem minor, they could have a significant impact on how new customers benefit from the Santander Edge credit card. Switch bank accounts for free perks With perks reduced and fees increased, many will be left wondering whether the card still offers value for money. If you're looking to maximise your cashback, there are other options available. In fact, one credit card is currently offering up to 5% cashback on spending. The fee-free Chase debit card is a standout option, offering 1% cashback on most spending (capped at £15 per month). While there are some exclusions, it's a straightforward deal, and you only need to pass an ID check to open a new account. After the first year, you'll need to pay in £1,500 each month to continue earning cashback. If you're considering a credit card, the American Express Cashback Everyday Credit Card is a great option for those expecting a high-spend period. It offers an impressive 5% cashback on purchases for the first five months (up to £125). After this introductory period, you can earn up to 1% cashback, but you'll need to spend over £10,000 annually to qualify for ongoing rewards. For those who might not meet the £10,000 annual spending threshold, the American Express Cashback Credit Card is another strong choice. It also offers 5% cashback for the first three months (up to £125), followed by 0.75% cashback on spending up to £10,000 per year and 1.25% above that. However, this card does come with a £25 annual fee. If you frequently shop online the Amazon Barclaycard is great for its regular customers. It offers 1% cashback on Amazon purchases (boosted to 2% during Prime Days and Black Friday) and 0.25% cashback elsewhere (0.5% in the first year). It also provides an Amazon voucher upon acceptance, usually worth £20. What is cashback? CASHBACK is a type of reward offered by banks, credit card providers, and retailers where customers receive a percentage of their spending back as cash. Essentially, it's a way to earn money while making purchases. For example, if your card offers 1% cashback and you spend £100, you'll earn £1 back. Cashback can be credited to your account, deducted from your balance, or saved up for future use, depending on the provider's terms. It's often offered on everyday purchases, such as groceries, fuel, or online shopping, and may be part of a promotional deal or an ongoing benefit of your account. However, remember to check the terms and conditions, as some transactions may not qualify for cashback rewards. By using cashback offers wisely, you can usually make your money go further on purchases you'd already be making. What else is happening at Santander? Santander customers have been left outraged after the bank revealed it will start charging £120 a year for an account it promised would be "free forever". Thousands of small business and self-employed account holders are facing £9.99 monthly charges from October. This comes despite written assurances that their accounts would always remain free of fees. The changes will impact three types of business accounts: 1|2|3 Business Current Accounts, Business Everyday Current Accounts, and Business Current Accounts. The "free forever" promise applied to accounts offered by Abbey and Alliance & Leicester before the 2008 merger with Santander. The bank first attempted to introduce fees for these accounts in 2012 but backed down after customers threatened legal action. However, these accounts were shifted to the Business Everyday account in 2015, which did not include the "free forever" promise. From October 1, these accounts will be closed, and customers will be automatically switched to Santander's new Business Current Account – Classic. Under the new structure, every Business Current Account – Classic will incur a £9.99 monthly fee, regardless of the type of account customers previously held. While some accounts were free, others offered additional benefits with charges as high as £40 per month. The bank is closing its 123 Lite current account, which offers up to 3% cashback on household bills for a £2 monthly fee, on August 21. Customers affected by the closure will be automatically switched to Santander's Everyday Current Account. This account has no monthly fee but does not include cashback benefits. Meanwhile, customers of Lloyds Bank, Halifax and Bank of Scotland will soon lose the ability to deposit their cheques at any of the 11,500 Post Office branches nationwide. From December 31 this year, Lloyds Banking Group will withdraw this service for all customers.
Scottish Sun
18-07-2025
- Business
- Scottish Sun
Santander customers FUME over ‘disgusting' £120 fee for key bank account after being promised it would be ‘free forever'
The bank first tried to introduce fees for these accounts in 2012 CHARGED UP Santander customers FUME over 'disgusting' £120 fee for key bank account after being promised it would be 'free forever' Click to share on X/Twitter (Opens in new window) Click to share on Facebook (Opens in new window) SANTANDER customers are outraged after the bank revealed it will start charging £120 a year for an account it promised would be "free forever". Thousands of small business and self-employed account holders are facing £9.99 monthly charges from October. Sign up for Scottish Sun newsletter Sign up 1 Several other banks, such as Virgin Money, Monzo, and Co-operative Bank, continue to offer free business banking Credit: Getty This comes despite written assurances that their accounts would always remain free of fees. Santander's move has left customers feeling betrayed. Customers have taken to social media to vent their anger. One user said on "Promised me free business banking forever in writing, and now they want to charge £9.99 a month. Is this even legal?" Another branded the move "absolutely disgusting". The changes will impact three types of business accounts: 1|2|3 Business Current Accounts, Business Everyday Current Accounts, and Business Current Accounts. Santander said that the "free forever" promise only applied to accounts offered by Abbey and Alliance & Leicester before their 2008 merger. The bank first attempted to introduce fees for these accounts in 2012 but backed down after customers threatened legal action. However, these accounts were shifted to the Business Everyday account in 2015, which did not include the "free forever" promise. From October 1, these accounts will be closed, and customers will be automatically switched to Santander's new Business Current Account – Classic. Switch bank accounts for free perks This migration comes with new fees and charges that could significantly impact businesses, especially those handling large cash deposits or relying on cheque transactions. Under the new structure, every Business Current Account – Classic will incur a £9.99 monthly fee, regardless of the type of account customers previously held. While some accounts were free, others offered additional benefits with charges as high as £40 per month. Several other companies, such as Virgin Money, Monzo, and Co-operative Bank, offer free business banking. A spokesperson for Santander said: "The business banking landscape has changed significantly over the last decade. "As such, we are simplifying our business banking offering as the first step to ensure that we can sustainably and efficiently evolve to better meet the needs of our business customers in the future." Santander Business Current Account – Classic charges SANTANDER has also revised other charges that could hit businesses hard. For example: Cash deposits : Free up to £1,000 per month via Santander cash machines, but £1.25 per £100 for anything over that. Deposits made at Santander branches or Post Office counters will also cost £1.25 per £100. : Free up to £1,000 per month via Santander cash machines, but £1.25 per £100 for anything over that. Deposits made at Santander branches or Post Office counters will also cost £1.25 per £100. Cash withdrawals : Free at Santander cash machines, but £1.25 per £100 withdrawn at branch counters or Post Office counters. : Free at Santander cash machines, but £1.25 per £100 withdrawn at branch counters or Post Office counters. Cheque deposits: £0.70 per cheque. Overdraft fees are also set to change, adding further financial strain for some customers. What else is happening at Santander? The bank is closing its 123 Lite current account, which offers up to 3% cashback on household bills for a £2 monthly fee, on August 21. Customers affected by the closure will be automatically switched to Santander's Everyday Current Account. This account has no monthly fee but does not include cashback benefits. The 123 Lite account has not been available to new customers since 2022, however, hundreds of thousands still rely on the current account. The 123 Lite account allowed bill payers to earn up to 3% cashback, capped at £15 per month, on expenses like council tax, mobile phone bills, energy, and water. However, if you still have a 123 Lite account, cashback will stop automatically, and you will no longer need to pay the £2 monthly fee from August 21. If you're looking to keep cashback perks, the Everyday Current Account you'll be switched to won't be suitable, as it doesn't offer any cashback features. Instead, customers who want to stay with Santander may want to explore the Edge or Edge Up accounts. The Santander Edge account offers 1% cashback on certain household bills and debit card spending at supermarkets, petrol stations, and on travel. This account has a £3 monthly fee, with cashback capped at £10 per month. For a higher cashback limit, the Santander Edge Up account costs £5 per month and allows you to earn up to £15 per month on both bills and debit card spending. To keep these accounts active, Edge customers must deposit at least £500 per month, while Edge Up customers need to deposit £1,000. However, from September 9, cashback on supermarket, fuel, and travel spending will be removed for both accounts. Customers will only continue to earn 1% cashback on household bills like council tax and utilities. If you're looking to maximise your cashback, there are other options available. For example, American Express' Cashback Everyday Credit Card offers an impressive 5% cashback on purchases for the first five months (up to £125). What is cashback? CASHBACK is a type of reward offered by banks, credit card providers, and retailers where customers receive a percentage of their spending back as cash. Essentially, it's a way to earn money while making purchases. For example, if your card offers 1% cashback and you spend £100, you'll earn £1 back. Cashback can be credited to your account, deducted from your balance, or saved up for future use, depending on the provider's terms. It's often offered on everyday purchases, such as groceries, fuel, or online shopping, and may be part of a promotional deal or an ongoing benefit of your account. However, remember to check the terms and conditions, as some transactions may not qualify for cashback rewards. By using cashback offers wisely, you can usually make your money go further on purchases you'd already be making.
Scottish Sun
17-07-2025
- Business
- Scottish Sun
Santander is axing a popular current account with hundreds of thousands of customers next month
BANK BLOW Santander is axing a popular current account with hundreds of thousands of customers next month Click to share on X/Twitter (Opens in new window) Click to share on Facebook (Opens in new window) SANTANDER is axing a popular current account used by hundreds of thousands of customers in August. The bank is closing its 123 Lite current account, which offers up to 3% cashback on household bills for a £2 monthly fee, on August 21. Sign up for Scottish Sun newsletter Sign up 1 If you're looking to maximise your cashback, there are other options available Credit: Getty Customers affected by the closure will be automatically switched to Santander's Everyday Current Account. This account has no monthly fee but does not include cashback benefits. The 123 Lite account has not been available to new customers since 2022, however, hundreds of thousands still rely on the current account. The 123 Lite account allowed bill payers to earn up to 3% cashback, capped at £15 per month, on expenses like council tax, mobile phone bills, energy, and water. However, if you still have a 123 Lite account, cashback will stop automatically, and you will no longer need to pay the £2 monthly fee from August 21. A spokesperson told The Sun: "Following a review of our 123 Lite Current Account, which was last on sale to new customers in November 2022, and to simplify our product range, we have decided that now is the right time to withdraw the account." If you're looking to keep cashback perks, the Everyday Current Account you'll be switched to won't be suitable, as it doesn't offer any cashback features. Instead, customers who want to stay with Santander may want to explore the Edge or Edge Up accounts. The Santander Edge account offers 1% cashback on certain household bills and debit card spending at supermarkets, petrol stations, and on travel. This account has a £3 monthly fee, with cashback capped at £10 per month. Switch bank accounts for free perks For a higher cashback limit, the Santander Edge Up account costs £5 per month and allows you to earn up to £15 per month on both bills and debit card spending. To keep these accounts active, Edge customers must deposit at least £500 per month, while Edge Up customers need to deposit £1,000. However, it's important to note that from September 9, cashback on supermarket, fuel, and travel spending will be removed for both accounts. Customers will only continue to earn 1% cashback on household bills like council tax and utilities. If you're looking to maximise your cashback, there are other options available. In fact, one credit card is currently offering up to 5% cashback on spending. What is cashback? CASHBACK is a type of reward offered by banks, credit card providers, and retailers where customers receive a percentage of their spending back as cash. Essentially, it's a way to earn money while making purchases. For example, if your card offers 1% cashback and you spend £100, you'll earn £1 back. Cashback can be credited to your account, deducted from your balance, or saved up for future use, depending on the provider's terms. It's often offered on everyday purchases, such as groceries, fuel, or online shopping, and may be part of a promotional deal or an ongoing benefit of your account. However, remember to check the terms and conditions, as some transactions may not qualify for cashback rewards. By using cashback offers wisely, you can usually make your money go further on purchases you'd already be making. What other card providers offer regular cashback? Several major banks and lenders offer cashback through their current account or credit card products. Use these cards wisely and you'll end up making your money go further with every purchase. These cards deduct a percentage of what you've spent from your balance – effectively giving you money back on your spending. The Chase debit card is a standout option, offering 1% cashback on most spending (capped at £15 per month). While there are some exclusions, it's a straightforward deal, and you only need to pass an ID check to open a new account. After the first year, you'll need to pay in £1,500 each month to continue earning cashback. If you're considering a credit card, the American Express Cashback Everyday Credit Card is a great option for those expecting a high-spend period. It offers an impressive 5% cashback on purchases for the first five months (up to £125). After this introductory period, you can earn up to 1% cashback, but you'll need to spend over £10,000 annually to qualify for ongoing rewards. For those who might not meet the £10,000 annual spending threshold, the American Express Cashback Credit Card is another strong choice. It also offers 5% cashback for the first three months (up to £125), followed by 0.75% cashback on spending up to £10,000 per year and 1.25% above that. However, this card does come with a £25 annual fee. If you frequently shop online the Amazon Barclaycard is great for its regular customers. It offers 1% cashback on Amazon purchases (boosted to 2% during Prime Days and Black Friday) and 0.25% cashback elsewhere (0.5% in the first year). It also provides an Amazon voucher upon acceptance, usually worth £20.
Reuters
25-06-2025
- Business
- Reuters
BBVA analysing impact of government conditions on synergies in Sabadell bid
SANTANDER, Spain, June 25 (Reuters) - Spain's BBVA ( opens new tab is considering whether to go ahead with its bid for Sabadell ( opens new tab after conditions imposed by the Spanish government on the deal and will reassess the impact on its estimated cost savings, the bank's country manager for Spain said on Wednesday. Peio Belausteguigoitia's comments come after the government said on Tuesday that BBVA will not be allowed to integrate its operations with Sabadell for at least three years as one of the conditions imposed by the Spanish government on its hostile bid for its smaller rival. "We'll decide on the additional condition shortly, in the near future ... We're in no way keen to delay this process," the BBVA executive said. He added that "all options" remained on the table - including withdrawing the offer and a potential claim against the government's verdict - while also defending the deal's rationale. Under Spanish law, the government cannot stop BBVA from buying its target's shares, but it has the final word at a later stage on whether a merger goes ahead. So far, BBVA had signalled that if it kept Sabadell separate it would still be able to generate the majority of the expected 850 million euros ($986 million) in cost synergies over two years after completing the deal. ($1 = 0.8621 euros)
Reuters
23-06-2025
- Business
- Reuters
BBVA chair: potential sale of TSB by Sabadell has to comply with legislation
SANTANDER, Spain, June 23 (Reuters) - BBVA ( opens new tab Chairman Carlos Torres on Monday called for a clarification on the potential sale of Sabadell's ( opens new tab British unit TSB and said any such move amid BBVA's bid for Sabadell would have to comply with the Spanish legislation. His comments come after Sabadell last week said it had received expressions of interest in TSB, which analysts say could be a defensive move to ward off BBVA's ( opens new tab proposed 14-billion-euros ($16.06 billion) hostile takeover bid for smaller rival Sabadell ( opens new tab. The Spanish government is set to decide on Tuesday whether to impose additional conditions on BBVA's offer before giving it its approval. ($1 = 0.8715 euros)
