Comment on the launch of the new Santander Zero Current Account

Published:

19/11/2009

Topic:

Press Release,Money,Current Accounts

Kevin Mountford, head of banking at moneysupermarket.com, said: "It really is great to see innovation in the banking market, which has been somewhat devoid of new ideas whilst the OFT case regarding unfair charges has been hanging over the industry.

"Santander has clearly taken heed of broad concerns around charging structures and looked to wipe them all away in one fell swoop. The lack of any fees whatsoever means that users of this account will see a string of benefits, including an option to go overdrawn without incurring prohibitive fees, free use of the card abroad and no banker's draft fees.

"When choosing a current account, consumers should always consider how they expect to use the account to help them determine which product has the features and facilities they need. Across all financial products consumers value simplicity, honesty and fairness, and this delivers all three in abundance. It is great to see Santander is rewarding its customers with a product like this. It seems that Santander's strategy is to use the account to win new business in other areas.
 
"Consumers should make sure they are not swayed in to switching larger financial products, such as their mortgage, on the basis of a current account deal. This is not a sufficient saving to justify switching a mortgage where you could face additional fees. If you manage your money effectively, your current account shouldn't cost much more than a few pounds a year, if anything at all."

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