The most important thing to understand is if you save with Santander in the UK, it is for all intents and purposes a UK bank, fully regulated by the FSA and protected by the Financial Service Compensation Scheme (FSCS). ... Be aware, be cyber safe. Eg, Bradford and Bingley savings became part of Santander, and Kaupthing part of ING Direct. This is an open discussion but the comments do not represent the views of MSE. See the Best Credit Cards for 2020. It is important to note, however, that the Santander Group ploughed bravely through the Spanish crisis and emerged relatively unscathed. Thankfully that hasn’t happened, as there certainly doesn’t seem to be any need for it – and as long as people keep calm and sensible, it shouldn’t happen. Some of it. Safe online banking is a priority. Always remember anyone can post on the MSE forums, so it can be very different from our opinion. We’d like to reassure customers that Santander UK is a long-established UK bank, part of a major global group and we remain committed to our customers and to the United Kingdom. How safe is your bank? The monthly account fees did increase in January of 2016, but the cashback option may make up the difference in specific cases. These materials are for informational purposes only and do not necessarily reflect the views or endorsement of Santander Bank. Santander UK’s parent company, the Spanish Santander Group (Banco Santander), is rated: Santander Group currently has operations across North America, Europe, Latin America, and Asia. The federal government, with backing from the U.S. Treasury, can replace any money that the bank loses. Get all this & more in MoneySavingExpert's weekly email full of guides,vouchers and deals, 'Severely mentally impaired' council tax discount, Travel insurance for pre-existing conditions. We often link to other websites, but we can't be responsible for their content. If you’ve more, it’s always a good precaution with any bank to spread it. As with most large corporations, Santander UK is a collage of mergers, combinations, and re-branding. ... Three Tips To Stay Safe. Rates start at 3–5% APR on loans from £7,500 to £20,000 with: You can use its improved Santander online UK banking service to calculate your custom interest rate. I would have much greater concern if a bank that didn’t have full UK protection went bust (not that anyone is saying one will) as I doubt we’d again see the situation of the FSCS paying out beyond the compensation limit, and again there is always the worry that if a major foreign regulated bank went bust, it’s likely its government would be struggling and UK savers wouldn’t be a priority. For example, some individuals may find it practical to keep only £75,000 or less in their Santander UK account so that they can withdraw those funds immediately during the FSCS 7-day period. So, is Santander safe? The information in this Santander review is designed to assist you in making the best banking decisions for your particular needs. According to its website, the bank has over 575 branches and more than 2,000 Santander … What I was saying, is I wanted to reassure people that if you’ve under £85,000 in any fully regulated UK bank, like Santander, your cash is fully protected (as are sole traders and small limited companies – see Biz savings safety). Santander Bank will be closed on the days listed below. Our Broadband Unbundled tool finds the cheapest broadband, phone and TV. Click to view AdvisoryHQ's advertiser disclosures. Emilio Botín, who was the executive chairman of Barco Santander until his death in 2014, repeatedly stressed that Santander was not a Spanish bank. Its stance of putting consumers first is protected and enshrined in the legally-binding MSE Editorial Code. The biggest incentive was the 1|2|3 Current Account. Please keep in mind that these are not necessarily the actual holidays but the days the institution observes the holiday. Note: Firms and products, including the one(s) reviewed above, may be AdvisoryHQ's affiliates. Spanish bank Santander’s had its credit rating downgraded and understandably some are asking questions about its UK arm. Santander Bank, N.A. Yet before you smile at the prospect, what actually happens in these scenarios is the bank’s loan book is sold on to someone else. Find a Santander Bank Branch or ATM To locate the nearest Santander Bank Branch, ATM, or Bank Service please enter an address or Zip Code in the box below and click the “Go” Button. Safe online banking is a priority. It's not just MoneySaving (the rest of the site has that), it's a place to muse on life, money, media, politics & more..... Related: Martin's Bio | About the site | Team Blog, How safe is Santander UK? The federal government, with backing from the U.S. Treasury, can replace any money that the bank loses. The economic crisis has people worrying about whether their money is safe in the bank. The process is typically fast (within one business day), and many people never even notice that their bank failed—until the name changes to a successor bank. Banco Santander owns 100 per cent of the shares in Santander UK. The bank says that the only way the parent company could receive money from the UK arm would be via a dividend. Euromoney.com even labelled Santander as the “most efficient large bank in the world” after its remarkable recovery from the banking crisis. Between April and June of 2014, 78,000 Britons switched to Santander. In that case, while those with fixed or discount mortgage deals won’t see any change as rates are contracted – if you are on the banks standard variable rate – there is a risk it could be increased by the new bank. Turbo boost your credit chances and get your free Experian credit report. In addition to multiplying users x4 in the last three years, its new design has increased the use of the App by 25% thanks to … Unlike Santander, some European banks, including ING Direct, opt for the passport exemption of the FSCS regulations – which in effect means in the event one of those went bust, you’d be reliant on the Dutch, not the UK government to pay out your compensation. Evidently a lot of people are worried that Spain's crisis-hit economy and bombed-out banking sector will affect their savings in Santander, Spain's second biggest bank and the UK's fifth biggest. It uses high-quality Santander logos, and even includes an advert for a Santander bank account, featuring identical wording to genuine Santander marketing emails. So let’s examine what would happen in the unlikely event of a fully UK regulated bank going bust…. These 8 online banking security tips can help secure your financial information. As with many other bank accounts, you’ll also incur transaction fees if you make a payment without sufficient money in your account. On 31st January 2020, the UK left the European Union. ... 2020, 11:37am EST. Santander is a strong, diversified company with market shares of 10% or more in 8 different countries, including the UK. If you’ve more, then as I always suggest for all banks, it’s worth spreading the cash in different institutions in £85,000 lumps to keep it safe. This means that, in the event of another financial crisis, it would be virtually impossible for the Spanish bank to suck out massive funds from its UK branch. Branches will now open from 10am to … Santander's cutting the interest it pays on credit balances of up to £20,000 by 0.5 percentage points, meaning the max savers can earn will drop by about £100 a year. is a Member FDIC and a wholly owned subsidiary of Banco Santander, S.A. ©2020 Santander Bank, N.A. You can choose to limit some of the information Santander Bank collects about you by … How safe your money really is in a bank - The rules protecting you and the massive loopholes in them Even if a bank fails, your cash is protected in the UK. Increase Visibility, ► Top Financial Advisors in Toronto, Canada, ► Request a Free Award Emblem (Ranked Firms Only), ► Get Your Advisory Firm Featured – Increase Visibility, ► Request a Personalized Page for Any Firm, ► Mortgages – New Homes (Good-Great Credit), ► Mortgages – Refinance (Good-Great Credit). SANTANDER branches across the UK are mostly still open, although they are running reduced opening hours. Does the 1|2|3 Current Account fit my needs? Is your money guaranteed by the UK government? This, it is now said, would be paid out within 7 days for most cases, 20 days if it’s complex. Whether it’s groceries, clothing, toys or electronics, many of us have indulged in the joys of online shopping. Here's what's changing on the Santander 123 account from 5 May 2020: Interest will drop from 1.5% AER to 1% AER. In other words, the Spanish bank owns shares in the UK bank, but its cash and operations are ring fenced. Now, do note I described Santander as a “fully UK regulated bank”, but don’t think that means all bank accounts in the UK have the same level of protection as it. In the unlikely event of a bank going bust, the Financial Services Compensation Scheme (FSCS) offers the following protection for Santander UK accounts: In Martin Lewis’s (Moneysavingexpert.com) insightful Santander review, he explains that it is possible to diversify your banking to protect access to immediate funds in case of crisis. Even though Santander's parent bank is Spanish, Santander UK is fully UK regulated and therefore is like any other UK bank when it comes to savings protection. Santander said it was proposing a scrip dividend, payable in new shares, this year equivalent to 10 cents per share for 2019, after the European Central Bank… Perhaps, your money is safe with Santander UK, but your existing mortgage rates may be affected by these policy changes. If your bank or credit union fails and your funds are insured, your money is safe. So what piqued your interest most in 2017? Whether you want to get a cup of coffee, make a payment, get cash, shop online, use Apple Pay, set up recurring payments, transfer funds, or pay by phone, a debit card is the convenient, secure, and smart way to get it done – everywhere Mastercard ® is accepted. While it’s meant to be reassuring, the mere fact I’m saying ‘some people are asking questions’ will scare others into thinking there is a cause for concern which is far from my intent. In order to receive interest and cash back, clients must: Here, at AdvisoryHQ, we included Santander 1|2|3 in our list of the Best Current Accounts in the UK. The only precedent we have here is what happened in 2007-8 when we saw a spate of banks in trouble. On the Santander online UK banking website, Santander highlights the acquisition of “4.8 million 1|2|3 World customers, adding 131,000 new customers since the beginning of 2016” and firmly states, “Customer satisfaction remained strong with continued improvement at the heart of [their] plan.”, Our Perspective: AdvisoryHQ’s Santander Reviews. Finds your cheapest energy & monitors to let you know when to switch again. – What I really think…. Santander and Tesco Bank only offer this option to credit card customers at present. Since then, its ratings have improved substantially, and, on 13 April 2016, Moody’s upgraded Santander UK’s long-term deposit rating from, The substantial yield on the 1|2|3 Current Account, The family had been undergoing financial stress, due to the mother quitting her job in order to take care of her three children –one of whom was autistic. Santander Bank has a valid safety certificate that keeps your personal information private when you enter it on its site. 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