Santander Choice

edpvito

I tend to live two thirds of my month within my overdraft which is not massive but I am not in a position at the moment to be living totally on the other side. Santander kindly wrote to me telling me the error of my ways and suggested I switch the the Choice account. It seems as if my current account and this account would be pretty similar except I pay a standard £10 a month - I am paying between £20 and £30 in charges currently - and I wouldn't be charged for returned payments. Does anyone know anything about this account? I can't really understand why they would prefer me to be paying £10 instead of £20 or £30. If and when I do make it regularly the whole month in the credit I would switch to a better deal. If something is too good to be true it generally is...maybe they are banking on me being in credit and wont have to pay any interest on that..?

kpearsoncj

i think there view is try and cap it so you dont complain about it in the future and it helps you stop charges. I told my dad to get one as he has lots of charges due to benefits being paid late.

molerat

It is not as simple as you see it. You still pay the arranged overdraft fee, the £10 is to cover unarranged overdrafts, if you stay in your arranged overdraft you could be worse off with this account.
http://www.santander.co.uk/uk/current-accounts/choice-current-account

• £10 monthly account fee to help you avoid Unarranged Overdrafts (see below).
• No Unarranged Overdraft Usage Fees, Paid or Unpaid Transaction Fees.
• Arranged Overdraft Fee of £1 a day capped at 20 days per monthly statement period.

This account may be unsuitable for you if you do not go over your Arranged Overdraft limit on a regular basis for example:
If you haven't gone over your arranged overdraft or haven't used an unarranged overdraft more than once in the last 12 months, or haven't incurred unarranged overdraft fees of more than £120 in the last 12 months.