From today, as Santander begins rebranding its Abbey and Bradford & Bingley businesses in the UK, all of its adult
bank account customers will get fee-free cash withdrawals from Santander's 4,300 cash machines in Spain. The development follows November's announcement of Abbey's Zero
current account, a move similarly aimed at rewarding customer loyalty.
Santander predicts that, if all of its customers who visit Spain use a Santander ATM this year, their total savings could be as much as £2 million. Both cash handling fees (1.5% of a transaction, at a minimum of £1.99) and
foreign exchange fees ( 2.75%) are eliminated.
According to Santander's Alison Brittain, almost one in four withdrawals made from Abbey
bank accounts last year, using a cash machine overseas, was made in Spain: "Spain has always been a popular destination with Britons, and we wanted to reward the loyalty of our customers by saving them some money when they visit."
Following its acquisition of
Alliance & Leicester and the Bradford & Bingley savings business in 2008, Santander holds 25 million UK banking customers. Its Zero
current account is available to all Abbey
mortgage customers, features no overdraft fees and pays 6% in-credit interest.
Financial News
