Two new current accounts have been launched by Santander today (February 28th) – the Preferred Current Account and the Everyday Current Account.
The former will pay five per cent in-credit interest rate on balances up to £2,500, plus a free arranged overdraft for customers who transfer their main account to the bank.
Meanwhile, the latter is a simple product that is available to all customers, who will be able to use it in branch, online and by phone.
Nici Audhlam-Gardiner, Santander's director of banking, said: "The launch of these two new accounts marks a pivotal moment in Santander's ongoing aim to provide easy to understand current accounts for a wide range of people and to simplify overdraft charging."
She added it will continue to offer the flagship Zero current account for customers who have a mortgage, savings or investment with Santander.
Kevin Mountford, head of banking at moneysupermarket.com, suggested the product offers one of the cheapest overdrafts on the high street.
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