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REVIEW SUMMARY

Santander International

Santander International is the trading name of the Jersey and Isle of Man branches of Santander Financial Services plc, a wholly owned subsidiary of Santander UK Group Holdings plc which is part of the Banco Santander group.

Santander International offers banking and savings accounts to Channel Island and Isle of Man residents, UK expats and UK residents who have international banking needs and Corporate Banking solutions for Channel Island and Isle of Man domiciled companies.

They also offer banking and savings accounts for corporate and trust structures, including Self-Invested Personal Pensions and other types of pension structures and Private Investment Companies.
Overview
FAQ
Customer Reviews
Expert Verdict

Santander International has branches in the Isle of Man and Jersey – both leading international financial centres, as well as being well established, politically stable and renowned internationally for their high standards of regulation.

The Isle of Man and Jersey have:

  • A special constitutional relationship with the British Crown
  • Internationally recognised regulatory frameworks
  • World class legislation
  • Tax neutral fiscal policy

Santander International offers:

  • Banking and savings accounts to Channel Island and Isle of Man residents,
  • UK expats and UK residents who have international banking needs and
  • Corporate Banking solutions for Channel Island and Isle of Man domiciled companies.
  • They also offer mortgages to Isle of Man residents.

The accounts offered by Santander International are as follows:

  1. Gold Bank Account: The Gold Bank Account is an everyday international bank account, available in Sterling, Euro or US Dollar currencies. It is accompanied by a visa debit card available in all three currencies for easy worldwide access to your money.
  2. Call Account: The Call Account is an instant access savings account which requires no notice for withdrawals. The Call Account offers unlimited access to your money and is available in Sterling, Euro and US Dollar currencies.
  3. Notice Account: The Notice Account is a variable rate savings account which requires written notice for any withdrawals. Available in Sterling and US Dollar currencies with a range of notice periods to choose from.
  4. Fixed Deposit Contract: Fixed Deposit Contracts allow you to fix your money at an agreed interest rate for a set period of time. Available in Sterling and US Dollars, with a range of fixed time periods to choose from.
  5. Mortgages: Whether you’re a first time buyer, remortgaging from another lender or thinking about buying a new property, a Santander International mortgage could be a solution for you.

Other services offered by Santander International include:

  1. Foreign exchange: Their foreign exchange services allow you to move money between different currencies and make international payments.
  2. Different ways to bank: Their telephone banking and online banking services allows you to manage the accounts you hold with them, wherever you are in the world.

Santander offers different products/services for Channel Islands and Isle of Man residents, these include:

  1. Personal Banking: Multi-currency accounts and services for your day-to-day banking needs, for balances up to £75,000 (or currency equivalent).
  2. Select Banking: Receive a personalised service from a dedicated relationship management team who will help you make the most of your money, when you deposit £75,000 (or currency equivalent) or more with them.
  3. Private Banking: Receive a tailored service from a dedicated professional who will work with you to understand your banking needs, when you deposit £1 million (or currency equivalent) or more with them.

Additionally, Santander International also offers mortgages to Channel Islands and Isle of Man residents.

Santander International also offers corporate banking, commercial banking and business banking to trading entities domiciled in or managed from, the Channel Islands and Isle of Man.

Learn more in the expert verdict section of this review.

 

 

The Pros

> Known brand
> Internationally recognised regulatory frameworks
> 24-hour banking
> Accounts opening from £75,000 (or currency equivalent)

The Cons

> Charged additionally for private banking, if you are a private banking (£1m deposit) customer
> Standard banking services
> Available in some countries – but not all
> Fixed deposits only available in Sterling and USD
What are the benefits of Santander International's Gold Bank Account?

The benefits of Santander International's Gold Bank Account, as stated by them, are as follows:

  • You get a gold visa debit card which gives you direct access to your Gold Bank Account in Sterling, Euro or US Dollar currencies.
  • You get a monthly statement to help keep track of your spending.
  • Access to services like online banking and telephone banking to manage your money.
  • Santander International's foreign exchange service offers commission-free rates whenever you need to change currency. Sterling, Euro or US Dollars can be exchanged between your accounts. Please note that although their foreign exchange rates are commission free, there will be a charge applied for international payments and receipts.
  • No monthly fee.
Where are Santander International's branches?

Santander International has branches in the Isle of Man and Jersey, to provide you with international access to your finances and a central home for your money.

The Isle of Man and Jersey are leading international financial centres – they are well established and politically stable, renowned internationally for their high standards of regulation.

What are the latest Sterling interest rates of Santander International's Gold Bank Account?

The interest rates of Santander International's Gold Bank Account can be summed up below:

Sterling - Interest rates as effective from 01 February 2021.

Minimum balance to earn interest rate Gross rate p.a. (variable) Interest paid quarterly Annual Equivalent Rate (AER)
£0 - £74,999 0.00% 0.00%
£75,000 - £999,999 0.00% 0.00%
£1,000,000 £2,999,999 0.15% 0.15%
£3,000,000 + 0.25% 0.25%

 

NOTE: These interest rates can be updated at any point of time and we would recommend checking their website for the latest rates.

What exactly is the Call Account?

Santander International's call account is an instant access savings account which requires no notice for withdrawals.

The Call Account offers unlimited access to your money and is available in Sterling, Euro and US Dollar currencies.

The Call Account's key features include:

  • No restrictions to the number of withdrawals or minimum withdrawal amount.
  • You can make immediate withdrawals of cleared funds from your Call Account up to the available balance via online banking, telephone banking or in writing. The funds will be transferred to an account of your choice.
  • Cheque books or visa cards are not available.
  • Standing orders or direct debits are not permitted on Call Accounts.
  • They will calculate interest daily on the cleared balance in the account.
What are the current interest rates offered by Santander International's Call Account?

The current interest rates for the Call Account (effective from 01 February 2021), are as follows:

Call Account - Sterling

Minimum balance to earn interest rate Gross rate p.a. (variable) Interest paid quarterly Annual Equivalent Rate (AER) (variable)
£0 - £74,999 0.00% 0.00%
£75,000 - £999,999 0.00% 0.00%
£1,000,000+ 0.00% 0.00%

 

Call Account - Euro

Minimum balance to earn interest rate Gross rate p.a. (variable) Interest paid quarterly Annual Equivalent Rate (AER) (variable)
€0 - €74,999 0.00% 0.00%
€75,000 - €999,999 -0.75% -0.75%
€1,000,000+ -0.75% -0.75%

 

A negative interest rate will apply if you deposit more than €75,000, this will be calculated on the same basis as credit interest (Euro account only).

Call Account - US Dollar

Minimum balance to earn interest rate Gross rate p.a. (variable) Interest paid quarterly Annual Equivalent Rate (AER) (variable)
$0 - $74,999 0.00% 0.00%
$75,000 - $999,999 -0.75% -0.75%
$1,000,000+ -0.75% -0.75%

 

NOTE: These interest rates can be updated at any point of time and we would recommend checking their website for the latest rates.

What is a Notice Account?
  • The notice account is a variable rate savings account which requires written notice for any withdrawals.
  • Available in Sterling and US Dollar currencies with a range of notice periods to choose from.
What are the key features of Santander International's fixed deposit contracts?

The key features of Santander International's fixed deposit contracts are as follows:

  • Your initial deposit will be paid into a gold account which they will automatically open for you.
  • Once a contract has been fixed, no additional deposits are allowed.
  • Once a contract has been fixed, no withdrawals are permitted until the contract maturity date.
  • As interest rates are subject to change, they will fix your money at the interest rate applicable on the day your deposit is received.
  • At the end of the contract, your capital and interest will be paid into your gold account, unless they receive alternative maturity instructions from you.
  • Cheque books or cards are not available.
  • Standing orders or direct debits are not permitted.
What are the Sterling interest rates applicable for a 24 month Fixed Deposit Contract?

Interest is paid annually or on maturity, annual interest cannot be added to the original amount deposited and must be paid into the associated Call Account held with us. The minimum balance requirement is £25,000.

Minimum balance to earn interest rate Interest paid annually
Gross rate Annual Equivalent Rate (AER)
£25,000 - £999,999 0.35% 0.35%
£1,000,000+ 0.35% 0.35%

 

Minimum balance to earn interest rate Interest paid on maturity
Gross rate Annual Equivalent Rate (AER)
£25,000 - £999,999 0.35% 0.35%
£1,000,000+ 0.35% 0.35%

 

NOTE: These interest rates can be updated at any point of time and we would recommend checking their website for the latest rates.

What all can I do with Santander International's online banking service?

The online banking service offered by Santander International gives you instant 24/7 access to your Santander International accounts from anywhere in the world.

With online banking, you can:

  • Make payments
  • Check balances
  • Review transactions
  • Transfer money between accounts
  • Make general enquiries

Simple account option works for me

I'm happy banking with Santander - I used them in the UK before I moved abroad.

I like the simplicity and flexibility. 

I wouldn't recommend using them for saving or investing though.

Expert assessment of Santander International

We think that Santander International’s range of accounts for expats is adequate for retail client needs, but less effective as a wealth creation platform for senior international professionals when compared with other available options.

In addition, there are better private banking options available for HNW and UHNW.

If you have, or are on your way to achieving £250,000 of investable assets, we recommend contacting us for a Second Opinion.

There are likely to be cheaper options available with more transparent fee structures.

Santander International - General Charges

Santander International - Gold Bank Account Brochure for International Customers

Santander International - Account Terms and Conditions

Santander International - Jersey Mortgage Rates

Santander International - Isle of Man Mortgage Rates

Santander International - Banking and Savings Accounts Interest Rates for Channel Islands and Isle of Man Residents

Santander International - Banking and Savings Accounts Interest Rates for International Personal Customers

Santander International - Online Banking Terms and Conditions

Santander International - Banking and Savings Application Form

Santander International - Electronic Transfer Guide

Santander International - Change of Details Form

Santander International - Verification Requirements

Santander International - Complaints Procedure Guide

Santander International - Withdrawal Request Form

Santander International - Products and Services Available for International Customers

Santander International - Fraud Awareness Leaflet

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Level 2, Exchange Tower
Al Mustaqbal Street (Future Street)
PO Box 191905
Dubai
United Arab Emirates

hello@aesinternational.com
+971 (0) 4559 4900
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