Please keep this document safe – you might need it again in the future

Talk to us in branch

[Link]

Call us on 0330 9 123 123

Choice Current Account

Key Facts Document (including Specific Conditions, Pre-Contractual Explanation,

Pre-Contractual Information and Financial Services Compensation Scheme (FSCS)
Information sheet & Exclusions List)
Effective from 13 January 2025
The table below sets out specific conditions for your account. These conditions apply as well as the general terms.

Sole or joint account You can have an account in your sole name or jointly with one other person.

Eligibility You can have this account if you’re 18 or over and live in the UK.

Fee for maintaining the There’s no monthly fee.

account

Your interest and when We don’t pay any interest on the account.
we’ll pay it

Page 1 of 12
Overdraft interest and We’ll charge you interest and fees if you use an arranged overdraft.
fees
Arranged overdraft Representative 29.94% APR / EAR (variable)
interest rate
Maximum monthly charge £30
This is a cap on the total overdraft interest you
may be charged in each monthly statement
period.
What does APR mean? What does EAR mean?
This is the Annual Percentage Rate. It shows This is the Effective Annual Rate. It represents
the overall cost of the credit as an annual rate. the yearly cost of an arranged or unarranged
It takes into account the interest, charges and overdraft. It takes into account how often we
any other cost involved in getting credit, which charge interest to the account and does not
makes it easy to compare across the market. include any other fees or charges.

We won’t charge you any interest or fees if:

• you use an unarranged overdraft,
• we allow a payment despite lack of funds, or
• we refuse a payment due to a lack of funds.
Generally, for this account, we won’t make a payment if you don’t have enough money in your
account and we won’t give you an unarranged overdraft to cover this.
We’ll only give you an unarranged overdraft in certain situations if we need to take money out
of your account and there isn’t enough money in your account to cover this. This may happen,
for example, if:
• a cheque you’ve paid into your account is returned (i.e., it bounces)
• you make a debit card payment ‘offline’ (such as when you’re on a plane)
• we take back a refund we’ve given you because you weren’t entitled to it, or

• we take a fee from your account.

If you have an arranged overdraft on your account and go beyond your limit, you won’t be
charged any interest on the portion of your balance which is above your limit. But interest will
still apply to the portion of your balance within your limit.
How much does the overdraft cost in pounds and pence?
To help you understand the cost of an overdraft, we’ve created a table below. It shows how much
the cost of borrowing £500 through an arranged overdraft costs for this account. If you borrow
more than this or for a longer period, the cost will be proportionate and may be higher.
For 7 days For 30 days For 60 days
£2.54 £10.88 £21.83

Page 2 of 12
 This illustration assumes:
• you’re £500 into an arranged overdraft from the first day of the period of illustration
• you don’t make any payments in or out of your account, and
• your statement period starts on the first day of the period of illustration, and the period of

illustration starts in a 30-day month.

All overdrafts are subject to status. We may need you to repay the amount you owe in full on
demand at any time. If our rates and fees increase, we’ll give you at least 2 months’ notice.
Helping you keep on top of your account and overdraft
If we have your mobile number, we’ll send you free text messages when:
• you make a payment that may take your account into an unarranged overdraft
• we refuse a payment due to lack of funds or intend to refuse a future payment due to lack
of funds, or
• your account uses an arranged overdraft.

We’ll send these alerts before we charge you any interest or fees, so you have time to pay money
into your account to avoid or reduce these charges. As we send these alerts by text, it’s important
you tell us if your number changes.
You can change or turn off these alerts at any time using Online or Mobile Banking or by contacting
us in branch or by phone.
If you receive these alerts by email now, you’ll continue to unless you change your preferences.
We may send alerts by push notification in Mobile Banking in the future.
We can also send you other alerts about your account. For example, alerts when your balance falls
below a set limit or when you receive a payment above a certain amount. You can find out more
about these alerts on our website and register for them in Online or Mobile Banking, in branch or by
calling us.
You can find out more about overdrafts at [Link] by searching ‘overdraft’.

What is a monthly This isn’t a calendar month. It’s usually the period between the date you opened your account (or
statement period? the monthly anniversary of that date) and the same date in the following month. This is the same
period as your monthly statements.

If you change your mind Tell us if you change your mind

You can close your account at any time during your ‘cancellation period’ – we won’t charge you
for it. This is 14 days, starting the day after we confirmed your account is open.
If you do this, we’ll return your money together with any interest we owe you. We’ll do this as
soon as we can (and within 30 days from when you tell us).
You can also close your account at any other time outside this cancellation period – we won’t
charge you.

Declaration By applying for this account, you declare that:

• You’ve received a copy of the General Terms and Conditions and Important Information,
this Key Facts Document, and our Data Protection Statement.
• You agree to the general terms and these specific conditions.

If you’ve any questions about the account or the terms and conditions, please contact us before
you apply.

Page 3 of 12
The following information, other than the Pre-Contractual Information for Arranged Overdrafts section, does not
form part of our agreement with you.

How we provide our services

We don’t give advice

Unless we tell you otherwise, we won’t give you financial advice as part of the services we provide you. However, we will
give you information to help you make decisions about your finances.

Put simply
We won’t give you advice to help you decide if a product is right for you. We’ll give you information to help you make
decisions.

Our regulatory status

We’re authorised and regulated by the Prudential Regulation Authority (PRA) and also regulated by the Financial Conduct
Authority (FCA). Our Financial Services Register number is 106054. You can check this on the Financial Services Register
by visiting the FCA’s website, [Link]/register
We’re a member of the Financial Services Compensation Scheme (FSCS) – ask for a leaflet in branch for more
information.

Put simply
We’re authorised and regulated by the Prudential Regulation Authority and also regulated by the Financial Conduct
Authority. We’re also a member of the Financial Services Compensation Scheme.

We keep your information confidential

We’ll keep the information you give us confidential in line with our policies and the regulations we need to follow.
On joint applications your information may be shared with the other applicant, and you must have their permission if
you provide their information to us. We may share some information about you with other companies in the Santander
Group, our service providers and regulators, the courts, and the Financial Ombudsman Service for particular purposes.
You can find more on how we use your information, who we share it with, and your data protection rights in our Data
Protection Statement. You can also check the ‘Using My Personal Data’ booklet – visit our website or ask us for a copy.

Put simply
The information you give us is treated confidentially and in line with data protection legislation and our Data Protection
Statement. For more information on your data protection rights you can ask for a copy of the ‘Using My Personal Data’ booklet.

We’ll need to do some credit and other checks on you

If you apply for a credit product with us, for example a credit card, a loan or current account that offers an overdraft, we’ll
carry out a search of your credit file (and your Business credit file if you apply for a Business product) with a credit reference
agency before we decide to lend money to you. This search, including details about your application, will be recorded on your
credit file. For a short period, this may affect your ability to get credit elsewhere. If you make a joint application, the credit
reference agencies will ‘link’ your records together. We’ll look at these results and decide if it’s suitable to open the account
and offer credit where requested. If it’s not, we’ll decline your application and let you know. If we give you a credit card, a loan
or a bank account, we’ll also share information with credit reference agencies about how you manage your account.
You can find more information in the ‘About your application and credit scoring’ leaflet, available on our website.

Put simply
If you apply for a credit product, we will carry out a credit search to make a decision on your application and this will
be recorded on your credit file (and your Business credit file if you apply for a Business product). Records will be linked
together on joint applications.

Page 4 of 12
Making a complaint
If you’re unhappy with our service for any reason, please contact us. We’ll try to resolve your issue as quickly as we can.
Message us by using ‘chat’ in Online or Mobile Banking
Call our dedicated complaints team on 0800 171 2171
Write to us at Complaints, Santander UK plc, Sunderland, SR43 4GD
Speak to us in person by visiting any Santander branch
You can also get further information on our complaints process on our website or in our complaints leaflet. Ask us if you’d
like a copy of this.
If you’re not happy with how we deal with your complaint, you may be able to refer it to the Financial Ombudsman
Service. To find out more, visit [Link]

Page 5 of 12
Pre-Contractual Explanation
What is an overdraft? Put Simply
An arranged overdraft is a loan through your current An overdraft lets you borrow through your current
account which happens when your balance is below account. Having an overdraft can be useful as a back-up
zero and allows you to borrow up to an agreed limit. to help you deal with short term, unexpected costs. It is
The amount we agree to lend depends on your personal not suitable for longer term borrowing.
circumstances. You can discuss a new arranged
An arranged overdraft is when we agree a set amount
overdraft, or a limit increase for an existing arranged
you can borrow from us. You need to apply for an
overdraft through Online Banking, by calling us on
arranged overdraft before you can use one, either
0330 9 123 123 or by speaking to us in branch.
when you apply for a current account or at any time
An unarranged overdraft is where a transaction takes afterwards.
your balance below zero without an arranged overdraft
An unarranged overdraft is when your account either
in place or beyond your agreed arranged overdraft limit.
goes over your arranged overdraft limit or overdrawn
These transactions are automatically treated as requests
without an arranged overdraft in place. We may choose
for an unarranged overdraft.
to allow or reject transactions which could take you
When you try to make a payment that would take in an unarranged overdraft. There are certain types of
you into an unarranged overdraft, we decide whether transactions we can’t stop which you may incur charges
to allow the payment to go through based on your for.
individual circumstances. There are certain types of
The costs for using an overdraft are set out in your Key
transactions we can’t stop which you may incur charges
Facts Document.
for.
We may ask you to repay all or part of your overdraft at
Details of the costs for using an overdraft can be found
any time, but we’ll try to notify you of this before.
in your account’s Key Facts Document. You can also
check how much this may be by using our overdraft cost
calculator available at [Link]. You can find
out if you may be eligible for an overdraft by using the
eligibility tool available at [Link]
There are other types of borrowing, such as loans and
credit cards, which could provide cheaper alternatives
depending on your personal circumstances. Visit our
website, [Link] to find out more.
We can ask you to repay any overdraft at any time in line
with our General Terms and Conditions.

How is your credit file impacted by applying Put Simply

for or using an overdraft? Because you’re asking to borrow from us, we’ll check
When you apply for a new or an increase to your existing your financial history with the main credit agencies.
overdraft, we’ll perform a ‘credit search’. This means we This is called a credit search. A record of the credit
check details of your credit history with certain credit search stays on your file and may affect other provider’s
reference agencies who will keep a record of that search decisions.
including details about your application with us. If you don’t make repayments either when due or at our
If a credit search is completed but we do not give you request, this can affect your credit rating. This may make
an overdraft or overdraft increase, or you remain in an it more difficult or more expensive for you to get credit
overdraft position for a long period of time, a record will from us or another lender in the future.
stay on the files that the credit agencies keep on you and
may impact other provider’s decisions.

Page 6 of 12
 How to request a reduction or a removal of Put Simply
an arranged overdraft? Your arranged overdraft doesn’t have a specific end
An overdraft has no fixed end date but we will review date and the amount can be reduced or cancelled at any
it regularly and have the right to change your arranged point by either yourself or us.
overdraft limit at any time. You can reduce or cancel your If you cancel your arranged overdraft, you must repay
arranged overdraft facility at any point in Online Banking, the overdraft amount and fees/interest before this can
by calling us or in branch. be completed.
If you cancel your arranged overdraft you must repay
the money that you have borrowed under your arranged
overdraft before the cancellation can be completed. You
must also pay all the fees and interest applicable to your
overdraft.

What are overdraft alerts and why do you Put Simply

receive them? There are some messages we need to send you about
To help you manage your money and avoid or reduce any your overdraft due to certain regulations. We’ll text
charges you may incur, we will send overdraft text alerts these to your mobile number. If you haven’t provided
to your most up to date mobile number associated with an up to date mobile number, we may not be able to
a specific account. Some of these alerts are a regulatory provide the alert in time to help you manage, avoid or
requirement so you will be automatically registered for reduce charges.
them, but you can customise them at any point after your
account has been set up.

Pre-Contractual Information for Arranged Overdrafts

1. Contact details
Creditor address
Santander UK plc, Santander House,
2 Triton Square, Regent’s Place,
London NW1 3AN.

2. Description of the main features of the credit product

The type of credit
Arranged Overdraft.
The total amount of credit. This means the total amount available under the agreement or the credit limit.
We have assumed that this will be £1,200. The actual amount, which may be different from this figure, will be
confirmed in the Arranged Overdraft Agreement letter.
The duration of the credit agreement
The agreement has no fixed duration.
Repayment of the credit
We may require you to repay the credit in full on demand at any time.

3. Costs of the credit

If you use your arranged overdraft, the following charges will apply:
Arranged overdraft usage rates, fees and charges
Representative 29.94% APR/EAR (variable) will be applied on the amount of arranged overdraft you use
(capped at £30 in each monthly statement period)

If you have switched your account, you will not be charged interest for an arranged overdraft for the first four months.
The conditions under which those costs may be changed
If overdraft interest rates or fees go up, we’ll personally notify you at least 2 months before the change comes into effect.
We’ll only change our interest rates or fees in the circumstances set out in our General Terms and Conditions. We won’t tell
you when interest rates or fees on overdrafts go down.
Page 7 of 12
 Costs in the case of late payments
There are no charges for late or missed payments.

4. Other important legal aspects

Termination of the credit agreement
Overdrafts are repayable on demand. Subject to the Consumer Credit Act, if we do decide to remove or reduce your
overdraft limit we will normally give you 30 days’ personal notification of our intention.
Consultation with a credit reference agency
If we decide not to proceed with an agreement for an overdraft on the basis of information received from a credit reference
agency, we will inform you of this and provide you with their name, address and telephone number.
If applicable, the period of time during which the creditor is bound by the pre-contractual information
This information is valid until you enter into an overdraft agreement with us.

5. Additional information to be given in the case of distance marketing of financial services

a) Concerning the creditor
See Condition 1 of this Pre-contractual information for Arranged Overdrafts.
Registration
Firm Reference number 106054.
Company number 2294747.
The supervisory authority
The Financial Conduct Authority is the supervisory authority for consumer credit agreements.
b) Concerning the credit agreement
The law taken by us as a basis for the establishment of relations with you before the conclusion of the credit contract is
English Law.
The agreement is governed by English Law and disputes between you and us may be referred to the courts in England and
Wales.
All communications under this agreement shall be in English.
c) Concerning redress
Access to out-of-court complaint and redress mechanism
If you have a complaint, please contact our dedicated complaints team in the first instance on 0800 171 2171, or visit
the complaints section of our website ([Link]). If you remain dissatisfied following the resolution of your
complaint, you may contact the Financial Ombudsman Service. Their details are:

The Financial Ombudsman Service, Exchange Tower, London E14 9SR.

0800 0 234 567 free for people phoning from a fixed UK land-line and mobiles from within the UK or
0300 123 9 123 free for mobile phone users who pay a monthly charge for calls to numbers starting 01 or 02.
[Link]@[Link]
[Link]

Page 8 of 12
Managing your Choice Current Account and making payments

The glossary and the Fee Information Document explain the difference between an arranged and unarranged overdraft,
as well as the different types of fees you can incur for arranged and unarranged overdrafts. The Choice Current Account is
different from our other current accounts as you can have an arranged overdraft facility (subject to status), but it doesn’t
normally allow you to request an unarranged overdraft. This means that you can only spend money you have available,
which can help you to control your finances.

1. Making payments in and out of your account

The Choice Current Account prevents your account entering an unarranged overdraft by refusing payments due to lack
of funds that would cause you to go beyond your arranged overdraft limit or below zero where you have no arranged
overdraft in place. These payments could include:
•Direct Debits and standing orders.
•BACS and CHAPs payments
• Cheques, and

• Future dated payments.

What does this mean?

This could mean that important bills and even very small payments may not be paid if you don’t have enough money in
your account.
If you want us to consider making payments when you don’t have enough money in your account, there are other current
accounts available. See our website or talk to a member of staff for more information.
Are there any occasions where I may go past my arranged overdraft limit?
While it is unlikely, there may be some circumstances where we are unable to refuse a payment due to lack of funds that
could take you into an unarranged overdraft. For example:
• Where the retailer accepts a debit card payment without checking with us that there is enough money in the account.
• If there is not enough money in your account to cover any Santander fees.
• If a payment is made against an uncleared item (such as a cheque) which is later unpaid.

If this happens you won’t be charged unarranged overdraft interest. We recommend you check your balance regularly so
you can pay money into the account as soon as possible to move back into your arranged overdraft.
Please note: If you transfer from another Santander current account to the Choice Current Account then any authorised
payments on your previous account may mean you move into an unarranged overdraft upon transfer.
We recommend setting up your Direct Debits and standing orders to be paid after your payday.

Cards
Unless you tell us otherwise and subject to status, a Santander debit card will be issued to you (if you qualify, this will
include contactless).

Your card Shops Internet Cash machine Abroad

Santander debit card    

Cash card – –  
Fees may apply when using your card abroad. You can only use your cash card abroad to make cash withdrawals via cash machines.

You’ll get more information with your card and PIN when they arrive.

Chequebook
A chequebook can be requested (subject to status). Please ask in branch or call 0330 9 123 123 for more details.

Page 9 of 12
Paying money in and out
You can pay in cash or cheques at Santander cash machines in the UK and Santander branches and at a Post Office® branch.
You can receive regular payments into your account, such as your salary. If you pay in a cheque at a Post Office branch,
we will normally receive it two days later.
You can send money within the UK using Faster Payments, Direct Debits or standing orders. You can also pay bills, set
up recurring transactions and make payments in a foreign currency. For more information on any of these or details on
when payments clear please refer to the General Terms and Conditions for Current Accounts and Savings Accounts or ask
a member of staff.

2. Keeping track of your accounts

Statements
We recommend that you check your statement carefully and let us know as soon as possible if there are any mistakes
or any unauthorised transactions by calling us on 0330 9 123 123. For further information and how we provide you with
information on transactions on your account please refer to the General Terms and Conditions for Current Accounts and
Savings Accounts.

Going paper-free
You’ll receive your documents and statements by post unless you chose paper-free when you applied for your product or have
switched to paper-free since opening your account. If you’ve chosen paper-free, your statements for this product, as well as
some of your letters, will be sent to your ‘Document Store’ in Online Banking. You’ll receive an email when a document is ready
to view. You can change your preferences on how to receive documents from us within Online Banking at any time.

Access your account via Online, Mobile, Telephone Banking and at a Post Office branch.
• Visit [Link]/register or call us on 0330 9 123 123 to register for Online Banking.
• For more information on Mobile Banking, visit [Link]/mobilebanking
• If you want to speak to us, call us on 0330 9 123 123. If you’re dialing internationally, call 00 44 1908 237 963.
If you have difficulties with your hearing or speech, and if you have a textphone, please use Relay UK by calling us on
18001 0330 9 123 123.
• You can also complete balance enquiries, cheque deposits, cash deposits and cash withdrawals using any Post Office
branch. For more information about these services, visit [Link]
• If you withdraw cash at a Post Office branch, you will need a cash or debit card and your PIN. Opening hours, services
and transaction limits may vary.

Account alerts
In addition to the overdraft alerts you will be auto registered for, you can set up different types of free email and text
‘Account Alerts’ using Online and Mobile Banking, visiting your local branch or calling us on 0330 9 123 123. For more
information visit [Link]/alerts

Time to manage your account

If you use an arranged or unarranged overdraft, you’ll have until 8pm that day to pay money into your account with cleared
funds and move your balance back into your arranged overdraft or into credit and avoid charges. You can set up account
alerts to warn you when you don’t have enough money in your account to cover a payment. This will give you a chance to
put money in your account before 8pm and avoid overdraft interest.
When we do charge overdraft interest, we’ll take it from your account 22 days after the end date of the statement in which
we’ve told you about the charges. This means that you’ll have plenty of time to make sure you have enough money in your
account to cover the charges after we’ve told you about them.
For more information about ways to manage your account, pick up a leaflet in branch or visit [Link]

Page 10 of 12
Financial difficulties
We’ve got lots of help and support on our website [Link]. Use our free financial health check to get tips to help
you manage your money. Search ‘If finances are a struggle’ online or on our website.
If you’d prefer to speak to someone independent there’s help available. We’ve partnered with PayPlan. They offer free and
independent advice over the phone or online. PayPlan can help cut your costs and reduce the amount you’re paying out. They can
complete a benefits check to make sure you get what you’re entitled to. Call PayPlan on 0800 280 2816 or go to [Link]

Alternative formats
Santander can provide literature in alternative formats. The formats are: large print, braille and audio CD. If you’d like to
register to receive correspondence in an alternative format please visit [Link]/alternativeformats. For more
information, ask us in branch or give us a call. If you are deaf, have hearing loss or speech loss, please use Relay UK at
[Link]. This is a free service that can help you communicate over the phone. If you’re using British Sign Language
(BSL) and would like to use video relay, you can learn more at [Link] by searching ‘accessibility’.

Page 11 of 12
 Our rights under our agreement with you
The general terms and conditions set out our relationship with you and explain how your account will operate. Under those
terms, we have a number of rights that you should be aware of. These include:
• Refusing or delaying payments
- We can refuse to make a payment from your account or to accept a payment into your account for various reasons.
These are set out in the general terms and conditions and include a number of reasons related to concerns about
possible scams, fraud or the security of your account.
- We can also delay payments while we investigate. This could mean you’re late in paying someone you need to pay.
- If we remain concerned, we may refuse to make the payment even if you have checked it and confirmed you want it to
go ahead.
• Blocking access to your account
- We can block access to your account for various reasons, including if we have concerns about security or fraud. We
can also block access if you don’t give us information we need from you.
- We may retain money in your account and not pay it to you in some situations. We’ll only do this if another person
claims that the money belongs to them or you don’t address any concerns we have about the origin of the money.
- We can block a third party provider from accessing your account if we think they don’t have consent or are acting
fraudulently.
• Taking money out of your account
- We can take money out of your account in a number of situations set out in the general terms and conditions.
- We can do this if we paid you the money by mistake or if we think you received the money from someone else by
mistake and we’re asked to return it.
- We can also do it if we paid you a refund and then find out you weren’t entitled to it.
- We can take money from your account to repay amounts you owe us or another Santander company.
• Changing or ending the agreement
- We can change the interest rate (unless it’s fixed), fees or other terms at any time by giving you notice. The reasons
when we can do this are set out in the general terms and conditions.
- We can end this agreement immediately for various reasons set out in the general terms and conditions, including if
you break the agreement, are abusive to our staff or misuse your account.
- We may ask you to repay any overdraft you have immediately at any time but we’ll usually give you notice.
BANK 0545 JAN 25 IPG CD T

Santander UK plc. Registered Office: 2 Triton Square, Regent’s Place, London, NW1 3AN, United Kingdom. Registered Number 2294747. Registered in
England and Wales. [Link]. Authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the
Prudential Regulation Authority. Our Financial Services Register number is 106054. You can check this on the Financial Services Register by visiting the
FCA’s website [Link]/register. Santander and the flame logo are registered trademarks.
Page 12 of 12
 Page 1 of 2

Financial Services Compensation Scheme (FSCS)

Information Sheet
Basic information about the protection of your eligible deposits

Eligible deposits in Santander UK plc are protected by: the Financial Services Compensation Scheme (‘FSCS’)1

Limit of protection: £85,000 per depositor per bank2

The following trading names are part of your bank:
cahoot, Santander Business and Santander Corporate &
Commercial trading names.

If you have more eligible deposits at the same bank: All your eligible deposits at the same bank are ‘aggregated’
and the total is subject to the limit of £85,000.2

If you have a joint account with other person(s): The limit of £85,000 applies to each depositor separately.3

Reimbursement period in case of bank failure: 20 working days4

Currency of reimbursement: Pound sterling (GBP, £)

To contact Santander UK plc for enquiries relating to For all Retail accounts: 0330 9 123 123
your account:
For all Santander Corporate and Commercial accounts:
0333 207 2229
For Business Banking accounts: 0330 678 2456
For all cahoot accounts: 0330 678 2811
To contact the FSCS for further information on compensation: Financial Services Compensation Scheme
PO Box 300
Mitcheldean GL17 1DY
Tel: 0800 678 1100 or 020 7741 4100
Email: ICT@[Link]

More information: [Link]

Additional information In some cases eligible deposits which are categorised as ‘temporary
high balances’ are protected above £85,000 for six months after the
1
Scheme responsible for the protection of your
amount has been credited or from the moment when such eligible
eligible deposit
deposits become legally transferable. These are eligible deposits
Your eligible deposit is covered by a statutory Deposit Guarantee connected with certain events including:
Scheme. If insolvency of your bank, building society or credit union
should occur, your eligible deposits would be repaid up to £85,000 (a) certain transactions relating to the depositor’s current or
by the Deposit Guarantee Scheme. prospective only or main residence or dwelling;
2
General limit of protection (b) a death, or the depositor’s marriage or civil partnership, divorce,
retirement, dismissal, redundancy or invalidity;
If a covered deposit is unavailable because a bank, building society
or credit union is unable to meet its financial obligations, depositors (c) the payment to the depositor of insurance benefits or
are repaid by a Deposit Guarantee Scheme. This repayment covers compensation for criminal injuries or wrongful conviction.
at maximum £85,000 per bank, building society or credit union.
More information can be obtained under [Link]
This means that all eligible deposits at the same bank, building
society or credit union are added up in order to determine the
coverage level. If, for instance a depositor holds a savings account
with £80,000 and a current account with £20,000, he or she will
only be repaid £85,000.
This method will also be applied if a bank, building society or credit
union operates under different trading names. Santander UK plc
also trades under cahoot, Santander Business and Santander
Corporate & Commercial trading names.
 Page 2 of 2

Limit of protection for joint accounts

FSCS EXCLUSIONS LIST
3

In case of joint accounts, the limit of £85,000 applies to each

depositor. A deposit is excluded from protection if:

However, eligible deposits in an account to which two or more (1) The holder and any beneficial owner of the deposit have
persons are entitled as members of a business partnership, never been identified in accordance with money laundering
association or grouping of a similar nature, without legal requirements. For further information, contact your bank,
personality, are aggregated and treated as if made by a single building society or credit union.
depositor for the purpose of calculating the limit of £85,000. (2) The deposit arises out of transactions in connection with which
there has been a criminal conviction for money laundering.
4
Reimbursement
(3) It is a deposit made by a depositor which is one of the following:
The responsible Deposit Guarantee Scheme is the Financial Services
Compensation Scheme, 10th Floor Beaufort House, 15 St Botolph ⚪ credit institution
Street, London, EC3A 7QU, Tel: 0800 678 1100 or 020 7741 4100,
Email: ICT@[Link]. It will repay your eligible deposits (up to
⚪ financial institution
£85,000) within 20 working days until 31 December 2018; within ⚪ investment firm
15 working days from 1 January 2019 until 31 December 2020;
within 10 working days from 1 January 2021 to 31 December 2023;
⚪ insurance undertaking
and within 7 working days from 1 January 2024 onwards, save ⚪ reinsurance undertaking
where specific exceptions apply.
⚪ collective investment undertaking
Where the FSCS cannot make the repayable amount available
within 7 working days, it will, from 1 June 2016 until 31 December ⚪ pension or retirement fund1
2023, ensure that you have access to an appropriate amount of ⚪ public authority, other than a small local authority.
your covered deposits to cover the cost of living (in the case of a
depositor which is an individual) or to cover necessary business (4) It is a deposit of a credit union to which the credit union itself is
expenses or operating costs (in the case of a depositor which is entitled.
not an individual or a large company) within 5 working days of (5) It is a deposit which can only be proven by a financial
a request. instrument2 (unless it is a savings product which is evidenced by
If you have not been repaid within these deadlines, you should a certificate of deposit made out to a named person and which
contact the Deposit Guarantee Scheme since the time to claim existed in the UK, Gibraltar or a Member State of the EU
reimbursement may be barred after a certain time limit. Further on 2 July 2014).
information can be obtained under [Link] (6) It is a deposit of a collective investment scheme which qualifies
Other important information as a small company.3
In general, all retail depositors and businesses are covered by (7) It is a deposit of an overseas financial services institution which
Deposit Guarantee Schemes. Exceptions for certain deposits qualifies as a small company.4
are stated on the website of the responsible Deposit Guarantee
(8) It is a deposit of certain regulated firms (investment firms,
Scheme. Your bank, building society or credit union will also inform
insurance undertakings and reinsurance undertakings) which
you of any exclusions from protection which may apply. If deposits
qualify as a small business or a small company5 – refer to the
are eligible, the bank, building society or credit union shall also
FSCS for further information on this category.
confirm this on the statement of account.
(9) It is not held by an establishment of a bank, building society or
credit union in the UK or, in the case of a bank or building society
incorporated in the UK, it is not held by an establishment in
Gibraltar.
For further information about exclusions, refer to the FSCS website
at [Link]
1
Deposits by personal pension schemes, stakeholder pension
schemes and occupational pension schemes of micro, small and
medium sized enterprises are not excluded
2
As listed in Part I of Schedule 2 to the Financial Services and
Markets Act 2000 (Regulated Activities) Order 2001, read with
Part 2 of that Schedule
3
Under the Companies Act 1985 or Companies Act 2006
4
See footnote 3
5
See footnote 3
MISC 2244 OCT 23 H

Santander UK plc. Registered Office: 2 Triton Square, Regent’s Place, London, NW1 3AN, United Kingdom. Registered Number 2294747. Registered in England and Wales. [Link].
Authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. Our Financial Services Register number is 106054.
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