Santander has introduced a new account dubbed “Santander One” which comes without any fee for loyal customers and provides essential banking services.
The account is offered to both individuals and companies.
Go deeper with GlobalData
Account features
The Santander One account is based on a subscription model. It offers value-added service plans under subscription.
It comes with a Santander One Debit Card, Santander All in One Credit Card, and Santander One Aplaza Card.
The account replaces 123 Individuals Account, Everyday Account, 123 Zero Account, 81 Account, or Standard Account, and others.
Customers can get access to existing digital banking channels and 40,000 ATMs worldwide.
How well do you really know your competitors?
Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.
Thank you!
Your download email will arrive shortly
Not ready to buy yet? Download a free sample
We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form
By GlobalDataCustomers meeting the loyalty requirements will not pay any fees for debit and credit cards, domestic online transfers, and Bizum. They can add personalised services preferred via subscription.
Additionally, the lender is offering fee-free Santander One Corporate cards, and more, to the self-employed and MSMEs – for €0-30 per month depending on loyalty.
Loyalty requirements
To become a loyal customer, one needs to disburse their salary or pension into the Santander One account.
They need to have three direct debits and one financing, plus savings or insurance products.
Customers have to pay a €10 monthly fee for account maintenance if they have only one of these products and inactive customers with no products will pay €20.
To help meet loyalty requirements, Santander is offering new insurance products with premiums starting at €10 per month.
The bank has reduced its savings requirement from €10,000 to €5,000.
Santander is also offering computer and mobile phone leasing from €15 per month and products such as home improvement and car loans.
Subscription plans
The bank has partnered with airline company Iberia to unveil a ‘Santander One Iberia Plus’ plan.
This collaboration allows customers to earn Avios points, which can be used to redeem for flights, hotel stays, car hire, or leisure and gastronomy experiences.
It offers a 10% discount on Iberia flights and 25% extra Avios points for purchasing the flight tickets on Iberia.com.
Santander customers can earn up to 500,000 Avios points, for transactions ranging from regular purchases to transferring a pension.
The Santander One Iberia Plus plan comes in three levels; the Basic – which is free of cost, the Premium – which costs €4 per month, and the Elite plan.
The Premium plan offers one Avios for every €3 spent, while the benefits under the Elite plan keeps increasing based on the transactions and products purchased.
Other plans include Plan Santander One Viaje, Plan Santander One Atención VIP, Plan Santander One Pagos and Plan Santander Seguridad Digital.
These plans charge a flat monthly fee of €3 to individuals and €6 to companies.
Plan Santander One Viaje is a travel plan offering free ATM withdrawals worldwide, using Santander One debit card.
Plan Santander One Atención VIP is a VIP plan, offering 24×7 personalised customer service.
Plan Santander One Pagos is a payment plan which allows customers to make unlimited domestic and international money transfers.
Plan Santander Seguridad Digital is a security plan which offers 24-hour family protection legal service.
Santander Spain CEO Rami Aboukhair said: “With Santander One, we introduce a new offering so that our customers do not pay fees on their accounts and cards, have the best services through all channels and can subscribe to value-added plans so that they only pay for what they need.
“Furthermore, thanks to our partnership with Iberia, we reward our customers with Santander One Iberia Plus, the best loyalty programme on the market.”
Recently, Santander forged a partnership with Roostify for leveraging the latter’s home lending platform to offer digital mortgage solutions to customers.
