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Santander to scrap yearly statement of fees with customers told to use online banking

The yearly statement of fees shows any charges that have been paid over the past 12 months, such as overdraft fees or from using your card abroad

[Branch of Santander bank on 28th January 2026 in Shrewsbury]

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Santander is axing its annual statement of fees

Santander will soon no longer send customers an annual statement showing them any fees they have been charged.

The yearly statement of fees shows any charges that have been paid over the past 12 months, such as overdraft fees or from using your card abroad.

For example, Santander current accounts typically charge a standard variable rate of 39.94% for arranged overdrafts. The yearly statement of fees also shows any interest you may have earned.

This statement will be axed from August, but Santander says customers can already check any fees they may have been charged through online or mobile banking.

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Your regular bank statements also show any fees or charges on your account. But in better news for customers, Santander recently launched a new regular saver account that pays 8% interest.

A regular savings account allows savers to put aside a certain amount of money each month in exchange for a higher interest rate.

The new Santander account comes with a rate of 8% which includes a 5% bonus for the first 12 months. After 12 months, the rate reduces to 3%. The rates are variable, which means they can be changed.

Santander customers save up to 200 a month through this regular saver, meaning you maximum they can build up with interest after one year is 2,504, then 5,018 in year two.

Customers can make withdrawals without penalties, but only by moving the money to a Santander current account. The regular saver is exclusively available to all Santander current account customers.

It comes after the Spanish owner of Santander revealed plans to cut costs by more than 500 million euros (433 million) by accelerating the use of artificial intelligence (AI).

Banco Santander said it is targeting more than one billion euros (860 billion) in extra revenues and cost savings from AI by the end of 2028, with over half expected to come through cost-cutting.

The savings are set to come from automation, productivity gains and process simplification. The lending giant did not disclose how many jobs will be impacted as part of the plan.

It is understood the group has not announced a programme to cut its workforce linked to the AI rollout.

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