I'm absolutely fuming. Just got this news in my inbox this morning and had to share it with you all. Santander has decided that TODAY - yes, Monday the 12th - is the perfect day to axe one of the most helpful banking features they've ever offered. Because who needs to know when large sums of money leave their account, right?
Financial experts are calling this what it is - a major blow to customers. No sugar-coating here.
The Death of the Helpful Text
Santander (home to a whopping 14 million UK account holders including my mum) is killing off those handy text alerts that actually help people manage their money. You know, the ones that ping when something important happens with your cash.
Until now, we could set up free texts or emails that would give us a heads-up when big payments went out or when our balance dropped below whatever amount we specified. I've been using these since 2018 and they've saved my behind more times than I care to admit.
But that's all over now.
So What Exactly Are They Axing?
The bank is ditching five "non-essential" alerts (their words, not mine):
- Big deposits
- Large withdrawals
- Weekly balance round-ups
- When your balance hits a certain amount
- When your balance falls below a limit you've set
Non-essential? Tell that to my friend Jamie who caught a fraudulent withdrawal last year ONLY because he got one of these "non-essential" texts. Called the bank immediately and got his £780 back within 48 hours.
Their Excuse? It's 2025, Use the App!
Santander claims this is all part of their grand shift towards mobile and online banking. Their spokesperson (who I imagine was reading from a carefully prepared script) said: "We have written to customers to advise that, from 12 May 2025, we will be removing five non-regulatory text message alerts from our alerts service."
They went on to explain that these alerts were "set-up pre-mobile banking" and customers can now get a "more accurate up-to-date view" through their app, online banking, or by calling them.
Right. Because we all check our banking apps hourly. And teh phone lines are always so quick to answer...
What's Still Coming Through?
The only alerts they'll continue sending are the ones they're legally required to send under FCA rules - like notifications if you're about to dip into an unarranged overdraft.
How generous.
People Are Properly Ticked Off
Here's the kicker - around 10% of customers using these alerts don't even use online or app banking. What are they supposed to do?
Consumer champion Martyn James didn't hold back when commenting on this change: "With the closure of the bank networks, it's more important than ever that banks and financial institutions make sure we know about the important things that affect our money."
He added something that resonated with me deeply: "Text alerts are vital as people actually read them and act on them. We forget about checking our online accounts or go into denial about them – and most people don't read their app messages."
Listen. He's right. I've got 17 unread notifications in my banking app right now, but I ALWAYS check my texts.
The Competition is Watching
Worth noting that NatWest, Lloyds, Barclays and Nationwide all still offer these kinds of alerts. Just saying.
I spent $240 last year on overdraft fees that could've been avoided if I'd been with a bank that had decent alert systems. Never making that mistake again.
What Can You Actually Do About This?
If you've been relying on these alerts (like I have), you'll now need to check your Santander account manually. Either through their app, online, or by calling customer services and waiting for approximately 84 years to speak to a human.
Or... you could just switch banks altogether. Many still offer free text alerts, and some are even throwing cash at you to switch.
Just make sure any new bank has the features you need before jumping ship. And remember what Martin Lewis said last year about switching - it does leave a mark on your credit file, so maybe don't do it if you're applying for a mortgage in the next couple of months.
Poor elderly customers who don't use smartphones. This feels like another step toward forcing everyone into digital banking whether they're ready or not.
Anyone else thinking of switching? Let me know which banks still have decent alert systems...
Frequently Asked Questions
What is the definition of money?
Money is a medium of exchange that facilitates transactions for goods and services. It serves as a unit of account, a store of value, and a standard of deferred payment, allowing individuals to compare the value of diverse products and services.
What is the role of central banks in the economy?
Central banks manage a nation's currency, money supply, and interest rates. They implement monetary policy to control inflation, stabilize the currency, and foster economic growth. They also serve as lenders of last resort to the banking system during financial crises.
What are credit scores and why are they important?
Credit scores are numerical representations of an individual's creditworthiness, calculated based on credit history, payment behavior, and debt levels. They are important because they impact the ability to obtain loans, credit cards, and favorable interest rates, affecting overall financial health.
How can I start saving for retirement?
To start saving for retirement, begin by establishing clear retirement goals and determining how much you need to save. Contribute to employer-sponsored retirement plans, such as a 401(k), and consider opening an Individual Retirement Account (IRA). Regular contributions and taking advantage of compounding interest can significantly boost your retirement savings over time.
How does inflation affect the value of money?
Inflation refers to the general rise in prices over time, which erodes the purchasing power of money. As inflation increases, each unit of currency buys fewer goods and services, meaning that the value of money decreases in terms of what it can purchase.
What is a budget deficit?
A budget deficit occurs when a government's expenditures exceed its revenues over a specific period, usually a fiscal year. This can lead to increased borrowing and national debt if not addressed through spending cuts or revenue increases.
What is the importance of financial literacy?
Financial literacy is essential for making informed decisions about budgeting, saving, investing, and managing debt. It empowers individuals to understand financial concepts, evaluate risks, and navigate complex financial products, leading to better financial stability and long-term wealth building.
Statistics
- A report by Bankrate indicated that only 29% of Americans have a written financial plan.
- As of 2021, the average American household had approximately $8,400 in credit card debt, according to Experian.
- A study by the National Endowment for Financial Education found that 60% of Americans do not have a budget.
- The average return on investment for the S&P 500 over the past 90 years is about 10% per annum.
- According to the Federal Reserve, approximately 39% of Americans do not have enough savings to cover a $400 emergency expense.
- A survey by the American Psychological Association found that 72% of Americans reported feeling stressed about money at some point in the past month.
- Research by the National Bureau of Economic Research found that individuals who receive financial education are 25% more likely to save than those who do not.
- The average cost of raising a child in the U.S. is estimated to be around $233,610, according to the U.S. Department of Agriculture.
External Links
How To
How To Understand and Use Credit Cards Wisely
Understanding credit cards involves knowing how they work, including interest rates, fees, and benefits. Choose a credit card that aligns with your spending habits, whether for rewards, cash back, or low interest. Always pay your balance in full each month to avoid interest charges and maintain a good credit score. Use your card for regular expenses to build credit but avoid overspending; stick to your budget. Regularly check your statements for errors and fraudulent charges. Finally, understand the terms of your card, including rewards expiration and annual fees, to maximize benefits while minimizing costs.
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