Santander has announced the launch of their new account which helps customer with retirement planning.
The new account allows customers to choose how much they want to pay into their pension with the aim of building up a sum of money to provide an income in retirement.
Santander's new Personal Pension (SIPP) allows customers to manage their retirement savings through their mobile banking app.
The digital pension platform enables customers to consolidate multiple pensions into one place and monitor their performance through mobile, tablet, or laptop devices.
The new SIPP provides access to up to 850 investment funds, alongside four ready-made Santander investment funds for those preferring a pre-selected portfolio.
Customers can view their pension balance alongside other Santander products through the bank's upgraded mobile app, offering seamless integration of retirement planning with everyday banking.
Santander offers four ready-made investment funds managed by the bank
GETTYThrough the Santander Investment Hub, customers gain comprehensive control and flexibility over their pension investments.
The platform allows easy buying and switching between investment funds, giving customers full autonomy over their retirement planning.
For those who prefer a hands-off approach, Santander offers four ready-made investment funds managed by the bank.
The SIPP is designed as a long-term, tax-efficient savings solution, with eligibility requiring customers to be at least 10 years away from retirement.
Ashlin Brack, UK Head of Digital Investing at Santander, said: “At Santander, we want to support our customers through all stages of life, helping them save and invest so they can live life to the fullest;
"That’s why we have designed our new SIPP to make managing a pension simple and give people greater control over their retirement”.
Customers can choose their preferred investment strategy, either selecting funds independently or opting for Santander-managed portfolios.
As part of the launch, Santander is offering a limited-time cashback incentive for new pension customers investing before April 25 2025.
The cashback offer starts at £50 for investments between £5,000 and £9,999.
Customers investing £10,000 to £24,999 can earn £100, while those investing £25,000 to £49,999 will receive £250.
Higher investment tiers include £350 cashback for £50,000 to £74,999, and £500 for £75,000 to £99,999.
The maximum cashback of £1,000 is available for investments of £100,000 or more.
The cashback will be paid by July 1, 2025 to customers' Cash Only accounts on the bank's Investment Hub.
Customers will pay 0.35 per cent on balances up to £50,000. For balances between £50,001 and £500,000, the fee drops to 0.20 per cent. Amounts exceeding £500,001 attract the lowest fee rate of 0.10 per cent.
