Santander customers offered new £5 monthly service in scams and overspending crackdown

Great news for a change: UK customers of Santander are eligible to join a newly launched scheme in partnership with Sibstar.

Previously seen on the entrepreneurial reality series Dragons' Den, debit card firm Sibstar won the Innovation of the Year prize at the British Bank Awards in 2024 and supports people living with dementia, health conditions, learning disabilities, and those worried about overspending or scams.

Santander's latest community announcement explained how the bank will be referring its clients and their families who may need extra support managing their cash directly to Sibstar.

The referral programme costs £4.99 set-up and then the same amount on a monthly basis, with the Sibstar card/app allowing users to key in daily or monthly spending limits, as well as deciding how and where the card is used.

The debit card can be topped up with money from a Santander current account.

Santander UK has joined forces with debit card firm Sibstar (Mike Kemp/In Pictures via Getty Images)

Weighing in on the helpful scheme, Santander UK's head of vulnerable customer strategy, Graeme Cumming, commented: "For those living with dementia, learning disabilities or other health conditions, keeping on top of your everyday spending can become increasingly challenging.

"Through our new partnership with Sibstar, we’re helping customers who may need extra support, while maintaining their financial independence and giving families greater reassurance that their everyday spending is safe and supported."

Sibstar's founder Jayne Sibley went on to share: "Sibstar was built to support anyone who is financially vulnerable, whether that’s due to a learning disability, dementia, a mental health condition or simply a need for extra reassurance around scams and overspending," while investor Sara Davies added: "I've seen first-hand through my own family how much peace of mind a product like this can give, and partnering with a bank like Santander means Jayne and the team can now reach so many more families who need that support."

This comes as rival bank Lloyds is offering a totally free £200 to new customers who meet certain criteria.

If you want to be quids in (who doesn't?), then it involves switching from your current bank over to Lloyds. It's a horrendous task, let's not kid ourselves, but them's the breaks.

The first move is to open an eligible Club Lloyds, Club Lloyds Silver, Club Lloyds Platinum or Premier account and start a full Current Account Switch Service with them by 9 December, 2026.

Typically, those accounts require customers to cough up a monthly fee of £5 unless you're putting at least £2,000 into it each month, and the higher tiers still require a monthly fee anyway.

Meanwhile, potential suitors must also transfer over at least three active direct debits to their new banking home, but card subscriptions and standing orders are not allowed.

Frustratingly, you'll be ineligible for the 200 smackers if you've already benefitted from a Lloyds, Halifax or Bank of Scotland switching incentive over the past three years.

Should you indeed prove worthy of all criteria at Lloyds, then you have every right to go and collect £200 within 14 working days of your switch date. Kerching!