Santander Private Banking, Select and Business customers have a new branch, the Santander flagship lounge in London’s Piccadilly.
The Santander flagship lounge is located in Devonshire House at 77, Piccadilly, London.
The historic landmark building served as the headquarters of the War Damage Commission during World War II.
The lounge area is designed to provide a relaxed space for customers to receive expert advice from specialist staff. Alongside investment and banking advice, customers will also be able to consult with a specialist Mortgage & Protection Advisor.
The launch of the Santander flagship lounge highlights the bank’s drive to target its wealthiest customers and business owners.
Santander flagship lounge – targeting mass affluent & private banking segments
In late 2017 the bank rolled out its Santander Select Current Account aimed at the mass affluent segment.
Santander Select is available to customers with investments and savings of over £75,000, or a monthly income of more than £5,000 per month. A monthly fee of £5 applies to the Santander Select current account.
The Santander Select account will appeal to the customer segment previously well served by HSBC’s Premier account.
Santander Private offers tailored services to customers with investments and savings over £500,000, or an annual income of more than £250,000.
Santander Select and Private customers benefit from similar features on offer to the mass market 123 Current Account.
For example the 123 Business Current Account offers cashback to business owners on annual turnover of up to £300 pa.
Charlotte Platts, head of Wealth at Santander says: “Santander branches are an important part of many communities. We realise the importance of tailoring the experience to suit different customer’s needs. The new lounge is part of our ongoing commitment to our wealth customers.
“Many of those customers play a vital role in their own local communities through job creation and investment.
The introduction of this new lounge underlines our ambition to deliver a complete range of wealth solutions for all our customers’ needs under one roof.”
Santander Select – slow progress to date
The Santander Select moniker is not new and Santander has arguably been slow to target the mass affluent segment.
As long ago as an editorial in 2011, the writer commented on the potential offered by Santander Select.
At that time, the bank was starting to target the growing mass affluent segment in Latin America via Santander Select.
By contrast, HSBC had over 790,000 Premier customers in LatAm at the end of 2010 when Santander Select was launched.
The launch of the Santander flagship lounge together with Select and private banking product investments highlights the growing importance to the bank of the mass affluent and private banking segments.