Essay
Financial Services for Individuals P1 UNIT 1
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Explain the range of services provided by two banking providers to meet customer needs
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In this assignment I will be explaining the range of services provided by two banking providers tomeet customer needs.
Santander is a public limited company and British bank which was founded in 2010 which is
owned by the Spanish Santander group and the CEO is Nathan Bostock.
In terms of Santander insurance, they offer many types of insurance such as travel
insurance, car insurance, life insurance and home insurance. Santander offer cover on their
travel insurance in Europe or worldwide. For travel insurance they also offer a range of cover
extensions such as sports and weddings and a medical cover extension for any medicals
conditions which they do not allow under their standard policy and they also offer a 30%
discount and children under the age of 18 can be added to the policy for no extra cost and
this insurance protects them while they are on holiday. Santander provide options for car
insurance such as fully comprehensive, third party fire and theft and third party only.
Optional extras available at an extra cost for car insurance is breakdown cover and motor
legal protection and benefits of being with Santander car insurance is that up to £100,000 of
legal assistance when receiving compensation for personal injury and up to £20,000 of cover
for motor prosecution. Santander offer life insurance in a case of illness or death they protect
your family, the money could be used by the family to pay for mortgage, also the life
insurance they offer could be used for the welfare of the family or to pay funeral expenses.
Home insurance provided by Santander covers buildings and the contents within it, they
have a content cover of up to £25,000 for properties that have 3 bedrooms or less and also
2% cash back on Santander home insurance.
Santander offer loans from £7,500 to £20,000 which they state can be used to purchase a
car, improve one’s home, pay debts and special occasions. There is no upfront payment and
first payment is 30 days after the loan has been agreed. They also let you know what you
will pay back before you take out the loan which lets people know if they still want the loan.
For example if you take out a loan of £7,500- £20,000 you will pay 3.5% interest to
Santander. They also offer an overdraft on one’s current account and this allows people to
pay for unexpected costs while not using their own money however money from the bank
which they will need to pay back.
Santander offer credit cards which they give their customer a card with an agreed amount on
it and it will need to be paid back. The credit card Santander offers allows their customers to
earn cash back when they spend at supermarkets, petrol stations and department stores
and they do not have to pay interest of their purchases for 23 months, the cash back could
be from 1-3%.They also have another credit card which gives customers the benefit of
paying 0% interest when one wants to spread to cost of repaying their balances from their
other cards, they can spread the cost over 15 months, also there is no monthly fee.
When buying a home Santander will borrow money to the person in order for them to be able
to buy the home and they will pay 95% of the price of the home and the person will need to
pay 5%.They also offer a free valuation on the homes that are valued up to £2.5 million and
the valuation is an inspection on the property. Also if one wants to move homes and keep
their current mortgage deal Santander make that possible or a new mortgage deal can be
given which ever suits the customers and they also offer a loan of £5000 or more for home
improvements to the new properly. Santander also pay legal fees concerning the property
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