Santander UK has announced a new partnership with Sibstar, a debit card and app aiming to help people manage everyday spending.
Through the partnership, Santander said it will be able to refer customers and their families who may need extra support managing their money directly to Sibstar.
The people Sibstar supports include those living with dementia or learning disabilities, people managing a health condition, or those who are generally concerned about scams or overspending.
Sibstar customers do need to pay £4.99 per month plus a one-off set up fee of £4.99.
Santander said that under the referral arrangement, its customers will remain free to decide whether Sibstar is appropriate for their circumstances and whether they wish to sign up.
The Sibstar card and app will be provided and managed by Sibstar, rather than Santander.
People using Sibstar can set daily and monthly spending limits, manage how and where the card is used, and receive real-time transaction notifications.
After being referred by Santander, someone from Sibstar’s Santander team will contact the customer to help them get set up.
The debit card can be topped up with money from a Santander current account.
Graeme Cumming, head of vulnerable customer strategy at Santander UK, said: “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.”
Jayne Sibley, chief executive and founder of Sibstar, which previously appeared on Dragons’ Den, said: “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.”
Entrepreneur and Sibstar investor Sara Davies said: “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.”
Michelle Dyson CB, chief executive at Alzheimer’s Society, said: “Managing money can become increasingly difficult for people living with dementia, leaving them more vulnerable to scams and financial abuse.
“Alzheimer’s Society is proud to have helped Sibstar to bring their innovative idea to life with our Accelerator Programme.
“This is a pioneering product which is shaped by people affected by dementia and supports their independence, safeguards their finances and gives families greater peace of mind.”
