Finance group Santander has selected Age UK and Barnardo’s as joint charity partners over the next three years.

The charities were voted for by Santander staff and will benefit from a combined fundraising, grant and staff volunteering programme, expected to be worth £1.5m for each charity.

Both charities will form part of Santander’s new flagship community programme ‘The Discovery Project’ that aims to benefit one million vulnerable people over the next five years.

Nathan Bostock, chief executive of Santander, said the partnership was part of the organisation’s “purpose” to “help people and businesses prosper”.

“The Discovery Project has been created to help people make the most of the incredible opportunities society has to offer. We are very excited about the potential for our partnership with Age UK and Barnardo’s to help some of the most vulnerable people in our communities succeed for the future,” he said.

Age UK said the funds will be spent on an initiative to support older people, called Ambitions for Later Life.

Tom Wright, chief executive of Age UK, said the partnership has enabled the charity to “launch an exciting new programme to give older people support at crucial moments in later life”.

“We’re looking forward to working with Barnardo’s and Santander on this fantastic partnership,” he said. 

Barnardo’s said the money will be spent on its On Track programme to help long-term unemployed young people.

Javed Khan, chief executive of Barnardo's, said: “The support of Santander will help more people develop the skills to get into work. This partnership will allow us to help the most marginalised young people achieve their goals and take control of their future.”