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UNIQUE OFFER: Customers could earn up to £300 cashback and 5% in-credit interest by switching their main current account to Santander
- £300 for existing Santander mortgage customers who have, or can deposit, at least £10,000 in Santander savings and switch their main current account to Santander1
- £200 for existing Santander mortgage customers who switch their main current account to Santander2
- £100 for customers who switch their main current account to Santander3
- Earn a market-leading best buy 5 per cent in-credit interest
Santander is launching a major new current account switching offer on 5 September 2011, completely unique in the UK market, which will pay up to £300 cashback to customers who switch their main current account to Santander.
In recognition of their relationship with Santander, existing Santander mortgage customers who either already have, or can deposit £10,000 in savings with Santander and switch their main current account to Santander will earn £300.
Existing mortgage customers who don’t have £10,000 in savings but switch their current account will get £200.
And, in keeping with Santander’s previous ‘switcher’ offers, any new customer who switches their main current account to Santander will earn £100.
This offer will be available in branch, by phone and online from 5 September for a limited time only, and is for customers who switch to Santander’s best buy Preferred Current Account or its Reward or Premium current accounts, all of which pay a market-leading 5 per cent AER in-credit interest for 12 months.
Customers who switch to the Preferred Current Account can also qualify for a free arranged overdraft for 12 months, depending on circumstances.
Nici Audhlam-Gardiner, banking director at Santander, said: “We believe our customers deserve to be rewarded, so we’ve launched this great new incentive which means the deeper your relationship with Santander, the more you’ll earn in rewards. With up to £300 available to existing Santander mortgage customers who switch their main current account to us, we think this offer is upping the stakes especially for customers who never thought it was worthwhile to switch bank accounts before.
“Our market-leading Preferred Current Account has been ranked a ‘best buy’ by Moneyfacts, and it, together with our Reward and Premium current accounts, pays 5 per cent in-credit interest, the highest rate in the entire market.”
Smooth switching
Santander provides the benefit of a smooth, hassle-free switcher service and a dedicated switching team so customers can make a simple move from their existing current account to Santander – and be rewarded for doing so.
Using Santander’s switching service customers can
- Have all their existing standing orders, bill payments and direct debits transferred from their old bank to their new Santander current account
- Expect to match their existing overdraft (up to £5,000, depending on the customer’s circumstances).
The cashback deal: summary
£300 cashback |
£200 cashback |
£100 cashback |
Switching current account + held a Santander mortgage on 31/8/11 + have or can deposit £10,000 savings |
Switching current account + held a Santander mortgage on 31/8/11 |
Switching current account |
Santander: Driven to do better
The launch of the new current accounts switching offer is part of Santander’s drive to make banking work better for its customers, which means better products and services for existing, as well as new customers. Santander is seeking to deepen relationships with its customers and provide market beating propositions across a range of products, demonstrating how they are ‘Driven to do better’.
In line with this strategy Santander has recently announced the launch of the 123 Cashback Credit Card, a cashback card which pays 1 per cent on supermarket spend, 2 per cent on department store spend and 3 per cent on petrol spend up to a maximum spend of £300 a month.
Callum Gibson, credit cards director at Santander said: “Our aim is to provide our customers with real long term value as opposed to short term benefits and the new Santander 123 Cashback Credit Card will certainly do that. That’s why we’ve added a fee to this card as we want to make sure our customers are using this card for the right reasons.
“The new 123 card will help consumers with their everyday spending, by rewarding them with monthly cashback on any spend they make in supermarkets, department stores and at petrol stations.”
The 123 Cashback Credit Card has an annual fee of £24 and comes with a competitive purchase borrowing rate of 18.9 per cent (variable) – representative 22.8 per cent APR (variable) including fee.
Rami Aboukhair, head of products and marketing at Santander: "These two exciting new products - the 123 Cashback Credit Card and the enhanced switcher proposition - represent Santander UK's new approach to rewarding our customers with enhanced offers and services. This new strategy will guide everything we do in coming months and this is the first of many innovations Santander UK is planning to bring to the market.”
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