Banks used to attract students with freebies like record vouchers or pens to get them to open accounts, knowing they would likely remain customers post-graduation. However, the landscape has changed, and banks are now offering more enticing incentives to compete for university students’ attention. Santander has recently introduced a promotion where one fortunate student could win £100,000, a sum that could alleviate concerns about accumulating student loans.
To participate, students need to open a Santander Edge Student current account by October 16 and make at least one debit card transaction by December 31. Each transaction earns an entry into the prize draw, with a maximum of 40 entries per month per customer. Apart from the grand prize, there are five £10,000 prizes, 50 £1,000 prizes, and 1,000 £100 giveaways. Even those who don’t win still receive £20.
The account offers additional benefits such as a free four-year Santander 16-25 Railcard, an interest-free overdraft of up to £1,500 for the first three years of study (increasing to £1,800 in the fourth year and £2,000 in the fifth year), and access to Santander’s Regular Saver account with an 8% interest rate. The account is available to all undergraduate students and those completing certain apprenticeships.
Gail Russell, head of everyday banking at Santander UK, emphasized the importance of providing students with financial support as they navigate university life. She highlighted the cash boost, life-changing prize opportunities, and user-friendly digital tools aimed at helping students develop sound money management habits.
Financial expert Andrew Hagger noted that Nationwide building society, a key competitor, had a strong market performance last year. While Santander’s offerings are attractive, Nationwide provides a more comprehensive package, including a higher interest-free overdraft, cash incentives, and popular Just Eat vouchers. Nationwide’s in-branch account openings also demonstrate the value some customers place on face-to-face service.
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