Santander relaunches £100 offer for new customers
Santander has reintroduced its £100 offer for new customers who switch to a 5% current account with the bank.
Within three months of opening the account you'll receive £100 if you have set up at least two direct debits or standing orders and credited the account with a minimum of £1,000 each month.
The offer is for new customers only who open either a Zero, Preferred, Reward or Premium account.
It excludes those who have had an account in the past three months with Santander, Alliance & Leicester, cahoot or Cater Allen.
In the past the bank, which has five million current account customers in the UK, has run several similar deals to boost customer numbers, and it expects this one to be popular too.
Nici Audhlam-Gardiner, banking director at Santander, says customers need to act fast to benefit and warns the deal is only available for a limited time.
Jonathan Akerman, spokesperson for Santander, says although there isn't a specific deadline, it's likely the offer will run for around four to six weeks. "In the past we've seen significant traffic online, in branch and on the telephone when running these offers, and we hope to see the same reaction this time," he adds.
But although getting £100 for changing accounts is tempting, Santander is frequently knocked for its dismal customer service.
The Moneywise Customer Service Awards 2010 highlight the bank as one of the poorest providers, while First Direct, voted the most trusted bank, offer similar freebies for new customers.
For example, when you switch to a First Direct 1st Account you will receive £100 if your account is topped up with at least £1,500 each month, and an extra £100 if you don't like the account and decide to leave.
If you're thinking about switching current accounts read our guide to the process
An account opened with a clearing bank (few building societies offer current accounts) that provides the ability to draw cash (usually via a debit card) or cheques from the account. Some pay fairly minimal rates of interest if the account is in credit. Most current accounts insist your monthly income (salary or pension) is paid directly in each month and they offer a number of optional services – such as overdrafts and charge cards – which are negotiable but will incur fees.