One of the largest providers of personal and business bank accounts in the UK has recently launched a new £300 cashback current account offer, industry experts recently reported.
Spain based banking giant Santander has been struggling to rebuild their reputation in the wake of scathing customer service reviews over the past year and a half. In addition to the cashback offer, the financial services provider has changed its slogan to ‘Together, we are Santander’ and recruited world champion drivers Jenson Button and Lewis Hamilton from its McLaren Formula 1 sponsorship in a new series of television adverts.
Products and marketing head for the Spanish banking giant, Rami Aboukhair, remarked that the change-up highlights Santander’s intentions to project a more humble appearance. Santander drew sharp criticism not only for the ISA transfer chaos it experienced in the summer of last year, but also the problems it encountered in migrating old Alliance & Leicester accounts in the wake of Santander’s purchase of the bank.
The new £300 cashback offer is available to existing Santander customers, of which there are approximately 1.6 million. Only those who are already mortgage customers with the Spanish bank and have the ability to make a £10,000 deposit into a Santander-branded savings product are eligible for the £300 reward upon switching their current account, though Santander is offering a £200 cashback bonus for mortgage customers that don’t have £10,000 they can put into one of the bank’s savings accounts.
For customers with no Santander-branded mortgage, the lender will continue its long-standing offer of £100 for joining Santander as a current account customer, said a bank spokesman.