Santander tries to sweeten the deal for account switchers

One High Street provider of personal and business bank accounts has attempted to sweeten the deal with account switchers by joining forces with comparison site, experts say.

Customers who switch their current accounts to Spain-based banking giant Santander through Moneysupermarket could not only receive a cashback award of £300, but could also earn Amazon vouchers worth £30, under the new deal.  However, not all account switchers are created equal in Santander’s eyes, as only customers with savings accounts that have a minimum £10,000 balance plus a mortgage with the bank will receive the entire £300 – those with just a mortgage from the Spanish bank will net only £200, while complete newcomers are only eligible for a £100 cashback award.

The cashback deal, which will end on January 8 of the new year, is offering the Amazon vouchers until 23 December.  The current account that is associated with the cashback pays a 5 per cent interest rate on as much as £2,500, provided account holders deposit a minimum of £1,000 on a monthly basis, though this rate changes to just 1 per cent after 12 months, and if monthly deposits drop under the £1,000 mark, the bank will levy a £2 charge.

It has never been easy to convince customers to switch current accounts, as a large number of Brits are reticent to do so, fearing that the switch will prove difficult and their new provider will end up unsuitable for their needs.  However, Santander has a dedicated switching service of which customers can avail themselves, and in fact the cashback offer is only valid if customers use the service to transfer their account details.

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