Banks used to attract students with freebies like record vouchers or pens to get them to open accounts, knowing they would likely remain customers long-term. Nowadays, with increased competition, banks like Santander are offering bigger incentives. Santander is running a promotion where one fortunate student could win £100,000, aiming to entice students to sign up for the Santander Edge Student account by offering various cash prizes.
Students who open the account before October 16 and make at least one debit card transaction by December 31 will be entered into a prize draw. Each transaction counts as one entry, with a maximum of 40 entries per month per customer. Prizes include £100,000, five £10,000 prizes, 50 £1,000 prizes, and 1,000 £100 cash giveaways. Even those who don’t win will receive £20.
Additionally, the account includes a free four-year Santander 16-25 Railcard valued at £115, 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, offering an 8% interest rate.
The account is available to undergraduate students of any year and those completing level 4-7 apprenticeships lasting at least two years. Gail Russell, head of everyday banking at Santander UK, emphasized the bank’s commitment to supporting students through their financial journey.
Comparatively, personal finance expert Andrew Hagger noted that Nationwide Building Society, with its attractive offers including a higher interest-free overdraft and cash incentives, is a strong competitor in the student banking market. Nationwide’s package, which also includes Just Eat vouchers, has been well-received by students.
It is interesting to note that a significant portion of Nationwide Student accounts were opened in-branch, indicating the value some customers place on face-to-face service.
