Santander current accounts offer 5% and £100 cash for switching
24 June 2010 / by Lois Avery
Current account customers who switch to Santander can earn five per cent interest on the balance, in addition to a £100 cash incentive for switching.
From 28 June 2010, customers can get a £100 ‘summer incentive’ when they switch their main bank account to a Santander current account.
Current account customers can also earn five per cent on their in credit balances, up to £2,500 for 12 months.
The interest and the cash incentive combined add up to a potential £225 that consumers can pocket if they switch.
Despite current account comparisons being readily available on the internet, many consumers remain reluctant to switch. Santander has found that 77 per cent of people are considering changing to a new current account provider, but that millions will not take the final step to get a better deal because they think it will be too much hassle.
To combat this, Santander has a dedicated Account Transfer Service, and promises a smooth and easy process, and offers to refund any bank charges customers might incur during the switching process; overdrafts are interest free for the first four months, and it will match existing overdrafts up to £5,000.
Commenting on the new offer, Helen Bierton, head of Santander current accounts, said: “We are offering a fantastic opportunity for people to get their finances into shape this summer and switch to one of the best current accounts on the market – that actually pays them.”
She added: “Millions of people have also not updated their current account with many believing it’s not worth it, both in time and money. We want to encourage consumers not to settle for less and to shop around for the best current account deal.”
Michelle Slade, personal finance expert from Moneyfacts, commented: “Switching your current account is an easy way of making sure you are getting value for money. This offer by Santander gives those switching a double boost with the £100 cash bonus and the highest interest rate available on a current account. This is definitely an offer to act on.”
Click here to compare more current account deals»
© Fair Investment Company Ltd
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|---|---|---|---|---|
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Investec FTSE 100 Income Deposit Plan |  |
3.50% per annum |
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Invesco Perpetual High Income Fund | |
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| One of the UK’s most popular income funds, the Invesco Perpetual High Income has delivered consistently good long term returns through a variety of market conditions. Income is paid to you twice yearly. Up to a 100% Discount off the Standard Initial Fund Charge. Click here to view latest Fund Facts » |
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M&G; Corporate Bond Fund | |
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| The M&G; Corporate Bond Fund is a conservative ‘blue chip’ sterling fund that aims to produce a higher return than UK government bonds. Income is Paid to you Quarterly. 100% Discount off the Standard Initial Fund Charge. | ||||
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Jupiter Merlin Income Portfolio | |
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| The Jupiter Merlin Income Portfolio fund aims to achieve a high and rising income with some potential for capital growth. Income Distributions are made to you quarterly. 95% Discount off the Standard Initial Charge. Click here to view latest Fund Facts » |
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| Product Name | ISA Option | Maximum Potential Return | Term | More Info | |
|---|---|---|---|---|---|
|
FTSE 100 Enhanced Kick Out Plan | |
10% per annum |
Up to 6 years |
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| Structured investment plan with the potential to mature after years 1, 2, 3, 4, 5 or 6. If the plan matures early it will return 10% times the number of years the plan has been in force. Also available for Stocks & Shares ISA and ISA transfer. | |||||
|
FTSE 100 Kick Out Deposit Plan | |
6% per annum |
Up to 6 years |
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| Capital protected deposit plan with the potential to mature after years 3, 4, 5 and 6. If the plan matures early it will return 5% times the number of years the plan has been in force. Also available for Cash ISA and ISA transfer. | |||||
The value of investments and any return from them can fall as well as rise and you may not get back the full amount invested. Please ensure that you read the Important Risk Information below.
| Service | ISA Option | Minimum Investment | More Info | |
|---|---|---|---|---|
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Share Trading Account Plus | |
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| Trade in a wide variety of investment options including International Equities, Warrants and Covered Warrants. Frequent traders get a reduced rate of £8.95 | ||||
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