Santander launches new top paying bank account
Santander launches new top paying bank account
High street bank Santander have released a new product paying 5%, plus 100 cashback for switching.
As of today Santander have launched a new campaign to encourage consumers to switch their current accounts to the through some attractive incentives.
This will provide consumers with the opportunity to pocket up to 225, through a 2,500 deposit for one year that's the equivalent of earning 9% AER.
Upon opening your account, Santander are offering customers a market leading in-credit interest rate of 5% plus 100 in cash, while offering new customers who make the simple switch to a Santander Current Account a smooth, hassle-free move from their existing current account provider, while being rewarded for doing so.
Research carried out by Santander bank accounts found that four out of five people were receptive to the idea of switching their main bank account, however millions of people fail to take the final step and finalize the switch because they think it would be too much hassle.
Santander has responded to this by offering a smoother switch-over service through its dedicated Account Transfer Service which is helping to take the pressure away.
With Santander's Account Transfer Service customers can:
Transfer all existing standing orders, bill payments and direct debits from their old bank to the new Santander current account with ease;
Match customers existing overdraft limit (up to 5,000)
Arranged overdrafts will be interest free for the first four months
In the unlikely event of customers incurring any bank charges during the switch-over, Santander will refund them in full.
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. Customers shouldn't be afraid of switching their current account. We have a hassle free Account Transfer Service to make the whole process refreshingly simple so it's as easy as changing a utility or insurance provider,
"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, said: "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."
Customers can benefit from the 100 cash bonus when opening the following accounts:
Zero This is the only current account on the UK market to come with no fees if you exceed your agreed overdraft, plus no fees for withdrawing cash using your debit card in cash machines or in shops anywhere in the world. You will also be able to take advantage of 5.00% AER (fixed) on balances up to 2,500 for 1 year.
Preferred In Credit Rate (PICR): This account pays 5% interest on balances of up to 2,500 while providing a 4 month interest free overdraft.
Reward: In addition to a market-leading interest rate of 5%, the reward account offers 460 of added benefits. For just 10 a month you can enjoy annual worldwide family travel insurance - including winter sports; Green Flag breakdown cover in the UK; Identity protection - including up to 50,000 of legal cover; Card loss assistance - help if you lose your card.
Premium: This account comes with a market-leading interest rate of 5%, plus 900 of added benefits - Annual worldwide family travel insurance including winter sports; Health Benefits from AXA PPP healthcare; Green Flag breakdown cover in the UK - including national recovery and cover at home; Mobile Phone Insurance; Identity protection including up to 50,000 of legal cover; Card loss assistance - help if you lose your card; Key protection and replacement cover; Legal Assistance; Online Will Writing Service; Airport Angel; Concierge; 500 interest-free overdraft (depending on your circumstances); Commission-free travel money delivered to you free of charge (minimum order 300).
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