Santander says it will give £50 to customers with a savings account

Santander
-Credit: (Image: Reach Publishing Services Limited)


Banking giant Santander says it will give £50 shopping vouchers to customers who join from rivals and move cash to one of its new accounts. The bank is hoping to lure in new customers with the offer.

In order to claim the retail voucher, new customers must move at least £10,000 into one of three accounts launched by Santander. It said the voucher "can be spent at over 100 outlets, including restaurants, supermarkets and clothes stores".

The savings accounts are fixed for a period of either one year, 18 months or two years. The voucher should arrive within 14 days of transferring the cash, Santander said.

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The bank explained: "Santander has launched a range of new Fixed Rate ISA products, with a £50 retail voucher offer for customers transferring £10,000 or more from a non-Santander ISA. The new range of ISA products, which can be opened online or in branch, are:

  • 1 Year Fixed-Rate ISA - 4.31% AER/ tax-free (fixed)

  • 18-month Fixed-Rate ISA - 3.91% AER/ tax-free (fixed)

  • 2-year Fixed-Rate ISA - 3.81% AER/ tax-free (fixed)

"The bank is also offering £50 cashback as an e-voucher to customers who transfer an ISA of at least £10,000 from another provider into a Santander Fixed Rate ISA. The voucher can be spent at over 100 outlets, including restaurants, supermarkets and clothes stores.

"Customers will receive their code to redeem their voucher automatically by email within 14 days of the completed transfer. Santander is part of the industry ISA transfer scheme and has dedicated teams in place to process customers’ ISA transfer requests, making it quick and easy for customers to transfer an ISA from another provider to Santander.

"More information about Santander’s fixed rate ISAs and savings product can be found on the Santander website and in branch."