Santander has launched a £100 bonus offer to consumers switching their current account to the Spanish banking giant, as well as paying 5% credit interest rate worth up to £125 per year.
From Monday 28 June, Santander will pay a £100 cash incentive to customers who switch their main bank account to a Santander current account, including its Preferred in-credit rate and Zero current accounts.
It will also pay credit interest of 5% on balances up to £2,500, worth a maximum £125 a year before tax. However, balances over £2,500 will only earn 0.1% AER. Any arranged overdraft will be interest-free for the first four months. If customers incur any bank charges during the switching process, Santander pledges to refund them in full.
Research from Santander has found that 8 in 10 people are receptive to the idea of changing their main current account, but millions of people do not take the final step and switch their current account provider because they think it’s going to be too much hassle. For more details on switching, read the free Which? guide to switching current account.
Great for credit interest, poor for customer satisfaction
Which? current account expert Jo Langenhan commented: ‘At 5%, the Santander current account pays the highest credit interest rate on the market, and the bonus £100 is a welcome boost to consumers switching account.
‘However, Santander scores poorly in our current account customer satisfaction survey, earning a woeful 48%, the lowest score of all current account providers. In contrast, the best-performing bank, Which? Award-winning First Direct, scored an impressive 89%.
‘If you want the most competitive deal, Santander’s offer is worth considering. If you want excellent customer service, look elsewhere.’
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