The Santander Edge Student current account has several perks, including a free four-year Santander 16-25 Railcard and cash prizes – including the £100,000 sum
Once upon a time, banks could get away with a free record voucher or pen to draw students into opening an account. They knew that, once sucked in, those young customers were very likely to stick with them long after they’d finished their studies.
How times change. Nowadays, banks are having to up the ante to bag university undergraduates given the competition. Santander has launched its bid to do so with the prospect of one lucky youngster bagging £100,000, more than enough to put concerns about lumbering themselves with student debts to one side.
The high street bank is hoping that and other cash prizes will help turn students’ heads. Those signing-up for the Santander Edge Student current account between now and October 16 – and who make at least one debit card transaction by December 31 – will be entered into a prize draw.
Each debit card transaction equals one entry to the prize draw and is capped at 40 entries per month per customer. As well as the £100,000, there will be five prizes of £10,000 each, 50 of £1,000, and 1,000 £100 cash giveaways. Those who miss – and let’s face it that’s the majority – will still receive £20.
The account also offers a free four-year Santander 16-25 Railcard, worth £115, an interest-free overdraft of £1,500 for the first three years of study – which can increase up to £1,800 in the fourth year and up to £2,000 in the fifth year – and access to Santander’s Regular Saver account, paying 8%.
It can be opened by all undergraduate students, regardless of their year of study, as well as those completing a level 4-7 apprenticeship that last for at least two years.
Gail Russell, head of everyday banking at Santander UK, said: “Starting university is a major milestone, bringing new opportunities, experiences and independence. For many students, it’s also the first time they’re managing their own money. We want to make that journey a little easier by giving students a strong start with a cash boost, the chance to win life-changing money, and simple digital tools that help them build confidence, develop healthy money habits and stay in control throughout their studies.”
Andrew Hagger, personal finance expert at Moneycomms.co.uk, said the Nationwide building society would be looking to build on last year’s dominant performance, where it took 48% of the market.
“Santander is offering a four-year Railcard as well as a maximum £2,000 interest free overdraft which falls short of the £3,000 available from Nationwide.
“Nationwide is offering a more compelling deal, not just an extra £1,000 overdraft interest free, but also £100 cash incentive and a repeat of last year’s £120 worth of Just Eat vouchers. The Just Eat promotion was a big success last year with more than half a million take away vouchers downloaded – a massive hit with students.
“Interestingly 11% of Nationwide Student bank accounts were opened in branch, showing how those perhaps opening a bank account for the first time, value that face to face service.”
