Banks used to attract students with freebies like record vouchers or pens to get them to open accounts, knowing they would likely stay as customers long-term. However, in today’s competitive landscape, banks are stepping up their game. Santander is offering a chance for one lucky student to win £100,000, aiming to capture the attention of university undergraduates.
To qualify for the prize draw, students need to sign up for the Santander Edge Student current account by October 16 and make at least one debit card transaction by December 31. Each transaction earns an entry, with a maximum of 40 entries per month per customer. Apart from the grand prize, there are multiple cash prizes ranging from £10,000 to £100 for winners, while all participants receive a guaranteed £20.
In addition to the cash incentives, the account includes perks such as a free four-year Santander 16-25 Railcard, an interest-free overdraft up to £1,500 for the first three years of study (expandable to £2,000 in the fifth year), and access to the Regular Saver account offering an 8% interest rate. The account is available to undergraduate students of all levels and those completing a level 4-7 apprenticeship lasting at least two years.
Gail Russell, head of everyday banking at Santander UK, emphasized the importance of providing students with financial support and tools to navigate their money management journey during their university experience. Meanwhile, Andrew Hagger, a personal finance expert, highlighted Nationwide’s competitive offerings, including a larger interest-free overdraft and additional incentives like cash rewards and vouchers, which have been popular among students.
Overall, banks are adapting to the changing needs of students, offering attractive deals and services to secure their loyalty in the long run.