Banks used to attract students with small incentives like free vouchers or pens to open accounts, knowing they would likely remain customers long-term. However, in today’s competitive market, banks must offer more enticing rewards to appeal to university undergraduates. Santander has launched a campaign offering a chance for one lucky student to win £100,000, aiming to capture students’ attention and loyalty.
Students who open a Santander Edge Student current account by October 16 and make at least one debit card transaction by December 31 will be entered into a prize draw. Each transaction equals one entry, with a maximum of 40 entries per month per customer. Apart from the grand prize of £100,000, there are additional prizes including £10,000, £1,000, and £100 cash giveaways. Even those who do not win will receive £20.
The account comes with perks such as a free four-year Santander 16-25 Railcard valued at £115, an interest-free overdraft of £1,500 for the first three years of study (which can increase to £1,800 in the fourth year and up to £2,000 in the fifth year), and access to Santander’s Regular Saver account offering 8% interest.
The account is available to all undergraduate students and individuals completing a level 4-7 apprenticeship lasting at least two years. Gail Russell, head of everyday banking at Santander UK, emphasized the importance of supporting students in managing their finances during their university journey.
Andrew Hagger, a personal finance expert, highlighted Nationwide’s competitive offerings, including a higher interest-free overdraft limit and additional incentives such as cash rewards and vouchers. Nationwide aims to maintain its market dominance, building on its success from the previous year. Hagger noted that face-to-face service remains valuable for some customers, as evidenced by the percentage of Nationwide student accounts opened in branches.
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