Santander offers A?330 for switching account

| December 8, 2011
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Santander has joined with Moneysupermarket.com to add an extra sweetener to a deal designed to tempt people to switch their bank account.

Anyone who switches their main current account to Santandera��s Preferred Current Account via the Moneysupermarket.com price comparison site, could receive A?30 in Amazon vouchers as well a A?300 cashback reward.

However, customers who are completely new to the bank will only receive a A?100 reward, holders of Santander mortgages will receive A?200 and only customers who have a mortgage with Santander plus savings of at least A?10,000 with the bank, will receive the full A?300.

The Amazon vouchers will only be available until December 23 and the cashback deal ends on 8 January.

For the first year, Santandera��s Preferred Current Account pays 5 per cent interest on balances up to A?2,500, as long A?1,000 is deposited in the account each month.

After the first year the interest drops to A?1 per cent. A A?2 charge will be levied if the monthly deposit drops below A?1,000.

Tempting people to switch their bank account isna��t easy, as many people are put off by fears that switching will be difficult and concern that the new bank account will not be suitable.

Santandera��s offer is only valid if its dedicated switching service is used to transfer standing orders, bill payments, and direct debits to the new account.

The Independent Commission on Banking, which has recommended a number of reforms to the UK banking sector to promote financial stability and competition, has been criticized for failing to push through a recommendation for a�?portable bank accountsa�� which would make switching banks much easier.

This would give each account a universal number which the customer would take with them if they moved to another bank and which would also be linked to direct debits and other transactions.

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