Santander is offering one lucky student the chance to win £100,000, along with hundreds of other cash prizes, as part of its bid to attract university undergraduates to its Edge Student current account. The high street bank is hoping the prospect of life-changing money will help it stand out in a competitive market.
How to Enter the Prize Draw
Students who open a Santander Edge Student current account between now and October 16, and make at least one debit card transaction by December 31, will be automatically entered into the prize draw. Each debit card transaction counts as one entry, capped at 40 entries per month per customer. In addition to the £100,000 top prize, there are five prizes of £10,000 each, 50 of £1,000, and 1,000 £100 cash giveaways. Those who don't win a prize will still receive £20.
Additional Account Benefits
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 (increasing to 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% interest. The account is open to all undergraduate students, regardless of their year of study, as well as those completing a level 4-7 apprenticeship lasting at least two years.
Industry Expert Views
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."
However, personal finance expert Andrew Hagger of Moneycomms.co.uk noted that Nationwide Building Society took 48% of the student current account market last year and is offering a more compelling deal. "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."
Hagger added: "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."
