Santander bids to increase share of UK savings market
Spanish banking giant Santander, the owner of Abbey and Alliance & Leicester, has this week revealed plans to introduce a £100 payment per customer switching to any of the above banks after 7 September. This particular offer is one of very few currently available on the market and while there are some conditions attached it is sure to catch the eye of many who are still feeling the effects of the economic recession.
The transfer is related to the Abbey preferred overdraft rate and the Alliance & Leicester Premier current account which will require monthly income of £1000 and £500 respectively. While many people may be tempted by the £100 payment to transfer over they also need to take into account the interest rates available with Abbey and Alliance & Leicester, compared to their current rates. It can be easy to take a short-term view and be blinded by the £100 payment but other considerations need to be taken into account.
While the £100 transfer offer from Santander will be well received in the marketplace, very few people believe we will see a flood of such promotions in the short to medium term with many UK banks still struggling to find their financial feet again.
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