Santander’s Preferred Current Account is a new account aimed at attracting new customers to switch over to the Spanish bank. The Santander website explicitly states that the Santander Preferred Current Account is “designed to reward customers who switch to Santander.”
The Santander Preferred Current account has an interest rate of 5% AER for the 12 months on balances up to £2,500 (no interest is paid on the balance above £2,500). After the 12 months the introductory interest rate of 5% AER drops to 1% AER.
The account also features an interest free overdraft but like the interest rate this is only available for 12 months after which a charge of 50p is levied with a cap of 10 days per monthly statement.
Am I eligible for the Santander Preferred Current Account £100 Bonus?
To be eligible for the Santander Preferred Current Account £100 bonus you’ll need meet the following criteria:
- To be eligible for the £100 you must not currently hold or have held current accounts with Santander UK, Alliance and Leicester, Cahoot or Cater Allen in the last three months.
- Have at least two active direct debit or standing orders (paid at least once) set up on the account within 11 weeks
- Pay in at least £1,000 each month until the bonus is credited
The £100 bonus will be paid in to the Preferred Current account within 3 months of it being opened if the criteria above are met.
Where can you apply for the Preferred Current Account?
You can apply for the Santander Preferred account online, in-branch or on the telephone.
Santander Preferred Current Account Features and Benefits
- 5% AER fixed rate for 12 months on account balances up to £2,500 when £1,000 a month is paid into the account. (After 12 months, the rate changes to 1.00% gross/AER variable rate
- £100 cashback when you switch using Santander’s dedicated Account Transfer Service (subject to terms and conditions)
- A free Arranged Overdraft for 12 months when switching to Santander (depending on circumstances)
- Santander will match your previous overdraft up to the sum of £5,000 (subject to your circumstances) when you switch your account over
- Access to our dedicated Account Transfer Service
- Easy access to your Preferred Current account 24 hours a day with Santander’s internet banking and phone banking services. Plus access to over 1,300 Santander branches.
Santander’s Preferred Current is subject to Santander’s Terms and Conditions and Santander reserve the right to withdraw their £100 bonus offer at any time.