Everybody loves Santander now
Santander used to be the crappiest bank on the high street, but since they launched their reward packed 123 current account, people are flocking to sign up with the once beleaguered Spanish-based banco.
According to a survey of 12,000 banking customers, just over a quarter who switched banks last year moved their pennies over to Santander.
It can’t be their ads that do it – Jenson Button looking lost and afraid, Jessica Ennis wishing she could go home and jump some hurdles – so it must be the lovely rewards that are causing people to flock to Santander.
Indeed, the 123 account is one of the most generous on the high street, and crucially, it’s not offering frippery like cinema tickets and money off vouchers at Pizza Express. Its trick is to give you between 1% and 3% cashback on essentials - like household bills and broadband - a very attractive offer in these cash strapped times.
It looks as if Santander MIGHT be shaking off its reputation for lousy customer service and shoddy treatment. But it’s not the only current account option – Halifax, (with its highly prized Reward account), Lloyds and the Nationwide have also experienced an upswing in customers as around 600,000 customers switched last year.
So, the message is if you don’t like your bank, dump it, gurlfriend.