Banks used to attract students with small incentives like record vouchers or pens, knowing these young clients were likely to stay with them long term. However, competition now forces banks to offer more enticing deals. Santander is enticing university undergraduates with a chance to win £100,000 by opening a Santander Edge Student current account and making a debit card transaction before December 31. Each transaction earns an entry to the prize draw, with a maximum of 40 entries per month. Besides the grand prize, there are multiple cash rewards ranging from £10,000 to £100, and even those who don’t win get £20.

The account also includes a free four-year Santander 16-25 Railcard, an interest-free overdraft starting at £1,500 and increasing up to £2,000, and access to Santander’s Regular Saver account offering 8% interest. This account is available to all undergraduate students and those completing a level 4-7 apprenticeship lasting at least two years.

Gail Russell from Santander UK highlighted the importance of empowering students with financial tools and incentives to manage money wisely during their university journey. Meanwhile, financial expert Andrew Hagger noted Nationwide’s strong offerings, including a larger interest-free overdraft and bonus incentives like cash rewards and popular vouchers, attracting a significant number of student accounts both online and in-branch.