Santander has launched an initiative that gives customers £25 if they successfully recommend a friend for one of the bank's current accounts.
The offer is available online and customers can use a dedicated web page to fill in their own details and those of the friend they'd like to recommend the account to. For every one that switches their main current account to Santander, the friend that recommended them will get £25. The new customer will also get a free £100 when they transfer their account.
The offer is only open to existing Santander customers and the friend they recommend must move their main current account to one of the bank’s Preferred, Zero, Reward or Premium current accounts.
Nici Audhlam-Gardiner, Santander Banking Director, said, "At Santander, we believe it's important to reward loyalty so as well as offering cash gifts to new customers we think it's important to give a little something extra back to our existing customers.
"Santander is driven to do better by offering first class current accounts and giving new and existing customers a reason to make Santander their bank of choice."
The move highlights the competition for customers currently being waged between banks. First Direct also launched a £100 joining fee for new customers recently.
