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SOURCE Santander Bank, N.A.
BOSTON, Dec. 13, 2013 /PRNewswire/ -- Santander Bank, N. A., one of the 25 largest retail banks in the United States by deposits, today received recognition by consumer finance blog, NerdWallet, in its 2013 "Best in Banking" roundup. Santander was awarded "Best in Checking" for its extra20SM checking program, the first checking account in the United States to pay customers $20 every month simply for banking as they usually do.
"Santander's extra20 checking account drew our attention by offering customers the considerable reward of bonus payments of up to $20 per month, month after month," said John Gower, NerdWallet analyst. "NerdWallet is proud to recognize bank products that creatively encourage consumers to utilize convenient and often cost-saving services."
The extra20 checking program became available to consumers on October 28 and is part of Santander's suite of competitive consumer banking products.
To qualify for the $20 monthly bonus, customers must open an extra20 checking and a linked extra20 savings account, receive monthly direct deposits totaling at least $1,500 and pay at least two bills each month using Santander's online bill pay service. Monthly bonuses are deposited into customers' extra20 savings accounts. There is no minimum balance required and the monthly maintenance fee is waived for customers who meet the direct deposit requirement.
"We want to support the financial priorities of our customers and show them our appreciation for banking with us by returning value to them each month," said Nuno Matos, Santander's head of retail banking. "We're very proud to offer extra20 and it's great to be recognized so early in our introduction of this product by such a respected source of consumer finance information."
Development of Santander's extra20 checking product evolved as a result of market research indicating that consumers prefer banking relationships that reward them for everyday use, maximize their earnings and help them get the most out of their money. Research participants indicated that the idea of a $20 bonus every month simply for continuing to perform tasks that are part of their normal financial routine held significant appeal. Respondents viewed the monthly bonus as a means to easily make and additional contribution to their savings efforts each month.
Consumers can find out more about Santander's extra20 checking by visiting www.santanderbank.com/extra20.
Santander Bank, N.A. is a top 25 retail banks in the United States by deposits, with a presence in Connecticut, Delaware, Maryland, Massachusetts, New Hampshire, New Jersey, New York, Pennsylvania and Rhode Island. Santander's 9,218 employees serve the financial goals of American consumers and businesses through its 718 branches and 2,099 ATMs. Headquartered in Boston, Santander is supervised by the Office of the Currency of the Comptroller and is FDIC insured. Santander in the United States is a wholly-owned, financially autonomous member of the Santander Group. For more information about Santander in the United States, visit www.santanderbank.com or call 877-768-2265.
Santander (SAN.MC, STD.N, BNC.LN) is a retail and commercial banking group with a presence in ten main markets. Santander is the largest bank in the euro zone by market capitalization. Founded in 1857, Santander had EUR 1.342 trillion in managed funds, 102 million customers, 14,680 branches – more than any other international bank – and 186,785 employees at the close of June, 2013. It is the largest financial group in Latin America and has significant positions in the United Kingdom, Spain, Portugal, Germany, Poland and the northeast United States. Santander was recognized in 2012 as Best Global Bank by Euromoney, ranked as a top Greenest Global Bank in 2013 by Bloomberg BusinessWeek and was named 2013 Sustainable Global Bank of the Year by the Financial Times. Santander's attributable profit rose 29% from a year-earlier to EUR 2,255 million in the first half of 2013. For more information about Santander, visit www.santanderusa.com.
NerdWallet uses quantitative analysis to provide transparent personal finance advice for consumers. Our data-driven tools provide clear and unbiased information that help people make smarter decisions about their personal finances, travel plans, healthcare costs, retirement savings, and higher education expenses. Visit www.nerdwallet.com to learn more!
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