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Santander Introduces New Checking Account Product That Pays Customers For Their Everyday Banking

Stocks in this article: SAN STD

BOSTON, Oct. 28, 2013 /PRNewswire/ -- Santander Bank, N.A., one of the 25 largest retail banks in the United States by deposits, launched a new checking account today to be promoted through a major television advertising campaign featuring Robert De Niro

Santander's extra20 checking(SM)is the first checking account in the United States to pay customers $20 every month just for banking as they usually do. The product will be introduced through a broad advertising campaign promoting extra20 checking in markets across the northeastern United States.  Print, digital, radio and television ads for extra20 checking will run in Santander's key markets over the next several weeks. The attention-getting centerpiece of the campaign is a 60 second television spot depicting a serendipitous and humorous encounter between an unknown moviegoer and De Niro as they watch the Academy Award winning actor's performance together in a local movie theater.

"As a banking product, extra20 checking is unexpected.  We looked for an equally unexpected way to capture the attention of consumers and to communicate its benefits in a way that would be engaging, entertaining and enlightening," said Kathy Klingler, Santander's chief marketing officer. " Robert De Niro is well-known for his integrity, his commitment to his craft, and for the quality of his work—characteristics that closely align to our corporate values. We were thrilled to be able to work with him to create a truly unique connection with our customers."

To qualify for the $20 monthly bonus, customers must open an extra20 checking and a linked extra20 savings account, make direct deposits of at least $1,500 to their checking account each month and pay two bills or more each month using Santander's online bill pay service. Customers who direct deposit $1,500 or more but do not pay bills through the online service will receive a $10 monthly bonus. Monthly bonuses will be deposited into customers' extra20 savings accounts.

"Customers can receive an incentive each month simply for continuing to do what they've been doing anyway," said Nuno Matos, Santander's head of retail banking. "We value the relationship we have with our customers and are returning value to them each month for banking with us."

The launch of Santander extra20 checking follows the Bank's rebrand from Sovereign to Santander earlier this month. As part of a $200 million investment to enhance customer experience, Santander unveiled a new, streamlined website, a mobile banking app with additional functionality, the completion of its network-wide branch refurbishment initiative, and the ongoing enhancement of ATMs across its footprint.

Development of Santander extra20 checking 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 bonus as a way to help them save a little extra every month.

"By listening closely to consumers, we were able to develop a product that helps customers meet their financial goals and savings needs," said Alison Rourke, who as director of consumer banking at Santander led development of the product. "We're excited to introduce a banking product that is competitive, innovative and will really stand out in the marketplace." 

The new product also ties back to Santander's global brand promise, "a bank for your ideas," by demonstrating that Santander listens to customers, simplifies interactions and enables customers to make progress toward bringing their ideas to life by providing useful, competitive banking products and services.

Consumers can find out more about Santander's extra20 checking by visiting www.santanderbank.com/extra20.

About Us Santander Bank, N.A.  is a top 25 retail bank 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.

SOURCE Santander

Copyright 2011 PR Newswire. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

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