Santander Bank in the US has introduced a new current account, extra20 checking, which will pay customers $20 every month for performing daily banking operations.
To receive $20 monthly, customers should open an extra20 checking account and a linked extra20 savings account, make direct deposits of minimum $1,500 every month, and pay two or more bills every month using Santander online bill pay service.
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Customers who deposit $1,500 or more but do not pay bills will receive $10 monthly bonus.
Santander retail banking head Nuno Matos said customers can receive an incentive each month simply for continuing to do what they have been doing anyway.
"We value the relationship we have with our customers and are returning value to them each month for banking with us," Matos added.
Launch of the new account by the bank, which has recently rebranded from Sovereign to Santander, follows a research that noted consumers preferred banking relationships that reward them for everyday use.
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By GlobalDataAdditionally, consumers wanted banks to help them maximise their earnings and enable to get the most out of their money, according to the research.
Santander consumer banking director Alison Rourke said by listening closely to consumers, they were able to develop a product that helps customers meet their financial goals and savings needs.
The product is being promoted through print, digital, radio and television advertising campaign in markets across the northern US.
