Business

Around the Region

Santander adds new checking option

As part of its campaign to introduce its brand and draw more customers, Santander Bank introduced a new rewards-type checking account on Monday.

Santander, formerly Sovereign Bank, is offering customers who open the new account, called extra20, $20 a month. But the money doesn’t come free. To qualify for the bonuses, customers must have at least $1,500 a month in direct deposits into the account and pay at least two bills through Santander’s online banking function.

Advertisement

Santander is promoting the new accounts with commercials featuring actor Robert De Niro.

Banks have returned to free gifts, from iPods to luxury handbags, and cash back promotions to lure customers, especially since interest rates on accounts have plummeted.

Get Talking Points in your inbox:
An afternoon recap of the day’s most important business news, delivered weekdays.
Thank you for signing up! Sign up for more newsletters here

Spanish banking giant Banco Santander SA dropped the Sovereign name for its American branches earlier this month. The bank has 1.7 million customers. Executives say they want the bank to add another 300,000 customers over the next three years.

Deirdre Fernandes

Deirdre Fernandes can be reached at deirdre.fernandes@globe.com. Follow her on Twitter @fernandesglobe.

Correction: An earlier version of this story contained incorrect information about the account fees.

Loading comments...
Real journalists. Real journalism. Subscribe to The Boston Globe today.
We hope you've enjoyed your free articles.
Continue reading by subscribing to Globe.com for just 99¢.
 Already a member? Log in Home
Subscriber Log In

We hope you've enjoyed your 5 free articles'

Stay informed with unlimited access to Boston’s trusted news source.

  • High-quality journalism from the region’s largest newsroom
  • Convenient access across all of your devices
  • Today’s Headlines daily newsletter
  • Subscriber-only access to exclusive offers, events, contests, eBooks, and more
  • Less than 25¢ a week
Marketing image of BostonGlobe.com
Marketing image of BostonGlobe.com