Branch² Intelligence
NatWest kicks off student current account battle with £100 bribe paid within 10 days of opening
Key takeaway
NatWest offers £100 to new student account holders, intensifying competition in UK student banking.
- Step 1NatWest offers £100 student account incentive to attract new customers.
- Step 2Competing banks (Lloyds, Barclays, HSBC, Santander) match or exceed the offer to defend market share, raising customer acquisition costs across the sector.
- Step 3Higher acquisition costs compress retail banks' net interest margins, potentially reducing profitability and leading to cost-cutting in other areas, including SME lending and business banking services.
Source: This Is Money
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