Financial Times FT.com

Free car gambit to lure depositors

By Mark Mulligan in Madrid and John Reed in London

Published: September 24 2008 19:46 | Last updated: September 24 2008 19:46

A Spanish bank is offering its customers cars free of charge in exchange for opening long-term, interest-free deposits.

Banesto, a mid-sized lender controlled by Santander, Spain’s largest bank, is offering savers Citroën cars or Piaggio motor scooters in lieu of interest payments under a promotion called Sobre Ruedas, which translates as “smooth running”.

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