Santander is offering new and existing customers the chance to pocket a free £150.
The offer forms part of a bank switch incentive, enticing customers to switch to a Santander Edge, Santander Edge Up, Everyday, or Private (v2) current account.
Eligible customers using the Current Account Switch Service (CASS) will benefit from the free £150 bonus, along with access to a 6% easy-access savings account, 1% cashback on bills and an overseas debit card.
Customers must complete the full switch to one of the qualifying accounts, including closing their previous account, within 60 days of their initial switch request.
People must also pay in at least £1,500 to their eligible Santander account within 60 days. This can be made through one or more payments.
At least two active Direct Debits must also be set up within 60 days of the switch request, and they must remain active at the time of assessment.
Within 90 days of starting the switching process – provided all of these steps are completed – customers will receive the free £150 payment.
People will not qualify for the deal if:
- They are not a UK resident;
- They switch from an account held with Santander, cahoot, or Cater Allen;
- They are switching to any Santander account that isn’t listed above;
- Anyone named on the Santander account has previously received a switch incentive from Santander since September 2021.
The Santander Edge account comes with a £3 monthly fee and offers cashback of up to £10 on bills per month, up to £10 on essential spending, as well as fee-free travel spending and the 6% savings account.
The Santander Edge Up account comes with a £5 monthly fee and offers cashback of up to £15 on bills per month, and up to £15 on essential spending. It also pays monthly interest of 3% Annual Equivalent Rate (AER) on balances up to £25,000, and arranged overdraft and fee-free travel spending.
The Everyday account is free to maintain and offers an arranged overdraft and fee-free travel spending.
The Private (v2) account, meanwhile, is a premium current account aimed at individuals with savings or investments of over £500,000 and an annual income of over £250,000.
The account comes with a monthly fee of £5 and pays monthly interest of 3% Annual Equivalent Rate (AER). It also offers fee-free travel spending and access to withdraw up to £1,500 daily from cash machines.
Customers with the Santander Edge Up, Everyday, and Private (V2) accountS also get access to Santander’s free rewards service, which offers cashback, vouchers, and prize draws across a range of brands.
What other bank switch deals are currently available?
At the time of writing, there are four other banks and building societies offering cash incentives to current account switchers.
Digital bank First Direct is offering eligible switchers a free £175.
To qualify, customers must switch to a First Direct 1st Account and must not have previously held any account with the bank, including a current account, credit card, or mortgage.
Customers also cannot have opened a current account with sister bank HSBC since January 2018. If this criteria is met, people must then open the 1st Account in-app or online for joint accounts.
They must then switch from a different bank using the Current Account Switching Service (CASS), moving at least two direct debits or standing orders over within 45 days.
People must also pay in at least £1,000 and make five or more debit card payments. The £175 bonus will then be paid by the 20th of the month after the new customer meets the switch bonus criteria.
Nationwide Building Society is also offering eligible current account switchers a free £175.
To qualify, customers must switch to a Nationwide Building Society’s FlexDirect deal, and must not have switched into a Nationwide account, or have received switch cash from Nationwide, since August 18, 2021.
If eligible, customers must open the account online or through the app. They must then switch accounts from a different bank, including at least two Direct Debits, within 28 days.
Then, people must pay at least £1,000 and make at least one payment using a debit card within 31 days of requesting the switch. The £175 bonus will be paid within 10 days of meeting all the criteria.
TSB Bank is offering eligible current account switchers £100, as well as the perk of cashback of up to £10 per month.
The deal is available to those switching to a TSB Spend and Save current account, and they’ll need to use the debit card to spend each month.
To get the £100 bonus, people must open the account online, in-app or in a branch. They’ll then have to switch over an account from a different bank before March 14.
Customers must also spend five times or more on the debit card and log in to the mobile app before this date. The £100 will then be paid between March 28 and April 11.
To qualify for the monthly cashback, people must spend using the debit card 20 times or more in each of the first six months.
Those who make 20+ debit card payments in August will get to choose an award for the following month. This will include a one-night hotel stay for two (at selected hotels), six Odeon cinema tickets, or six months of Now Entertainment.
