The high street bank is offering new and existing customers £150 cash if they use the Current Account Switch Service (CASS) to move to either a Santander Edge, Santander Edge Up, Everyday, or Private (v2) current account.
The £150 is available to anyone without a cash incentive to switch to a Santander current account since September 2021.
If you have a Santander current account you can still qualify for the incentive, you will need to switch the current account you hold at another bank to your existing Santander current account.
In order to qualify for the £150, you need to use the Current Account Switch Service, and once you have switched to Santander, your old account will close.
Customers who are already with Santander can switch through the bank’s online banking service or by booking an appointment at a branch.
Santander will make the £150 payment directly into your account 90 days after you submit your switch request.
To qualify within 60 days of the initial switch request, you must have:
- Completed the full switch using the Current Account Switch Service
- Paid at least £1,500 into your eligible account
- Have two active Direct Debits on your eligible account.
Any direct debits must remain active when Santander makes the £150 payment.
Earlier this month Santander was reported to be considering quitting the UK. The Financial Times reported the bank was weighing up whether to close its British operation because of excessive red tape.
Executive chairman Ana Botin insisted, following the reports, “We love the UK.” She told a panel at the World Economic Forum in Davos, Switzerland: “It is a core market and will remain a core market for Santander.”
Santander is one of several UK banks that offer customers an incentive to switch their current account.
According to uSwitch, First Direct is offering £175 for customers switching to the First Direct 1st account while TSB is offering up to £160 for customers moving accounts to its Spend & Save current account.
