Customers have less than a week to take advantage of Santander's switching incentive, which provides £180 to those transferring their current accounts before the July 30 deadline.
The bank confirmed that applications submitted by 23:59 on that date remain eligible, even if the transfer completes afterwards.
The incentive applies to transfers to Santander's Everyday, Edge, Edge Up or Private accounts through the Current Account Switch Service.
Applicants must deposit a minimum of £1,500 and establish two household direct debits within 60 days of initiating the transfer.
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The promotion excludes anyone who held a Santander account on January 1, 2025 or previously received a switching incentive from the bank.
Recent figures from the Current Account Switch Service revealed that Nationwide emerged as the leading beneficiary of its cash incentive offer with 51,254 net customer gains, whilst Lloyds followed with 50,061 net additions.
Both institutions offered more generous incentives than Santander's current promotion, with Nationwide providing £175 and Lloyds offering £200 to switching customers.
The data, covering October to December 2024, indicates these higher bonuses proved more attractive to consumers seeking new banking arrangements.
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GETTY | High street banks have been offering incentive offers to customers
Overall switching activity decreased by 28 per cent in early 2025, with 222,805 transfers recorded between January and March compared to 309,290 in the previous quarter.
NatWest's £180 switching promotion during the same period attracted 37,840 applications but achieved merely 7,279 net gains, with 30,561 customers departing the bank.
The poor retention rate stemmed from multiple barriers, including account fees and numerous conditions that deterred potential switchers.
"And while NatWest was offering up to £180, there were numerous hoops to jump through, and the account carried a monthly fee," noted Alastair Douglas, CEO of TotallyMoney.
He added that the promotion's availability to existing NatWest customers likely contributed to the high outflow, explaining the minimal net growth despite substantial initial interest.
The switching market continues to be influenced primarily by financial incentives, according to industry analysis.
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"Loyalty doesn't pay, but switching banks can," stated Douglas, highlighting that consumers prioritise sign-up bonuses when selecting new providers.
For those missing Santander's deadline, alternative incentives are likely to available in the months ahead.. First Direct has previously provided £175 to new customers, whilst NatWest has rewarded £150, though both require specific conditions to be met.
Douglas emphasised the simplicity of the switching process, noting that "nine n 10 people are happy with the process" and that the Current Account Switch Service transfers direct debits and regular income within seven days.