A major high street bank is offering Britons a free cash bonus worth up to £205 if they switch over to their current account services.
Santander is the latest banking group to launch a brand new current account switching offer ahead of the new tax year.
The offer, which went live today, provides a £180 cash payment to those who transfer to qualifying current accounts using the Current Account Switch Service (CASS).
An additional £25 Amazon gift card is available for switchers who sign up through selected price comparison platforms, including MoneySavingExpert, MoneySuperMarket, Experian, and Clearscore.
Santander is the latest bank to offer a cash bonus deal
|GETTY
Both new customers and those already banking with Santander can take advantage of the promotion when moving to Everyday, Edge, Edge Up, Edge Explorer or Private (v2) accounts.
Those wishing to claim the £180 payment must deposit a minimum of £1,500 into their new Santander account within 60 days of requesting the switch.
Current account switchers are also required to establish at least two active household Direct Debits during the same timeframe.
The full transfer process, including closure of the previous bank account, must be finalised within 60 days of the initial application.
Bank of England interest rates over time | Bank of England LATEST DEVELOPMENTS
High street banks are looking for ways to entice new customers
| GETTYAnyone who held a Santander current account on January 1, 2025 is excluded from the promotion. Qualifying customers can expect to receive their cash reward within 90 days of initiating the switching process.
To secure the Amazon voucher, account holders must complete five debit card purchases within 30 days of opening.
Gail Russell, the head of Everyday Banking at Santander UK, said: "We're pleased to introduce our latest switching incentive, offering even greater value to customers looking to join Santander.
"Not only can they take advantage of this additional reward in time for summer, but they can also benefit from free cash withdrawals abroad and no foreign currency conversion fees with our Edge account range - ideal for the holiday season.
The bank is offering free cash to new customers
| PA"It's a simple, straightforward way to get rewarded for switching while enjoying the benefits of our popular current accounts."
The bank cites that its Edge account range could prove particularly attractive for those planning trips abroad this summer, with complimentary overseas ATM withdrawals and zero foreign exchange charges on spending.
Pay UK product manager John Dentry, whose firm operates the CASS, said: “Competition in the banking market is clearly hottest among the younger generation of adults, potentially driven by competing financial pressures felt during this time in life.
"At a point when you may be getting your first car, starting a family, or even buying a home, the importance of having a good financial partner to help you bank, spend, save and invest could not be understated.
"We’re pleased to have reported yet another high performing quarter for switching and proud that switching levels remain strong across the entirety of the UK – a clear outcome of a healthy and vibrant banking market."