Santander launches £185 free cash offer and new and existing customers could qualify
Santander has joined other banks in offering a current account switch offer
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Santander UK has today launched a £185 offer to customers who switch to an eligible Santander UK current account.
New and existing Santander UK customers could be eligible, but they will need to use the Current Account Switching Service to switch to a qualifying account to get the bonus.
They must switch to an Everyday Current Account, Santander Edge Current Account, Santander Edge Up Current Account, or Private Current Account v2.
The switcher must complete the full switch within 60 days of requesting the switch process, which includes the closure of the old account.
They will also need to pay in a minimum of £1,500 within 60 days of requesting the switch process.
However, the deposit does not need to be made as one payment.
Customers must also set up two active direct debits within 60 days. Any direct debits to fund Santander, cahoot or Cater Allen Savings account would not count for the purposes of this offer.
Finally, the switcher must continue to hold the qualifying current account on the day the £185 payment is made.
Santander UK said those eligible will get the payment within 90 days of the switch process.
New customers can make the switch online through the Santander website, over the phone, or in branch.
However, existing Santander UK customers must visit a branch to take get this offer.
Andrea Melville, Director of Current Accounts, Savings and Business Banking at Santander, said: “With finances often stretched these days, we know customers want a current account that not only suits their everyday banking needs, but that also delivers additional ongoing value.
"Our new switching offer not only provides a quick boost to customers’ finances, but forms part of the wider value package we provide through our Edge accounts.”
Customers who have previously benefited from a Santander switch incentive are not able to get this latest offer.
HSBC launched a current account switch offer last week, giving customers the chance to get up to £220.
Under this deal, switchers can get £100 when they open an HSBC Advance or Premier Account and switch their existing account via the Current Account Switch Service.
To get the cash, they must:
- Start the switch, including moving two or more direct debits or standing orders within 30 days
- Pay in at least £1,500+ within 60 days
- Make 20+ debit card payments
- Log onto the HSBC mobile app
- Deposit £50 or more into a new Online Bonus Saver account.
HSBC is offering £100 to switchers plus £10 per month for up to 12 months, provided they meet the criteria
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Customers can then get an extra £10 per month, for a maximum of 12 months, every time the customer pays in £1,500+, makes 20+ debit card payments, logs onto the mobile app, and deposits £50+ in the Online Bonus Saver account.
People who have held an HSBC or first direct current account since January 1, 2019 will not qualify, and other eligibility criteria apply.
Lloyds Bank is currently offering £175 plus the chance to get Disney+ for free for one year.
NatWest and RBS is offering a free £200 cash incentive to switchers.