Banks and building societies often offer cash incentives to new customers willing to make a full switch from their existing current account
Santander has launched a brand new switching incentive and is paying new customers £180 to move their banking to them.
The offer was launched on May 29, and the high street banking giant says both new and existing customers are eligible if they switch to its Everyday, Edge, Edge Up, or Private current account.
Banks and building societies often offer cash incentives to new customers willing to make a full switch from their existing current account. Switching offers are also considered an easy way to get some cash.
To get Santander’s incentive, you need to close and switch your current account using the Current Account Switch Service (CASS). This is a free service which will move your balance, direct debits, and salary over to the new bank within seven days.
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With bank switching offers, you often need to jump through a few hoops to be eligible for the money. These often include having to deposit a certain amount of money into the account or having to log in to online or mobile banking.
With Santander, new customers will need to pay at least £1,500 into their Santander account within 60 days of the switching request. This doesn’t need to be done all at once, and can be sent over through multiple payments. New customers will also need to set up at least two active household direct debits within 60 days.
You will not be able to get the cash if you had a Santander account on January 1, 2025. After completing the switch, customers will have the £180 paid directly into their Santander account within 90 days.
Anthony Warrington, Head of Banking at Santander UK, said: “Summer is fast approaching, and many people will be saving up for the holidays – whether it be for that trip abroad, festival, or day out with the family. That’s why we’re pleased to be introducing our new £180 switcher incentive, providing even more value for customers making the move to Santander.
“It’s a simple, straightforward way to get rewarded for switching, while benefitting from our range of popular current accounts – making your money go that little bit further this summer.”
The bank switching market is hotting up as there are multiple switching offers on the market at the moment. TSB is giving new customers £100 upfront and £90 to stay, First Direct is and Co-op bank is paying £175 to new customers and Nationwide is giving away £200.
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