Santander launches current account switching offer, with £150 up for grabs
- Santander will pay £150 for customers to move their account to Santander
Santander has relaunched its switching bonus for current accounts, with the offer open to new and existing customers.
From today, customers who switch to a Santander Edge, Edge Up, Everyday or Private Current account will be eligible for a £150 cash bonus – a less generous amount compared to the previous incentives.
All of these accounts, aside from the Everyday checking account, also incur monthly fees that eat up the bonus money.
Santander charges £3 per month for an Edge account and £5 per month for Edge Up and Private accounts.
Cash carrot: Santander has launched a £150 switching bonus for new and existing customers
The switching bonus comes with minimal hoops to jump through compared to other switching deals on the market, but don’t expect the money to hit your account before 2025.
Santander said: ‘We will check whether you meet the conditions 60 days after your initial switching request. We will pay you within 90 days of your switching request. Your incentive will be received in 2025.’
Between April and June 2024, Santander added 83,666 new customers, meaning it gained 58,070 more customers than it lost, data from the Current Account Switch Service (Cass), which is three months in arrears, shows.
It delivered the most new customers of any bank in this period, with leagues before Nationwide seeing the most net switchers after Santander with 22,894.
Between April and June this year, Santander is offering its customers £175 to switch.
Now the banking giant is hoping to sign up for new current account customers again, but with a smaller cash carrot of £150.
The pre-Christmas switching rush is increasing, with four other major banks currently offering switching bonuses. These are First Direct, Nationwide, Lloyds and NatWest and the cash offer ranges from £150 to £200.
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How to get Santander transfer money
Customers who want to receive the £150 bonus must use the current account exchange service and have not received a similar bonus from Santander in the past.
They must also deposit a minimum of £1,500 and make two direct debits within 60 days.
Eligible customers will receive the bonus payment within 90 days of starting the switching process.
Santander said existing customers with a qualifying current account can use the switching service to transfer their balances and direct debits from other banking providers to their Santander account and still receive the bonus.
Existing Santander account holders can transfer to online banking or make an appointment in a branch.
Anyone switching to a Santander account is only eligible if they have not received a Santander switching bonus since September 2021.
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