Santander is offering £140 cashback to customers who switch to a 1I2I3, 1I2I3 Lite, Everyday, Select or Private current account.

The offer is available to new and existing customers who fully switch their current account to Santander using the Current Account Switching Service.

The £140 cashback is on top of the cashback offered – up to 3% – on the monthly cost of selected household bills for 1I2I3 and 1I2I3 Lite customers.

Hetal Parmar, head of banking at Santander UK, said: “We want to give people a well-deserved boost this new year with our new £140 switcher cashback, while being the only bank to offer customers ongoing value, every single month, by paying cashback on household bills through our 1I2I3 current accounts.”

To qualify for the £140 cashback, within 60 days of requesting the switch, customers will need to complete the switch, set up and maintain two active direct debits, deposit at least £1,000 and login to their account using either online or mobile banking.

The cashback will then be paid directly into their qualifying Santander account within 30 days.

Existing customers who have previously opened a 1I2I3, 1I2I3 Lite, Everyday, Select or Private Current Account can still benefit from the cashback, as long as they complete a full switch from an account they hold elsewhere to their Santander current account via CASS. However, the deal excludes anyone who has benefitted from a previous switch offer.

Santander last offered a switching incentive in September last year when it paid £130.

According to CASS, nearly a quarter of a million current account switches took place during the last three months of 2021, with an increasing number of switchers choosing digital-first or challenger banks.

Jenny Ross, Which? money editor, said: “Our research has repeatedly found that challenger banks beat many of the UK’s biggest banking brands in terms of customer satisfaction, so it’s little surprise that more and more consumers are deciding to make a move.

“Any current account holders who are unhappy with their provider’s service should switch banks, as it’s never been easier. It takes just seven working days to switch you over from your old account once the new account is opened.”