The switch offers for opening Santander Edge, Edge Up, Private (v2) and Everyday current accounts available to both new and existing current account holders was introduced on 4 November 2024.
If you already have a Santander current account and also a separate bank account with another provider, you can still benefit from the deal by moving that account over.
Applications received before tonight’s (5 February) deadline will still be considered for payment even if the switching process is completed too late.
To secure the cash bonus, you must complete the switch within 60 days of your application, which includes the closure of the old account.
There also needs to be £1,500 deposited into the new account within that time period, but the money entering the account can be spread across multiple payments if needed. One option would be to update the account your wages go into to meet that threshold.
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There also have to be two active direct debits set up, but those cannot include funds to Cahoot, Santander or Cater Allen, as these will not be considered.
Those eligible for payment will receive £150 within 90 days of the switch process commencing. This is because the bank decides whether you are eligible 60 days after the change has been made via the Current Account Switch Service (CASS).
The £150 transfer will then be sent to you within 30 days of the decision Santander makes on your eligibility.
Last year, nearly 1.2 million customers changed bank providers using the CASS technology, with the most switches coming in November. Nationwide boasted the most switchers, with 22,622, and November was again the most popular month for the switch.
In June last year, there were six cash offers from major banks to encourage customers to sign up to their current accounts.
The banks offering those deals included Nationwide, which offered £200, while TSB tempted customers with £190 and Barclays had a £175 offer to switch.
