Santander is offering £185 to those switching to one of its current accounts, available to both new and existing customers.
The banking giant has launched the switch sweetener for those transferring to one of four current accounts. But, as it’s a limited-time offer, if you want in, don’t hang around.
It last offered a slightly higher £200 for a switch back in February 2023.
As you’d expect, to get the latest £185 bonus, there are a few points you need to meet:
- Complete the move via the Current Account Switch Service (CASS) within 60 days
- Pay in at least £1,500 (instalments accepted) within 60 days of requesting a switch
- Set up two active direct debits within 60 days. This excludes direct debits from Santander, Cahoot or Cater Allen savings accounts
- Hold the account on the day the payment is made
The £185 will then be paid within 90 days of the switch process.
For new customers, the switch can be done via the website, phone or in branch. But if you’re an existing customer, you can only net this cash bonus by visiting a branch.
Which Santander current account is right for you?
There are four different current accounts eligible for the £185 cash switch offer:
- Santander Everyday Current Account: A basic current account with no monthly fee. It offers free cash withdrawals from any Santander cash machine when abroad.
- Santander Edge Current Account: Offers customers up to £20 per month from cashback on essential bills and spending, plus a linked 7% AER easy-access saver, and fee-free spending abroad using the Santander Edge debit card, for a £3 monthly fee.
- Edge Up Current Account: Offers customers up to £30 per month from cashback on essential bills and spending, 3.5% AER in credit interest (up to £25,000) on their current account balance, and fee-free spending abroad, for a £5 monthly fee.
- Santander Private Current Account (v2): Offers customers up to £1,500 in daily withdrawals from cash machines, access to 10,000 branches across 11 countries, and 3.5% AER interest on balances up to £25,000, for a £5 monthly fee.
You can see the Santander calculator to work out how much interest and cashback you can earn when switching to one of its current accounts.
If you’re an existing customer and hold any one of these four current accounts, then you can also get the switch sweetener by using the CASS to transfer your balance and direct debits from bank accounts held with other providers into the already open Santander account.
If you have a legacy Santander current account such as the 1|2|3 Lite and 1|2|3 Current Account, you’re not eligible even though you’re an existing customer as you’re not using CASS to transfer an external account to the four specified products.
You’re also excluded if you’ve previously benefitted from any Santander switcher offer in the past.
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.”
What other current account switching deals are available?
The Santander switch bonus comes hot off the heels of HSBC’s £220 switch-and-save deal, which includes £100 cash and the remaining £120 via a regular savings account for those paying in £1,500 into the current account and £50 per month into the linked savings.
Elsewhere, NatWest, a winner at the YourMoney.com Awards 2024 in the Best Reward Current Account provider category, is offering new customers £200 when they switch their everyday banking to its Reward or Select bank accounts.
Alternatively, Lloyds Bank is offering up £175 to new switchers to its Club Lloyds (£3 per month, but waived if you pay in £2,000 per month), Club Lloyds Classic, (£10 per month) or Club Lloyds Platinum (£21 per month) packaged accounts.
