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Santander launches £130 switching bonus

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Santander is offering new and existing customers a £130 cash bonus for switching to one of its current accounts.

The offer is available to anyone who switches to a 1I2I3, 1I2I3 Lite, Everyday, Select or Private Current Account.

To qualify for the incentive, switches must be made using the Current Account Switching Service (CASS) and at least two direct debits must be set up on the account.

The 1I2I3 accounts also offer up to 3 per cent cashback on household bills and 0.30 per cent gross/AER (variable) interest on balances up to £20,000.

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 the CASS.

Santander follows on the heels of HSBC and Lloyds Bank, which both launched switching deals in the last few days.

HSBC is offering new customers who switch to an Advance or Premier current account a £110 cash bonus as well as £30 worth of Uber Eats vouchers or The Dining Out Gift Cards.

Lloyds Bank is offering new customers £100 to leave their existing current account provider and switch to a Club Lloyds bank account, plus a three-month fee-free arranged overdraft, free cinema tickets and magazine subscriptions.

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