Anyone who wants to take advantage of Santander’s £150 cash offer for switching bank accounts has until 23.59 on Wednesday, February 5, to make their move.
Alastair Douglas, chief executive of Totally Money said: “Unlike some other offers, this one is pretty straight forward, and all you’ll need to do is deposit at least £1,500 within 60 days, and have two active Direct Debits with the account.”
Douglas said if you have already benefited from a Santander switch incentive in the past, then you will not be able to secure the bonus for this one.
He said: “However, there are a few other offers on the market, including ones from First Direct, Nationwide and TSB. So take a look and see if there’s an option out there for you, because you could benefit from better customer service, improved savings rates, and even an interest-free overdraft.”
The high street bank is offering new and existing customers £150 cash if they use the Current Account Switch Service (CASS) to move to either a Santander Edge, Santander Edge Up, Everyday, or Private (v2) current account.
The £150 is available to anyone who has not received a cash incentive to switch to a Santander current account since September 2021.
Customers already with Santander can switch through the bank’s online banking service or by booking an appointment at a branch.
Santander will make the £150 payment directly into your account 90 days after you submit your switch request.
To qualify within 60 days of the initial switch request, you must have:
- Completed the full switch using the Current Account Switch Service
- Paid at least £1,500 into your eligible account
- Have two active Direct Debits on your eligible account.
Three other accounts offer a joining bonus if you miss Santander’s deadline.
1. First Direct 1st Account paying £175
Douglas said: “With this account, you’ll get a hefty sign-on bonus and, if eligible, a £250 interest-free overdraft. For savers, you might be able to lock in at a rate of 7.00%, and they won’t charge you for using your card abroad.”
2. Nationwide FlexDirect Account paying £175
“Another bank offering £175 for your custom, and you can earn up to £60 in cashback in the first year. There’s also the option of a £50 interest-free overdraft, but try not to go past that, as they’ll start charging 39.9% interest. You can also earn 5% AER on savings.
3. TSB Spend & Save Account: paying £100 cash and £60 cashback
Douglas said: “TSB will pay you £100 to switch, and then up to £10 per month cashback for up to six months if you stay with them. For that, though, you’ll need to make 20 transactions per month, meaning you’ll probably need to treat it like your main account. And if you continue to do so through August, they’ll reward you with a night away for two at an approved hotel, a pair of cinema tickets for three months, or Now Entertainment Membership for half a year.”