Table of Contents
- Santander pays £150 to customers who move their account to Santander
Santander has relaunched its current account switching bonus, with the offer open to new and existing customers.
Starting today, customers who switch to a Santander Edge, Edge Up, Everyday or private current account will be entitled to a £150 cash bonus, a less generous sum compared to their previous incentives.
All of these accounts, except the Everyday Checking account, also come with monthly fees that will eat up your bonus money.
Santander charges £3 per month for an Edge account and £5 per month for Edge Up and Private accounts.
Carrot cash: Santander has launched a £150 switching bonus for new and existing customers
The exchange bonus comes with minimal hurdles to clear compared to other exchange offers on the market, but don’t expect the cash to hit your account until 2025.
Santander said: ‘We will verify that you have met the requirements 60 days after your initial change request. We will pay you within 90 days of your exchange request. You will receive your incentive in 2025.’
Between April and June 2024, Santander acquired 83,666 new customers, which is 58,070 more than it lost, according to data from the Current Account Exchange Service (Cass), which is three months behind schedule.
It gained the most new customers of any bank during this period, well ahead of Nationwide, which gained the most net switches after Santander with 22,894.
Between April and June this year, Santander offered its customers £175 to switch.
Now the banking giant is hoping to once again attract new current account customers, but with a smaller incentive of £150.
The fever to switch banks before Christmas is increasing with four other big banks currently offering switching bonuses. These are First Direct, Nationwide, Lloyds and NatWest and the cash on offer ranges from £150 to £200.
> These are the five best Money bank accounts to get cashback, interest and other benefits
How to get cash exchange from Santander
Customers who want to get the £150 bonus must use the Current Account Switching Service and have not received a similar bonus from Santander in the past.
They must also deposit at least £1,500 and set up two direct debits within 60 days.
Eligible customers will receive the bonus payment within 90 days of starting the exchange process.
Santander said existing customers with an eligible current account can use the switching service to transfer their balances and direct debits from other banking providers to their Santander account and still receive the bonus.
Existing Santander account holders can make a change to online banking or book an appointment at a branch.
Anyone switching to a Santander account will only be eligible if they have not received a Santander switch bonus since September 2021.
SAVE MONEY, MAKE MONEY
1% refund
1% refund
About debit card expenses. Maximum £15 per month*
4.05% 6 month solution
4.05% 6 month solution
Increase in interest rates at GB Bank
No account fee and free stock trading
4.84% cash Isa
4.84% cash Isa
Flexible Isa now accepting transfers
Sipp transfer offer
Sipp transfer offer
Get £100 to £2000 in cashback
Affiliate links: If you purchase a This is Money product you may earn a commission. These offers are chosen by our editorial team as we think they are worth highlighting. This does not affect our editorial independence. *Chase: Refund available during the first year. Exceptions apply. Over 18 years of age, resident in the United Kingdom.
