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- Santander launches a cash bonus for those who change current accounts
- But all three accounts offered in the exchange deal come with fees.
Santander has launched a £175 current account switching bonus, with the offer open to new and existing Santander customers.
Starting today, customers who switch to a Santander Edge current account, Edge Up account or private current account will be eligible for a £175 bonus.
However, these three accounts come with monthly fees that will eat up your bonus money.
Cash bonus: Switchers can get £175 by choosing one of three Santander current accounts, but they all charge monthly fees
Santander charges £3 per month for an Edge account and £5 per month for Edge Up and Private accounts.
Customers who want to get the £175 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.
Are current account change bonuses coming back?
The move comes after First Direct relaunched its £175 switch deal last week. Earlier this month, Virgin Money also launched a swap deal offering 10 per cent interest for one year.
Alastair Douglas, chief executive of TotallyMoney, said: “Just two weeks ago it looked like competition for current accounts was waning, but since then we have seen Virgin Money, First Direct and now Santander return to the market, offering cash or high deposit rates. saving.
‘At first glance, Sandander’s offer looks like excellent value for money, with a bonus of £175.
‘However, all three options carry fees of between £36 and £60 per year, and are only available to customers who have never benefited from a similar incentive from Santander.
“Actually, the switching bonus on offer is £139 or £115, which, together with commission-free overseas spending, cash back and easy-to-access savings rates of up to 7 per cent, “It’s still not a bad option.”
Unlike Santander’s offering, First Direct’s current account is fee-free, while Virgin Money’s M Plus account, one of three options, is also fee-free.
How can you qualify for the bonus?
To obtain the exchange bonus, customers must complete the exchange within 60 days of the first request.
Once they open their new current account with Santander, they will need to pay at least £1,500 within the same 60-day period after requesting the change.
They must also constitute two active direct debits that do not include those that finance savings accounts in Santander, Cahoot or Cater Allen.
While the offer is open to existing Santander customers, there are certain stipulations.
The bank 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.
However, existing customers can only take advantage of the offer at a bank branch, while new customers can complete the process online.
These customers are also only eligible if they have not previously benefited from a Santander exchange bonus.
Andrea Melville, head of current accounts, savings and business banking at Santander, said: “Following the fantastic response to our switch incentive earlier this year, we are pleased to be able to offer one more reason to join the bank.”
“Our switching offer gives customers an extra boost, while our Edge current accounts provide customers with ongoing long-term value, through cashback on their essential spending and household bills.”
