Santander will end its current account switching deal worth £150 on 5 February as the bank says it has seen strong demand since the offer launched in November last year.
Those who want to capitalise on the offer will have until 23:59 on Wednesday to send a switch request to the bank and still be eligible to claim their free cash.
Santander says that if the switch is completed after the deadline, users will still be able to claim the £150 incentive, but warns that the initial request must be placed before the cut-off.
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If you miss the deadline you will lose out on the £150 deal. However, those who want to make some cash when switching their bank account can still get up to £175 using the best bank switching offers.
How do I claim Santander’s £150 switcher deal?
Santander’s £150 switcher deal is available to customers who request to switch their current account to either a Santander Edge, Santander Edge Up, Everyday, or Private current account v2.
That means that even if you are an existing Santander customer with a different current account, you can still claim the £150 by switching to one of the above options.
To qualify for the incentive, you must:
- Complete the full switch within 60 days of the initial switch request (including the closure of the old account)
- Pay in at least £1,500 within 60 days of the switch request
- Set up two active direct debits within 60 days
- Continue to hold the qualifying current account on the day the payment is made
Customers who have previously benefited from a Santander switcher incentive are not eligible for this latest offer; those who are will get paid within 90 days of the switch process.
Remember, those wanting to claim the £150 incentive will need to act fast as it is only available to eligible customers until 23:59 on Wednesday, 5 February.
What are the benefits of opening a Santander Edge account?
Outside of the £150 switching bonus, there are several other reasons why users may want to change to a Santander Edge account.
The account provides 1% cashback on eligible household bills paid using a direct debit up to £10 a month, while 1% cashback (also up to £10 a month) is also available from supermarkets.
Holding an Edge account also gives the user access to the exclusive Edge Saver account, which lets users gain 6.00% interest on balances up to £4,000. For examples of other high-interest savings options, MoneyWeek has a list of the best savings accounts.
Maximising Santander’s cashback offers could give you up to £240 extra a year, but you must pay £3 to Santander a month to keep the account active.
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