Santander launches £150 bank account switch deal

Customers opening a new Santander bank account can now bag a £150 cash bonus when they open a current account with the bank.

The deal is open to both new and existing customers who open any one of Santander’s eligible current accounts using the bank’s switching service.

This usually involves closing your existing current account, so it’s worth seeing what Santander has on offer - and if it makes sense to move you could bag yourself some extra cash in the process.

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There are now six banks that offer a current account switching bonus. These deals often come and go, so if you are thinking of moving banks, it is worth doing it now. You can currently bag free cash from Nationwide, Lloyds, First Direct, NatWest and Co-operative.

“The good news is, with so many offers on the table right now, the power of choice is in your hands - if your bank does not serve your needs, move. The banks are all fighting for your custom,” says Kalpana Fitzpatrick, editor of moneyweek.com.

“Most people have not changed their current account since they were 18, so it is worth seeing what is on offer and if it makes sense to move, then now is the time as bank switching deals do not hang around.

“But of course, only move banks if it suits your needs better and not because of the free cash. You may, for example, look to move for better customer service, access to a branch, linked savings account or even to take advantage of interest-free overdraft buffers. Like with most financial services, loyalty does not always pay. The good thing about using the current account switch service is that it takes out the stress of moving bank accounts as the service will take care of moving across all your direct debits, standing orders and so on, within seven days.”

Here’s how you can grab the free cash from Santander, what the current accounts offer and who is eligible for the bonus.

How to get the £150 free cash from Santander

The bonus is available if you switch to any of the following accounts:

• Everyday current account (no fee)
• Santander Edge (£3 a month)
• Santander Edge Up (£5 a month) or Private current account (£5 a month).

To get the £150, you must do the following within 60 days of requesting the switch:

• Switch to Santander using the bank’s switch service
• Pay in at least £1,500 into your new Santander account – through one or more transactions
• Set up a minimum of two direct debits on the new account

If you qualify, you will receive the cash bonus within 90 days of requesting the switch.

Can existing customers get the Santander £150 bonus?

The good news is, both new and existing customers can get the free cash. Existing Santander customers can switch to one of the eligible accounts via its online banking app or by booking an appointment in branch.

The switch bonus is for residents only. You will not get it if you have received a switch incentive from Santander since September 2021.

Is the Santander switch deal worth it?

While Santander’s deal is not the biggest bonus available, with Lloyds offering £200, it is important to ensure you pick the account that is right for you regardless of what the bonus is.

If you pay household bills from your current account, then the cashback from Santander could make it an attractive option.

Santander’s Edge account charges £3 a month, but you get 1% cashback on household bills (up to £10 a month), 1% cashback on supermarket spends (up to £10 a month) and you can use your debit card fee-free abroad. If you qualify for the maximum amount of cashback, then that’s £240 a year back in your account.

If you have savings, the linked Santander’s Edge saver lets you earn 6% AER, making it one of the best savings accounts.