Santander launches current account switching £150 offer

Santander has relaunched its current account switching bonus, with the offer open to new and existing customers. 

From today, customers who switch to a Santander Edge, Edge Up, Everyday or private current account will be eligible for a £150 cash bonus - a less generous sum compared to its previous incentives. 

All of these accounts apart from the Everyday current account also come with monthly fees which will eat into the bonus cash.

Santander charges £3 per month for an Edge account and £5 monthly for Edge Up and Private accounts. 

The switching bonus comes with minimal hoops to jump through compared to other switching deals on the market, but don't expect the cash to arrive in your account until 2025. 

Santander said: 'We'll check you have met eligibility 60 days after your initial switch request. We will pay you within 90 days of your request to switch. Your incentive will be received in 2025.'

Between April and June 2024, Santander scooped up 83,666 new customers meaning it gained 58,070 more customers than it lost, data from the Current Account Switch Service (Cass) which is three months in arrears, shows. 

It gained the most new customers of any bank during this period, leagues ahead of Nationwide gained the most net switchers after Santander at 22,894. 

Between April and June this year Santander offering wcustomers £175 to switch. 

Now, the banking giant is hoping once again to reel in new current account customers, but with a smaller £150 cash carrot. 

The pre-Christmas switching rush is picking up with four other major banks currently offer switching bonuses. These are First Direct, Nationwide, Lloyds and NatWest and the cash on offer ranges from £150 to £200. 

> This is Money's five best bank account for cashback, interest and other perks

How to get Santander's switching cash 

Customers wanting to get the £150 bonus must use the Current Account Switch Service, and not have received a similar bonus from Santander in the past. 

They also need to 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 beginning the switching process.

Santander said existing customers with an eligible current account can use the switch service to transfer their balances and direct debits from other bank providers to their Santander account, and still receive the bonus.

Existing Santander account holders can submit a switch in online banking or book an appointment in a branch.

Anyone swithing to a Santander account will only be eligible if they haven't received a Santander switching bonus since September 2021.

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