A UK bank is offering new customers up to £200 if they switch current accounts.
Santander will offer a £200 bonus to those who switch to one of four accounts, set up two household direct debits and pay in at least £1,500. But as with most switching deals, terms and conditions apply. Firstly, you must switch current accounts from another banking provider using the Current Account Switching Service (CASS), which is free to use and will handle much of the process for you – from transferring banking details across from your old bank to setting up new direct debits.
However, it cannot redirect regular payments, like your Netflix or Spotify. You’ll have to transfer these payments manually. The CASS aims to switch your bank account within seven working days, while also closing your former account.
Santander will then check that you have fulfilled the requirements 60 days after your request to switch, and will then pay your £200 bonus within the following 30 days.
This means you could have the cash in your account as early as the end of February. However, it’s essential to conduct thorough research before making the switch to ensure the account is right for you and your needs.
Santander’s offer is open to those switching to its Everyday Current Account, Edge Current Account, Edge Up Current Account, or Edge Explorer Current Account. The Everyday Current Account is the only option that doesn’t come with a monthly fee and cashback. The account charges a £3 monthly fee, so you need to make sure that you use the perks.
Barclays is also offering new customers £400 for switching to its Premier Current Account – but this’s only available to those earning at least £75,000 and willing to save at least £100,000 with the bank.
Meanwhile, Lloyds Bank will dish out £200 for those who switch to a Club Lloyds account, which costs £5 a month unless you pay in £2,000 into the account each month.
