A banking giant is offering customers £200 for free in January. Santander has emailed eligible customers, saying they could receive payments “within 90 days”.
The bank has stated that both new and existing customers could potentially receive £200 after switching their current account through the Current Account Switch Service (CASS) to a Santander Everyday, Edge, Edge Up, Edge Explorer or Private account.
To be eligible for the cash, individuals must submit a switch request to an eligible current account before the offer is removed. Within 60 days of making the initial application, you’ll also need to complete the full switch using the CASS, have two active household Direct Debits on the account, and pay at least £1,500 in (in one or more payments).
Household Direct Debits include council tax bills, mobile and home phone bills, broadband and paid-for TV packages, gas and electric bills, and water bills, Santander said. You won’t be eligible for the switching bonus if you’ve had a current account with Santander since January 1, 2025, or if you’ve previously received a Santander switcher incentive.
The bonus is available with the Everyday Current Account, Santander Edge current account, Santander Edge Up current account, Santander Edge Explorer current account and Private Current Account, and Santander said it may remove the offer at any time.
Anthony Warrington, head of current accounts at Santander UK, said: “We know that this time of year can really stretch people’s finances, with shopping, social plans and rising household costs all adding up.”
In addition to this, the bank is offering a 12-month Kids Pass membership, valued at £39.99, when customers open a Santander savings account or cash ISA.
To qualify for the free 12-month Kids Pass membership, customers must deposit at least £100 into their new Santander savings account or cash ISA within 30 days of opening the account.
Other current account providers are also enticing customers with cash to switch. Barclays is offering £200 to individuals opening a Barclays Bank Account, or £400 when they open a Premier Current Account.
Lloyds is also offering £200 to individuals switching their current account. Nationwide Building Society, NatWest and First Direct are offering £175 to switch. Terms and conditions will apply to switching offers.
