The banking giant launched its £175 hard cash offer on 14 May for savers switching to one of its three eligible current accounts.
At the time of launch, Santander said it would be available for a limited period, with anyone interested urged to apply as soon as possible as it could be withdrawn at any time.
Now, it confirmed this cash offer will end today, with switch requests accepted until 11:59pm on Thursday 20 June 2024, following strong demand in switching requests. Santander added that the cash will be paid out even if the switch completes after the offer is withdrawn.
This latest deal came just a couple of weeks after it pulled its four-year free railcard offer for newbies transferring their everyday banking to it.
While the £175 switch cash sounds generous, it’s lower than previous hard cash deals when it offered £185 back in March, and £200 in February 2024.
Wellness and wellbeing holidays: Travel insurance is essential for your peace of mind
Out of the pandemic lockdowns, there’s a greater emphasis on wellbeing and wellness, with
Sponsored by Post Office
However, it’s on par with the First Direct £175 cash switch incentive and Lloyds’ £175 offer. In total, savers have a choice of six bank account switching deals offering up to £200 for your custom. The market saw an influx after a brief spell when all cash bonuses vanished.
Which Santander current accounts qualify for the £175?
There are three current account options included as part of the offer: Santander Edge current account, Santander Edge Up current account, or the Private current account (v2). Here are more details on each of them:
- The Santander Edge current account offers customers up to £20 per month from cashback on essential bills and spending, a linked 7% AER easy-access saver, and fee-free spending abroad using the Santander Edge debit card, for a £3 monthly fee.
- Santander’s Edge Up current account offers customers up to £30 per month from cashback on essential bills and spending, 3.5% AER in credit interest (up to £25,000), and fee-free spending abroad, for a £5 monthly fee.
- The Santander Private Current Account (v2) offers customers up to £1,500 in daily withdrawals from cash machines, access to 10,000 branches across 11 countries, and 3.5% AER interest on balances up to £25,000, for a £5 monthly fee.
New customers can switch online through the Santander website or in branch.
Meanwhile, existing Santander UK customers who have an Edge, Edge Up or Private (V2) current account can also use the Current Account Switch Service (CASS) to transfer balances and direct debits from an external bank account into their existing Santander account to bag the £175. But, you’ll need to visit a Santander branch to get this.
However, if you’ve previously benefitted from a Santander switch incentive, you won’t be able to get this latest offer.
How to bag the £175 switch bonus
Once you’ve chosen the best account for your needs, there are then a few hoops to jump through to get your hands on the £175.
The first is that a full transfer of your everyday banking has to be completed via the CASS. The completed switch must be within 60 days of requesting the transfer, which includes closing your existing account. However, as part of the free CASS, switches should be made within seven working days.
The other steps include:
- Paying in at least £1,500 within 60 days of requesting the switch process. This does not need to be in one payment.
- Setting up two active direct debits within 60 days. This can’t be from Santander, Cahoot, or Cater Allen savings accounts.
- Continuing to hold the qualifying current account on the day the payment is made (within 90 days of starting the switch process).
Andrea Melville, director of current accounts, savings and business banking at Santander, said: “Following a fantastic response to our switcher incentive earlier this year, we are pleased to be able to offer yet another reason to join the bank. Our switching offer gives customers an added boost, while our Edge current accounts provide customers with long-term ongoing value, through cashback on their essential spending and household bills.”
