High street banking giant Santander has outlined precisely which of its customers stand to receive a welcome £200 payment in the coming year. The bank has confirmed the specific terms and conditions attached to this financial incentive, designed to attract new current account holders.
Who is Eligible for the Santander £200 Payment?
The offer is targeted at individuals who currently bank with Santander but do not use it for their primary day-to-day transactions. Santander has begun contacting these customers directly via email, highlighting the simplicity of moving their financial affairs across.
The promotional emails state: "It's never been easier to move your income, Direct Debits, and standing orders from your old bank to us. Plus, when you get a current account with us, you can make use of our award-winning Mobile Banking app."
To successfully claim the £200 switching bonus, applicants must meet several key criteria. They must submit a request to switch to an eligible Santander current account before the promotion ends and complete the full switch using the Current Account Switch Service (CASS) within 60 days of the initial application.
The Key Conditions to Secure the Bonus
Beyond initiating the switch, customers must fulfil three further requirements to trigger the payment. Firstly, they must deposit a minimum of £1,500 into the new account. Secondly, they need to maintain two active household Direct Debits on the account.
Santander specifies that qualifying household bills include council tax, mobile and landline phone contracts, broadband and TV packages, gas and electricity, and water bills. Once all conditions are satisfied, Santander has pledged to transfer the £200 into the eligible account within 90 days of the switch request.
Accounts and Important Exclusions
The switching offer applies to several of Santander's current account products. These are the Everyday Current Account, the Santander Edge, Santander Edge Up, and Santander Edge Explorer current accounts, as well as the Private Current Account.
However, the bank has also clarified important exclusions. Anyone who held a Santander current account on 1st January 2025 will not qualify for this incentive. Similarly, customers who have previously claimed any Santander switcher bonus are also ineligible.
As with many banking promotions, Santander has warned that this offer can be withdrawn at any time, and all standard terms and conditions apply. Potential switchers are advised to act promptly and ensure they fully understand the requirements before commencing the process to avoid disappointment.
