Santander is launching a major incentive to attract new current account customers, promising to pay £200 within 90 days to those who make the switch. The bank has begun emailing eligible customers with the lucrative offer.
Who is Eligible for the £200 Payment?
To receive the £200 cash incentive, customers must meet several specific criteria set by Santander. First, you need to submit a switch request to an eligible Santander current account before the offer is withdrawn.
You must then complete the full switch using the Current Account Switch Service (CASS) within 60 days of your initial application. Furthermore, your new account must have two active household Direct Debits and receive a deposit of at least £1,500.
Understanding the Terms and Conditions
Santander has clarified what qualifies as a household Direct Debit for this promotion. Eligible bills include council tax, mobile and home phone services, broadband, paid-for TV packages, and gas, electric, and water bills.
However, not everyone can claim this bonus. You will not be eligible if you have held a Santander current account since January 1, 2025, or if you have received a Santander switcher incentive in the past. The bank has also stated that this offer may be withdrawn at any time.
Which Accounts Qualify for the Switch Bonus?
The £200 switching bonus is available with several of Santander's current account products. These include the Everyday Current Account, Santander Edge current account, Santander Edge Up current account, Santander Edge Explorer current account, and the Private Current Account.
In its communications, Santander highlights the ease of moving your income, Direct Debits, and standing orders from your old bank, as well as access to its award-winning mobile banking app.
Prospective customers should act promptly, as Santander reserves the right to remove this attractive cash offer without prior notice.
