Santander has confirmed it will pay eligible customers £240 "within 90 days" for switching to its Everyday Current Account and saving £200 in its Regular Saver, provided other criteria are met.
Who qualifies for the £240 payment
The offer is available only to those who did not hold a Santander current account on January 1 of this year, or who have not previously received a Santander switcher incentive. To qualify, customers must open an Everyday Current Account and initiate a switch using the Current Account Switch Service (CASS).
Santander advised: "Make sure the details you give us are correct and match those at your old bank. If any details need updating do this before you switch." The switch must be finalised within 60 days of the application.
Conditions to meet for the payment
Applicants must maintain at least two qualifying household Direct Debits and deposit £1,500 into their Everyday Current Account. Qualifying 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.
Within 60 days of the switch application, customers must pay at least £200 into a Santander Regular Saver registered in their name. Santander noted: "You can open a new Regular Saver or use a Regular Saver you already have open." Once the switch is complete, the old account will be closed.
Payment timing and account features
Provided all eligibility requirements are met, Santander will pay the £240 within 90 days. The bank added: "Please note you must continue to hold both your Regular Saver and Everyday Current Account, including two active household Direct Debits, on the date we make the switcher offer payment."
The Everyday Current Account has no monthly fee, no charges for using Santander cash machines overseas, and an optional arranged overdraft. The Regular Saver offers 8% AER/gross (variable), including a 5% AER/gross (variable) bonus rate for the initial 12 months, with the option to save up to £200 per month from a Santander current account. Terms and conditions apply, and the offer may be withdrawn at any time.
