Santander has announced a £240 cash incentive for eligible customers who switch to its Everyday Current Account and deposit £200 into its Regular Saver, with payments promised "within 90 days".
Eligibility and how to qualify
The deal is available exclusively 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 request a switch via 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 completed within 60 days of the request, and customers must have at least two qualifying household Direct Debits and deposit £1,500 into their Everyday Current Account.
Additional requirements and payment
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, Santander confirmed. Within 60 days of the switch request, customers must also pay at least £200 into a Santander Regular Saver held in their name. "You can open a new Regular Saver or use a Regular Saver you already have open."
Once the transfer is finalised, the previous account will be shut down. If all eligibility requirements are met, Santander will credit 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."
Account features and terms
The Everyday Current Account has no monthly charges, no charges for using Santander cash machines abroad, and an optional arranged overdraft facility. The Regular Saver offers 8% AER/gross (variable), including a 5% AER/gross (variable) bonus rate for the first 12 months, with deposits of up to £200 a month from a Santander current account.
Terms and conditions apply, and the offer may be withdrawn at any time.
