Santander has provided clarification on the timeline for customers awaiting their £180 switching incentive, confirming a 60-day assessment period before payment is issued. The banking group is currently offering the bonus to eligible customers who switch their current account to Santander, but strict conditions apply.
Eligibility Requirements
According to Santander's official website, the offer is not available to customers who held a current account with the bank on January 1, 2025, or those who have previously received a Santander switcher incentive. For those who qualify, the process involves opening an eligible current account, initiating a switch using the Current Account Switch Service before the offer ends, completing the switch within 60 days of the request, maintaining at least two active selected household Direct Debits, and paying in £1,500.
Payment Timeline
Customers can expect to receive the payment within 90 days. The bank's website states: "90 days after your request to switch, if you meet eligibility criteria, you'll receive your £180." A member of Santander's social media team reiterated this timeline in response to a customer inquiry on X (formerly Twitter).
The customer asked: "I've completed the terms for the bank switch around a week ago or so, when can I receive my switch incentive?" The Santander team replied: "Hi there, the switch bonus is assessed within 60 days and paid within 90. You can view the full T&C's for this here." When the customer sought to expedite the process, the bank confirmed that acceleration was not possible.
Assessment and Payment Details
Santander's terms and conditions explain: "We'll check your Santander account 60 days after the switch has been instructed. If you qualify, we'll make the switcher offer payment to you within 30 days following our decision. The payment will be made directly into your Santander account. No alternative payment is available."
Advice from MoneySavingExpert
According to Martin Lewis's MoneySavingExpert (MSE), switching to a new current account can be a 'quick, easy' method to obtain free cash, as several banks offer switching perks. However, MSE advises considering how the account will be used beyond the initial bonus. The guidance notes: "Banks offer a range of perks to try and win your custom – from free cash for switching to cashback, interest-free overdrafts and even insurance. The upfront bonus is tempting, but make sure the ongoing perks suit how you use your account."
