Santander has been praised for relaunching a £240 switching reward on its Everyday Current Account, which was named a top banking deal in Moneyfactscompare.co.uk's Pick of the Week. The comparison site also highlighted the account's temporary freeze on arranged overdraft costs.
Caitlyn Eastell, personal finance analyst at Moneyfactscompare.co.uk, said: “Customers looking to switch bank accounts may be pleased to see that Santander has relaunched its £240 switching offer for new and existing customers who move to its Everyday Current Account, subject to depositing at least £1,500 and meeting other eligibility criteria within 60 days.”
Overdraft freeze praised
Santander provides a more detailed explanation of what you need to do to get the reward on its website. But Eastell says the switching deal is not the only appeal of the account, which is “also offering 0% on arranged overdrafts for switched accounts for the first four months”.
Eastell suggests the rate “will be particularly helpful for households as we come into the expensive Christmas and new year period”. However, she notes that customers should be aware that after four months, the overdraft rate rises to 39.49% EAR.
Eastell added: “Overall, the account earns an Excellent Moneyfacts product rating.”
Qualifying criteria and other offers
To qualify for the deal, new customers must deposit at least £1,500, set up two qualifying direct debits and fund a Santander Regular Savers with at least £200 within 60 days of request. They must also be signed up to online and mobile banking.
Customers can also sign up for Santander Boosts to receive cashback, vouchers, offers and prize draws from selected retailers.
Santander's deal is one of many switching offers available, as banks compete to attract customers. Martin Lewis' personal finance website MoneySavingExpert.com highlighted several top options, noting that you can get up to £300 in cash and perks. It singled out Barclays' current account switching rewards, which includes £150 upfront and £30 per month for five months, plus an optional half-price Apple TV. It also identified HSBC's switching reward as among the top offerings, with £220 paid out if you meet certain switching, deposit and spending criteria.
Savers looking for the best rates can compare all the latest deals on the Moneyfactscompare.co.uk website.
