Santander offering free £200 cash to customers switching to one of its bank accounts

The offer is available for both new and existing customers

Santander has a £200 switching offer to anyone switching to one of its bank accounts.

From Monday (23 January), any new and existing customers who make the switch to an eligible Santander current account will be offered the free incentive.

The offer is also open to customers who switch to a Santander Edge current account, Santander 123 current account, Select current account, Private current account, and its Everyday current account.

Customers might be eligible to earn £200 from Santander for taking part in a new offer by the Spanish bank.

To claim, customers will need to do a full switch using the Current Account Switching Service (CASS) and set up two active direct debits within 60 days, as well as deposit at least £500 a month, and log in to online or mobile banking.

After this, Santander will pay the £200 offer directly into the qualifying account within 30 days.

Hetal Parmar, head of Banking, at Santander UK said: “With many of us being mindful of the rising cost of household bills, groceries and travel, our Edge Current Account is specifically designed to pay cashback on these essential bills and spend.

“For a limited time, we’re also offering £200 cashback to customers who switch their current account to Santander, putting even more money into people’s pockets.”

To qualify new and existing customers must have not previously received or participated in any other incentive for switching to any of Santander’s accounts or any account with cahoot or Cater Allen, which are part of Santander UK - as well as meeting eligibility criteria.

Other banks offering the switching payment

Lloyds Bank

Lloyds Bank has recently launched its £200 bonus for customers and is only available until 20 March 2023.

The offer is available to those who switch to a Lloyds Silver Account, Club Lloyds Silver Account, Lloyds Platinum Account or Club Lloyds Platinum Account.

Existing Lloyds customers can take advantage of the switching bonus, but will not qualify for the offer if they received a cashback for switching to the bank from April 2020.

First Direct

First Direct is also offering a switching incentive of £175. The money can be claimed if customers open a 1st Account with the bank and fully switch within three months. Customers will need to pay £1,000 or more within this three-month period.