Santander launches new switching offer worth £150 – find out if you qualify

There’s now even more choice for potential switchers when it comes to securing bonus cash before Christmas.

Yet another current account switching offer hit the market this week, with Santander unveiling its £150 switching incentive.

“Customers may be looking at ways to maximise their budget as the festive season approaches, so a free cash boost could make a huge difference," commented Rachel Springall, Finance Expert at moneyfactscompare.co.uk.

To qualify for the bonus, new and existing customers must submit a request through the Current Account Switch Service (CASS) to move a current account held with another provider to an eligible account with Santander. This includes a Santander Edge, Santander Edge Up, Everyday and Private (v2) account.

Within 60 days of this request, customers also need to deposit a minimum of £1,500 and set up at least two direct debits.

If this criteria is met, the £150 will be paid within 90 days of the switch process beginning, though note you won’t be eligible if you’ve already benefitted from a Santander switching offer since September 2021.

Choosing the right account for you

As with other switching incentives on the current account market, some of the eligible accounts for Santander’s offer include added features that may be worth considering.

For instance, with a £3 monthly fee, its Edge account allows customers paying in £500 each month (with 2 active direct debits), to earn 1% cashback (up to £10 a month) on bills, supermarkets and travel costs. It can also be used abroad at no extra charge as well as granting access to an exclusive Santander Edge saver paying 6.00% AER.

At £5 a month, its Edge Up account increases the amount of cashback to up to £15 a month and allows customers to earn 3.00% AER interest on balances up to £25,000. It also requires you to pay in £1,500 each month alongside two active direct debits.

Other offers on the market

This latest current account switching incentive joins a steadily growing list of deals that could help boost your finances as Christmas approaches.

Last month saw NatWest launch a £180 switching incentive on its Reward accounts. Similarly, for a monthly cost, these accounts offer customers 1% rewards at selected retailers, with added benefits such as travel and mobile phone insurance in exchange for higher fees.

Alternatively, Lloyds Bank continues to pay £200 for moving to its Club Lloyds accounts, which again offer similar extras. However, those wishing to claim this deal must make the switch before the incentive ends on 10 December.

Meanwhile, those moving to first direct’s 1st Account can still benefit from the provider’s £175 incentive with Nationwide BS offering the same lump sum for switching to either its FlexAccount, FlexDirect or FlexPlus.

However, as Springall suggests, “the right current account does depend on someone’s individual circumstances, so it is important consumers are not swayed by free cash alone.”

With a variety of switching deals now available, customers can weigh up different features to find the account that works best for their financial situation.

You can find out more about these deals, and other accounts by visiting our dedicated current account charts, which can help you compare the whole of the market.