Santander launches £185 switcher offer for new and existing customers

From today (18 March) customers can earn £185 when switching to an eligible Santander UK current account. 

Open to both new and existing1 Santander UK customers, those using the Current Account Switching Service (CASS)2 to switch to either an Everyday Current Account, Santander Edge Current Account, Santander Edge Up Current Account, or Private Current Account v2, will, from today, earn £185. 

To qualify for the £185 payment customers must: 

  • Complete the full switch within 60 days of requesting the switch process (including the closure of the old account). 

  • Pay in at least £1,500 within 60 days of requesting the switch process. (This does not need to be in one payment). 

  • Set up two active direct debits within 60 days. Direct debits to fund Santander, cahoot, or Cater Allen savings accounts do not count for the purposes of this offer. 

  • Continue to hold the qualifying current account on the day the payment is made. 

Those eligible for the payment will get paid within 90 days of the switch process 3

New customers can switch online through the Santander website, over phone, or in branch. Existing Santander UK customers must visit a branch to take advantage of this offer. 

Andrea Melville, Director of Current Accounts, Savings and Business Banking, Santander said: “With finances often stretched these days, we know customers want a current account that not only suits their everyday banking needs, but that also delivers additional ongoing value. Our new switching offer not only provides a quick boost to customers’ finances, but forms part of the wider value package we provide through our Edge accounts.” 

Customers who have previously benefited from a Santander switcher incentive are not eligible for this latest offer. 

Santander has a variety of current accounts eligible for this switcher offer designed to maximise value for customers: 

  • The Santander Edge Current Account offers customers up to £20 a month from cashback on essential bills and spending, a linked 7.00% AER easy access saver, and fee-free spending abroad using the Santander Edge debit card, for a £3 monthly fee. 

  • Santander’s Edge Up Current Account offers customers up to £30 a month from cashback on essential bills and spending, 3.5% AER in credit interest (up to £25,000) on their current account balance, and fee-free spending abroad, for a £5 monthly fee. 

  • The Santander Everyday Current Account offers customers a simple and straightforward current account with no monthly fee. Everyday customers benefit from online and mobile banking to easily manager their account, as well as free cash withdrawals from any Santander cash machine when abroad. 

  • The Santander Private Current Account (v2) offers customers up to £1,500 in daily withdrawals from cash machines, access to 10,000 branches across 11 countries, and 3.5% AER interest on balances up to £25,000, for a £5 monthly fee. 

More information on these current accounts, their benefits, conditions, and eligibility, is available on the Santander website. 

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The information contained in our press releases is intended solely for journalists and should not be used by consumers to make financial decisions. 

 

Notes to Editors: 

  1. Existing Santander Everyday Current Account, Santander Edge current account, Santander Edge Up current account, and Private current account customers, can also use the current account switch service (CASS) to transfer their balances and direct debits from bank accounts with other providers into their existing Santander current account to benefit from the offer. 

  1. Current Account Switch Service (CASS) makes switching simple, by transferring the existing current account balance, and all direct debits, standing orders and salary commitments, within seven days. The £185 switching offer is for a limited time period and can be withdrawn at any time. 

  1. Santander assesses whether a customer has achieved eligibility for the offer 60 days after the switch through CASS has been instructed. If eligible, the £185 payment is then made within 30 days after that assessment.  

Santander UK is a financial services provider in the UK that offers a wide range of personal and commercial financial products and services. At 31 December 2023, the bank had around 19,800 employees and serves around 14 million active customers, 7 million digital customers via a nationwide 444 branch network, telephone, mobile and online banking. Santander UK is subject to the full supervision of the FCA and the PRA in the UK. Santander UK plc customers’ eligible deposits are protected by the FSCS in the UK. 

Banco Santander (SAN SM, STD US, BNC LN) is a leading commercial bank, founded in 1857 and headquartered in Spain. It has a meaningful presence in 10 core markets in the Europe, North America and South America regions, and is one of the largest banks in the world by market capitalization. Santander aims to be the best open financial services platform providing services to individuals, SMEs, corporates, financial institutions and governments. The bank’s purpose is to help people and businesses prosper in a simple, personal and fair way. Santander is building a more responsible bank and has made a number of commitments to support this objective, including raising €220 billion in green financing between 2019 and 2030. At the end of 2023, Banco Santander had €1.3 trillion in total funds, 165 million customers, 8,500 branches and over 212,000 employees.