Santander says it'll pay free £150 directly into thousands of bank accounts

Santander says it'll pay you £150 to switch to them as we head towards Christmas. Santander says it will "offer a simple, reliable and stress-free way to switch your current account using the Current Account Switch Service" moving forward.

Within 60 days of submitting your initial switch request, you'll need to complete the full switch, set up 2 active Direct Debits and pay in £1,500. This isn't available if you've already had an incentive payment to switch to a Santander current account.

The high street bank says: "It’s important that the details you give us when switching are correct and the same as the ones held at your old bank. If you need to update anything on your old account, it’s best to do this before you start your switch."

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On the launch of Santander’s latest current account switching offer announced today, Alastair Douglas commented: “Today, Santander has announced that it’ll pay you £150 to ditch your old bank and to switch to them. And they’ve not made it that difficult for you to secure the cash either. Making it a good option if you like to keep things simple, and not jump through too many hoops. All you’ll have to do is deposit at least £1,500 within 60 days, and have two active Direct Debits with the account.

“The offer applies to the Santander Edge, Edge Up and Everyday current accounts — but it’s worth noting that the first two come with a monthly charge of £3 and £5. Which will add up over the course of a year. They will however also offer you a range of perks, including cashback, and fee-free foreign spending.

“It’s also possible to apply for an overdraft with the account, but this comes with an interest rate of almost 40%. So if you do need to borrow, consider looking for an interest free overdraft elsewhere, or even a 0% purchase card — the best buy at the moment means no interest for 21 months.

“But remember, when applying for any line of credit, whether it’s an overdraft, card, loan, or even a mobile phone contract, to check your free credit report is correct and up to date first. That way you can put yourself in the best position possible to access the best deals.”