Santander 'assessing' bank accounts and will handout free £150 to some

Santander UK customers can earn £150 when switching to an eligible current account from this week. The high street bank, which is rivalled by NatWest, HSBC UK, Lloyds, Barclays and more, says the offer is "open to both new and existing customers".

The offer is for "those using the Current Account Switch Service (CASS) to switch to either a Santander Edge, Santander Edge Up, Everyday, or Private (v2) current account will qualify to earn £150," the bank went on to confirm on Monday (November 4).

To qualify for the £150 payment, customers must submit a switch request on or after 4 November 2024 and before the switcher offer is withdrawn, complete the full switch within 60 days of their initial switch request, including the closure of their previous account and pay in at least £1,500 to their eligible Santander account within 60 days of the switch request.

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This can be made through one or more payments. Then, set up at least two active Direct Debits on their new account within 60 days of the switch request. Direct Debits must remain active at the time of assessment. Those eligible for the payment will get paid within 90 days of starting the switch process.

Both new and existing customers can switch online through the Santander website or visit a branch to take advantage of this offer. Andrea Melville, Director of Current Accounts, Savings and Business Banking at Santander, said: “We’re excited to roll out our latest switching incentive, giving customers a quick boost to their finances and yet another reason to bank with us. Our £150 offer rewards both new and existing customers for making the switch, while our current accounts continue to deliver cashback and competitive rates on savings.”

You won’t qualify for the switcher offer if you are not a UK resident, you switch from an account held with Santander, cahoot, or Cater Allen, you are switching to any Santander account that isn’t listed above or anyone named on the Santander account has previously received a switch incentive from Santander since September 2021.

Santander assesses whether a customer has achieved eligibility for the offer 60 days after the switch through CASS has been requested. If eligible, the £150 payment is then made within 30 days after that assessment.