Santander preparing to issue free £150 payments to 'existing' customers

Santander has launched a £150 free cash offer and new and existing customers could qualify. Customers can get the cash boost by Christmas with the high street bank offering those with an account a "quick boost" for the festive season.

The offer is open to both new and existing customers who switch to an eligible current account, from today, November 4, 2024. Those using the Current Account Switch Service (CASS) to move to a Santander Edge, Santander Edge Up, Everyday, or Private (v2) current account will qualify for the bonus.

To qualify for the £150 payment, customers must submit a switch request from November 4, 2024, until the offer is withdrawn. They need to complete the full switch within 60 days, including closing their previous account. A minimum deposit of £1,500 is required within 60 days of the switch request. This can be made through one or more payments.

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Customers who switch to a Santander Edge, Edge Up, Everyday or private current account will be eligible for a £150 cash bonus - a less generous sum compared to its previous incentives. All of these accounts apart from the Everyday current account also come with monthly fees which will eat into the bonus cash.

Santander charges £3 per month for an Edge account and £5 monthly for Edge Up and Private accounts. Customers must also set up at least two active Direct Debits on their new account within 60 days. These Direct Debits must remain active at the time of assessment. Eligible customers will receive the £150 payment within 90 days of starting the switch process.

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."