A tempting new offer from high street banking giant Santander could see a free £150 deposited into the accounts of both new and existing customers, simply by making a switch.
The cash incentive is being offered to those who join through the Current Account Switch Service (CASS), choosing from one of their eligible accounts: Santander Edge, Santander Edge Up, Everyday, or Private (v2) current accounts.
The £150 bonus is available to anyone who hasn’t received a cash bonus to switch to a Santander current account since September 2021.This comes after the firm recently denied rumours that they were considering selling their UK banking arm due to stringent regulations.
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Existing Santander customers can also take advantage of the deal by switching an external account over to their Santander one. To secure the £150, the switch must be completed using CASS, which will automatically close your old account post-switch, reports the Express.
Existing Santander customers eager for the extra cash can initiate the process via online banking or by arranging an appointment at their local branch. After the switch, the £150 boost will be deposited directly into the customer’s account within 90 days from the request.
To be fully eligible, customers must ensure any direct debits remain active until the payment is made, within 60 days of requesting the switch.
Rumours had been swirling earlier in the month, sparked by a report in the Financial Times, about Santander potentially considering a withdrawal from UK operations due to onerous red tape. However, this conjecture was firmly quashed by Ana Botin, the bank’s Executive Chairman, at Davos during the World Economic Forum.
She adamantly declared: “We love the UK,” and added, “It is a core market and will remain a core market for Santander.”
In a competitive market landscape, Santander is one of several UK banks rolling out incentives to coax customers into switching their current accounts. According to comparison service uSwitch, First Direct is tempting new customers with a £175 sweetener for those moving to its 1st account, and TSB is throwing into the mix up to £160 for individuals making the jump to its Spend and Save account.