Santander’s £150 cash incentive for switchers is set to end today, prompting a call for potential switchers to act swiftly. The bank has confirmed that its lucrative offer will cease on Wednesday, 5 February 2025, accepting switch requests until 11.59pm on the same day.
Competing with major banks like HSBC UK, Barclays, Natwest, and Nationwide, Santander has experienced a surge in switching requests since the introduction of the offer on 4 November 2024.
The bank has been rewarding both new and existing customers with £150 when they transfer their current account to a Santander Edge current account, Santander Edge Up current account, Everyday current account, or Private current account v2. Applications submitted before the deadline will still qualify for the switcher incentive, even if the switch finalises after the offer has been withdrawn.
However, customers who have previously taken advantage of a Santander switcher incentive are not eligible for this latest offer.
Eligible customers can expect to receive the payment within 90 days of the switch process. Existing Santander Edge current account, Santander Edge Up current account, Everyday current account, and Private current account customers can also utilise the current account switch service (CASS) to move their balances and direct debits from other banks into their existing Santander current account to benefit from the offer, reports Birmingham Live.
Santander evaluates a customer’s eligibility for the offer 60 days after the switch has been initiated through CASS. If deemed eligible, the £150 payment is then processed within 30 days following this assessment.
Santander UK is a leading financial services provider in the UK, offering an extensive array of personal and commercial financial products and services. As of 30 June 2024, the bank employed approximately 19,600 individuals and catered to around 14 million active customers, including 7 million digital customers.
Services are provided through a nationwide network of 444 branches, as well as via telephone, mobile, and online banking platforms.