Santander is offering a limited-time incentive of £150 to both new and existing customers who switch to one of their eligible current accounts: Edge, Edge Up, Everyday, or Private. This offer expires at 11:59 pm on Wednesday. To qualify, customers must open the new account online or in a branch and fulfill specific criteria. New customers need to set up two active Direct Debits and deposit at least £1,500 within 60 days of initiating the switch. Existing Santander customers also need to meet these criteria, ensuring they are not merely transferring funds between existing Santander accounts. The £150 reward will be deposited into the new account three months after fulfilling all requirements. Certain exclusions apply, including non-UK residents, those switching from other Santander-owned banks (cahoot, Cater Allen), and individuals who have received a Santander switching incentive since September 2021.
This incentive aligns with a common banking practice of offering cash bonuses to attract new customers and encourage switching. The process leverages the Current Account Switching Service (CASS), a streamlined system designed to simplify the transfer of accounts between participating banks and building societies. CASS typically completes the switch within seven working days, automatically transferring direct debits and standing orders to the new account. The customer’s responsibility lies in applying for the new account and informing their existing bank of the switch. While CASS simplifies the core process, individuals are encouraged to proactively manage aspects like selecting a switch date and requesting historical statements from their previous bank.
Santander’s £150 offer isn’t the only switching deal available. First Direct, for instance, presents a £175 welcome bonus for new customers, alongside a £250 interest-free overdraft (subject to eligibility) and access to a 7% interest regular saver account. These competitive offers highlight the potential benefits customers can gain by exploring available switching incentives and aligning their banking choices with their financial needs and goals. The availability of such offers reinforces the importance of actively managing one’s finances and capitalizing on opportunities to maximize financial benefits.
The process of switching bank accounts is designed to be straightforward and efficient, primarily thanks to the Current Account Switching Service (CASS). This service manages the bulk of the transfer process, including moving direct debits and standing orders, within seven working days. Customers initiate the switch by applying for the new account, after which their new bank liaises with their existing bank to execute the transfer. Before initiating the switch, customers are advised to consider practicalities like choosing a convenient switch date and obtaining copies of past statements from their current bank. Beyond the immediate switching process, customers should also assess the broader benefits and features associated with different accounts.
Choosing a current account involves more than just switching incentives. Consider factors such as overdraft facilities, interest rates on linked savings accounts, and bundled perks like travel or mobile phone insurance. While some accounts offer attractive features, remember to factor in any potential monthly fees. First Direct, for example, offers a compelling combination of a switching bonus, an interest-free overdraft, and a high-yield regular saver, but eligibility criteria apply. Similarly, some banks waive debit card fees for international transactions, providing a valuable benefit for frequent travelers.
To qualify for First Direct’s £175 bonus, new customers must complete a full switch using CASS, set up at least two direct debits or standing orders, deposit £1,000, make five or more debit card payments, and log into online banking within 30 days of opening the account. This offer is exclusive to new First Direct customers who haven’t held a product with them before and haven’t opened a HSBC current account since January 1, 2018. This illustrates the importance of carefully reviewing the terms and conditions of any switching offer to ensure eligibility and maximize the potential benefits.
