The high street bank is the latest current account provider to offer cash to new customers.
Customers can get £150 in cash by opening a new Santander Edge, Edge Up, Everyday or Private (v2) current account online or in branch.
If you already hold an eligible account, you can still qualify for the incentive by switching a current account you hold at another bank to your existing Santander current account.
How to get £150 from Santander
To get the money, you need to use the Current Account Switch Service (CASS) to switch your old current account to Santander. Your old account will close as part of this process.
Within 60 days of the initial switch request, you need to do the following to get the £150 cash:
- Complete the full switch using the CASS
- Pay at least £1,500 into your eligible account
- Have two active direct debits on your eligible account (these must remain active until the Santander payment is made)
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The cash incentive is only available if you, or anyone named on the account, haven’t already received a cash incentive to switch to Santander since September 2021. You also won’t be eligible for the cash if you switch from an account held with Santander, Cahoot, or Cater Allen.
Andrea Melville, Santander’s director of current accounts, 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.”
What do the experts say?
Alastair Douglas, CEO of TotallyMoney, said: “The offer applies to the Santander Edge, Edge Up and Everyday current accounts – but it’s worth noting that the first two come with a monthly charge of £3 and £5, which will add up over the course of a year. They will, however, also offer you a range of perks, including cashback and fee-free foreign spending.
“It’s also possible to apply for an overdraft with the account, but this comes with an interest rate of almost 40%. So if you do need to borrow, consider looking for an interest free overdraft elsewhere, or even a 0% purchase card – the best buy at the moment means no interest for 21 months.
“But remember, when applying for any line of credit, whether it’s an overdraft, card, loan, or even a mobile phone contract, to check your free credit report is correct and up to date first. That way you can put yourself in the best position possible to access the best deals.”
Alternative switching offers
Several high street banks are offering switching incentives at the moment. These include:
- Lloyds Bank: £200, plus perks and good savings rates
- NatWest: £180, plus rewards and a good savings rate
- Nationwide: £175, plus a good savings rate and cashback
- First Direct: £175, plus a £250 interest-free overdraft and a solid savings rate
- Co-op: £75 to switch, and £25 per month (up to three) for staying, so up to £150 in total.
