Savings alert: Santander to axe popular £175 free cash deal as customers have only hours left to claim

According to Santander, switch requests to change to one of the bank's current accounts will be accepted until 23:59 tonight.

In recent weeks, Santander has noticed strong demand in switching requests since the deal was launched on May 14.

As part of the offering, a £175 boost is available to both new and existing customers when they change their current account.

Applicants have to switch either a Santander Edge current account, Santander Edge Up current account, or Private current account.

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Despite the deal being withdrawn, applications to switch accounts to Santander before the deadline will be eligible for the switcher incentive until the end of the day.

This is applicable even if the switch completes after the offer is withdrawn.

However, customers need to ensure they meet the eligibility criteria for the £175 cash payment.

In order to carry out the full switch, new and existing customers are urged to use the Current Account Switch Service (CASS) to facilitate the transition.

This act needs to be done within 60 days of requesting the switch process which also includes the closure of the old account.

Furthermore, new Santander customers have to p ay in at least £1,500 within this time period but this amount does not need to be delivered in one payment.

As well as this, those taking advantage of the £175 deal need to have made up two active direct debits within 60 days.

It should be noted that the bank does not count direct debits to fund Santander, cahoot, or Cater Allen savings accounts.

Finally, new customers must continue to hold the qualifying current account on the day the payment is finally made to them.

Any customers who have previously benefited from a Santander account switch offer are not eligible for this latest deal from the high street financial institution.

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Anyone entitled to the £175 cash incentive will get paid within 90 days of the switch process starting. Multiple high street banks and building societies have introduced similar deals in an attempt to get new customers.

Among them include first direct and the Co-Operative Bank which are both offering £175 and £150, respectively. Rachel Springall, a finance expert at Moneyfacts, gave insight into the trend of account switch deals following the removal of many of them earlier this year.

She explained; "The current account market will no doubt see a return of free cash offers, but these typically return when banks and building societies want to draw in new customers, or indeed when they expect consumers to be actively looking to move their deal, such as at the start of a new year.

"Consumers hoping to switch their current account may now pause to do so until free cash offers return to the market. Those not swayed by a free cash boost and ready to move away from their existing provider would be wise to ensure the new account suits their needs and that they can meet any eligibility criteria.”