Santander launches £150 free cash offer and new and existing customers could qualify

Those using the Current Account Switch Service (CASS) to move to a Santander Edge, Santander Edge Up, Everyday, or Private (v2) current account will qualify for the bonus.

The promotion aims to attract new customers and reward existing ones for their loyalty. It provides an immediate financial boost to account holders.

Santander's move comes as banks compete for customers in the UK's competitive current account market.

How to get £150 free cash

To qualify for the £150 payment, customers must submit a switch request from November 4, 2024, until the offer is withdrawn. They need to complete the full switch within 60 days, including closing their previous account.

A minimum deposit of £1,500 is required within 60 days of the switch request. This can be made through one or more payments.

Customers must also set up at least two active Direct Debits on their new account within 60 days. These Direct Debits must remain active at the time of assessment.

Eligible customers will receive the £150 payment within 90 days of starting the switch process.

The criteria ensure that customers actively use their new Santander account to qualify for the incentive.

Both new and existing customers can take advantage of this offer by switching online through the Santander website or visiting a branch.

Andrea Melville, Director of Current Accounts, Savings and Business Banking at Santander, 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."

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The £150 payment is subject to specific terms and conditions. Customers must be UK residents to qualify for the offer.

Those switching from accounts held with Santander, cahoot, or Cater Allen are not eligible. The incentive is only available for switches to the specified Santander accounts mentioned earlier.

Importantly, individuals named on the Santander account who have received a switch incentive from the bank since September 2021 are ineligible.

The Current Account Switch Service revealed that 247,729 switches took place over the three-month period. It came as the Bank of England implemented in August its first interest rate reduction since the pandemic, taking the level down to its current five per cent.

This prompted a fall in rates on easy-access savings accounts, with data from Moneyfacts last month showing the biggest month-on-month drop since April.

Nevertheless, competition to attract current account customers has grown in recent months, with new cash incentives being launched to the market.

Nationwide Building Society is currently offering a £175 switching incentive, as is First Direct, while the Co-operative Bank recently launched a new offer of up to £150 to switch current accounts.

Santander welcomed the greatest number of new customers between April and June, with 58,070 net gains, according to the most recent data supplied by the Current Account Switch Service.