Santander launches £175 free cash offer and you don't have to bank online to get it

New customers can switch online through the Santander website or in branch.

Existing Santander UK customers must visit a branch to take advantage of this offer.

Savers can use the Current Account Switch Service (CASS) to switch to either a Santander Edge current account, Santander Edge Up current account, or Private current account (v2).

To qualify for the £175 payment, customers must:

• Complete the full switch within 60 days of requesting the switch process (including the closure of the old account).
• Pay in at least £1,500 within 60 days of requesting the switch process. This does not need to be in one payment.
• Set up two active direct debits within 60 days. Direct Debits to fund Santander, cahoot, or Cater Allen savings accounts do not count for the purposes of this offer.
• Continue to hold the qualifying current account on the day the payment is made.

Qualifying customers will get paid within 90 days of starting the switch process.

Santander assesses whether a customer has achieved eligibility for the offer 60 days after the switch through CASS has been put forward.

If they find a customer is eligible, the £175 payment is then made within 30 days after that assessment.

Andrea Melville, director of current accounts, savings and business banking, Santander said: “Following a fantastic response to our switcher incentive earlier this year, we are pleased to be able to offer yet another reason to join the bank.

“Our switching offer gives customers an added boost, while our Edge current accounts provide customers with long-term ongoing value, through cashback on their essential spending and household bills.”

If someone has already taken part in a switch to Santander then they will not be eligible for this new offer

Santander has a variety of current accounts eligible for this switcher offer designed to maximise value for customers.

The Santander Edge current account offers customers up to £20 a month from cashback on essential bills and spending, a linked seven per cent AER easy access saver, and fee-free spending abroad using the Santander Edge debit card, for a £3 monthly fee.

Santander’s Edge Up current account offers customers up to £30 a month from cashback on essential bills and spending, 3.5 per cent AER in credit interest (up to £25,000) on their current account balance, and fee-free spending abroad, for a £5 monthly fee.

The Santander Private Current Account (v2) offers customers up to £1,500 in daily withdrawals from cash machines, access to 10,000 branches across 11 countries, and 3.5 per cent AER interest on balances up to £25,000, for a £5 monthly fee.

For more information on these current accounts and deals, Britons can visit the Santander website.

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Telephone and internet-based bank first direct also offers a £175 switching incentive when customers open a qualifying current account with them. In addition to the free £175, customers have access to first direct’s 1st Account - a linked regular saver which pays seven per cent interest on up to £300 a month.

Many people can also get an ongoing £250 zero per cent overdraft. The debit card is also fee-free for overseas spending and ATM withdrawals.

Another option comes from Virgin Money. The Virgin Money M Plus account pays 2.02 per cent AER variable interest on up to £1,000 saved in the account. New customers who switch will get 10.47 per cent AER fixed interest added on top. This works out at 12.68 per cent AER interest which worth a little over £125 if people keep £1,000 saved for a full year.

Savers living in Northern Ireland also have access to free £200 if they switch to Danske Bank.

The Danske Reward Account has a £2 a month fee but gives £5 a month cashback if customers sign up for digital statements, pay in at least £1,000 each month and use their debit card eight times each month.

Alastair Douglas, CEO of TotallyMoney said: “Just two weeks ago it looked like competition for current accounts was waning, but since then, we’ve seen Virgin Money, first direct, and now Santander return to the market, offering either cash or high savings rates for people’s banking.

“And at a glance, the Santander offer looks like great value, with a £175 bonus for those using the Current Account Switch Service to move their money to one of three current accounts provided by the bank. However, all three options carry fees of between £36 and £60 per year, and are only available to customers who’ve never benefited from a similar Santander incentive, and deposit at least £1,500 and set up two Direct Debits within 60 days.

“In reality, the switching bonus on offer is either £139 or £115 — which along with free-fee foreign spending, cashback, and easy access savings rates of up to 7%, still isn’t a bad option. So if you’re unhappy with your current bank, or fancy taking advantage of a cash incentive then it’s definitely worth considering. Just read the small print, and check the other offers available to you.

“Current account switching is easy, so don’t be put off. Transferring savings and Direct Debits is all done for you with the Current Account Switch Service. More than 50 banks and building societies have signed up to the service, 99 per cent of switches are completed within seven days, and 9 in 10 people are happy with the service.”