Santander to axe £180 payout for new customers | Personal Finance | Finance
Santander is set to withdraw its £180 current account switch deal in a matter of days, so Brits interested in the offer need to act fast.
The offer is available to new and existing customers who switch their current bank account to either a Santander Everyday, Edge, Edge Up, or Private (v2) current account. To qualify for the free cash, you need to submit a switch request before July 31, 2025, online or in a branch. There are a few more hoops to jump through to be eligible for the money, and here are the full terms.
Santander current account switch rules
Within 60 days of your request, you need to complete the full switch using the Current Account Switching Service (CASS).
You must also pay in at least £1,500 into your new Santander account, and set up at least two active household direct debits.
According to Santander, the direct debits that qualify include council tax, mobile phone, home phone, broadband, paid-for TV packages, water, gas, and electricity bills.
Once all of the conditions have been met, Santander will pay you the £180 within 90 days of starting the switching process.
Those who have had a current account with Santander on January 1, 2025, will not qualify.
However, the banking giant noted that rules are different for those who opened a qualifying account after this date.
A statement on its website reads: “Already have an eligible Santander account? Don’t worry, you might still qualify for the incentive if you opened your account after January 1, 2025. We can switch a current account you hold at another bank to your existing Santander current account.”
Other banks are also competing to attract new customers with generous switch offers.
Barclays’ latest current account switching deal has earned an ‘excellent’ product rating from Moneyfactscompare, thanks to a competitive £175 cashback incentive for new customers.
The offer is available to those opening a sole Barclays Bank Account or Premier Current Account through the Barclays app and completing a full switch from another provider using the Current Account Switch Service (CASS).
To qualify, customers need to join the Blue Rewards scheme (which carries a £5 monthly fee), transfer at least two active Direct Debits, and pay in at least £1,500 within the first 30 days. The promotion is available until August 28, 2025.
Customers can also access exclusive savings products, and the account offers a £15 interest-free buffer on arranged overdrafts.
Lloyds is currently offering new customers £185 to switch to one of its Club Lloyds accounts, provided they move at least three Direct Debits and meet a minimum monthly deposit requirement. Club Lloyds also includes lifestyle rewards, and the £5 fee to maintain the account can be waived if customers pay in £2,000 each month.
First Direct is offering £175 to customers who move to its 1st Account via CASS. There are no monthly fees, and people will be granted access to the digital bank’s 7% interest regular saver.
Olly McConnell, consumer finance expert at Uswitch, said: “If you’ve been with the same bank for years, switching offers are enticing as you can get a cash boost and possible extras like cashback or higher interest rates. Explore all the options in the market before taking the plunge.”
