Santander has announced it intends to offer £130 to customer switching their bank accounts – making this the largest cash incentive to switch in the market right now. This comes hot on the heels of Lloyds Bank that launched their £100 current account switching offer last week.
Both new and existing customers of Santander are eligible for the cash pay out when opening a Santander 1|2|3, 1|2|3 Lite, Everyday, Select or Private Current Account using the Current Account Switching Service (CASS).
Customers need to complete their switch within 60 days of starting the process, set up two active direct debits, deposit £1,000 minimum in the first sixty days from opening and log into their online or mobile banking app. Santander will also apply additional eligibility checks.
In good news for those customers that actively switch their current accounts, Santander has made this £130 cashback offer available to those that have held a Santander current account previously – if they switch from a competitors current account.