£130 to switch current account to Santander | moneyfacts.co.uk

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Michelle Monck

Michelle Monck

Consumer Finance Expert
Published: 15/09/2021

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.

Customers opening Santander 1|2|3 accounts earn up to 3% cashback on selected household bills in addition to the switching payment of £130. Cashback sums include 1% of council tax bills, mobile and home phone bills, broadband and paid for TV packages up to £5. Gas and electricity bills, and selected Santander home insurance and life insurance qualify for 2% cashback up to £5. Customers can earn 3% cashback on their water bills capped at £5.


Hetal Parmar, Head of Banking at Santander UK, commented: “Santander is the only bank to offer customers ongoing value, every single month, by paying cashback on household bills through our 1I2I3 current accounts. We’re delighted to also offer £130 cashback to customers who switch their current account to Santander, a welcome boost in planning for Christmas and the holiday period.”

Which banks are offering the best switching offers?

Bank and account name

Switching offer and requirements*

 

HSBC

Receive £110 + £30 Uber Eats voucher or The Dining Out Gift Card when you switch using the Current Account Switch Service in 30 days of account opening with a min 2 Direct Debits/Standing orders. Offer for new customers who haven't held an HSBC current account, or opened a first direct account since 1 Jan 2018. To qualify for HSBC Advance pay in + £1,750 a month/£10,500 over 6 months and be approved for an overdraft of £1000+.

Go to provider's site

Lloyds Bank

£100 when using the Current Account Switch Service. Club Lloyds and Platinum accounts requires a minimum £1,500 deposited each month or a £3 fee monthly is charged. 

Plus access to exclusive rates and cashback offers on savings and mortgages and up to 15% cashback on a range of selected high street names.

Find out more

Nationwide Building Society - FlexDirect

£125 for existing members and £100 for new customers. Must switch two active direct debits using the Current Account Switch Service

Find out more

Nationwide Building Society - FlexAccount

£125 for existing members and £100 for new customers. Must switch two active direct debits using the Current Account Switch Service

Find out more

Nationwide Building Society - FlexPlus

£125 for existing members and £100 for new customers. Must switch two active direct debits using the Current Account Switch Service

Find out more

Santander

£130 cashback when using the Current Account Switch Service. Must deposit at least £1,000 per month, set up two direct debits and use the online or mobile app.

Find out more

Virgin Money - M Plus Account

12 bottles of luxury wine from Virgin Wines and £50 to donate to any Virgin Money Giving charity OR 15,000 Virgin Red points for accounts using the Current Account Switch Service. Customers also need to register for the mobile app, set up two direct debits and pay at least £1,000 into a linked savings account with 31 days of opening the Current Account.

Find out more

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