Santander paying customers £150 to open new bank account - how to get the cash

Banks and gathering societies often connection currency incentives to caller customers consenting to power afloat from their existing accounts, and the switching marketplace is hotting up astatine the moment

Santander has launched a marque caller switching inducement and is paying customers £150 to unfastened a bank relationship with it.

The connection launched connected Monday, November 4, and is unfastened to caller and existing customers of the high thoroughfare bank. To get the cash, you volition request to power slope accounts done the Current Account Switching Service (CASS) to Santander's Edge, Edge Up, Everyday, oregon Private existent account.

It's important to enactment that each of these accounts, but the Everyday existent account, besides travel with monthly fees. The precocious thoroughfare slope charges £3 per period for an Edge relationship and £5 monthly for Edge Up and Private accounts.

Alongside opening the account, you volition request to deposit £1,500 wrong 60 days of the power request. This magnitude tin beryllium deposited done 1 oregon much payments. You volition besides request to acceptable up astatine slightest 2 progressive nonstop debits connected the caller relationship wrong the aforesaid clip frame. These Direct Debits indispensable beryllium progressive during the switch. After this, you volition get the £150 outgo wrong 90 days.

Existing Santander relationship holders tin taxable a power done online banking oregon publication an assignment successful a branch. As mentioned before, aged Santander customers are eligible for the incentives. However, you won't beryllium if you already person a Santander account. Under the rules, You won’t suffice for the switcher connection if:

• You are not a UK resident.
• You power from an relationship held with Santander, cahoot, oregon Cater Allen.
• You are switching to immoderate Santander relationship that isn’t listed arsenic portion of the offer
• Anyone named connected the Santander relationship has antecedently received a power inducement from Santander since September 2021

Andrea Melville, Director of Current Accounts, Savings and Business Banking astatine Santander, said: "We're excited to rotation retired our latest switching incentive, giving customers a speedy boost to their finances and yet different crushed to slope with us. Our £150 connection rewards some caller and existing customers for making the switch, portion our existent accounts proceed to present cashback and competitory rates connected savings."

Banks and gathering societies often connection currency incentives to caller customers consenting to power afloat from their existing accounts, and the switching marketplace is hotting up astatine the moment. Lloyds is presently offering £200 to switch, portion Nationwide and First Direct are offering £175. Natwest is offering caller customers £180 portion the Co-Operative slope is besides offering £150 - but this is divided into 2 payments of £75. One for erstwhile you switch, and 1 for if you "stay".