Santander has launched a £200 switching offer that both new and existing customers can benefit from and joins the growing list of banks offering incentives to lure in customers.
From today, January 23, the high street bank will be offering £200 switching offer to customers who make a full switch to a Santander Edge current account.
Other accounts you can switch to and claim their £200 reward include Santander's 123 current accounts, Select current account, Private current account, and its Everyday current account.
In order to claim you will need to do a full switch using the Current Account Switching Service (CASS).
You will then need to set up two active direct debits within 60 days as well as deposit at least £1,000, and log in to online or mobile banking.
To maintain the benefits of the Edge or 123 accounts such as cashback on bills, customers will also need to pay in £500 a month.
Once this has been done, Santander will pay the £200 incentive directly into your qualifying account within 30 days.
Hetal Parmar, head of Banking, at Santander UK said: “With many of us being mindful of the rising cost of household bills, groceries and travel, our Edge Current Account is specifically designed to pay cashback on these essential bills and spend.
“For a limited time, we’re also offering £200 cashback to customers who switch their current account to Santander, putting even more money into people’s pockets.”
To qualify, as well as meeting eligibility criteria, new and existing customers must have not previously received or participated in any other incentive for switching to any of Santander’s accounts or any account with cahoot or Cater Allen, which are part of Santander UK.
Santander is not the only bank currently offering a switching offer to customers.
Lloyds Bank has recently enter the current account switching battle by launching a £200 bonus for new customers.
Lloyds' offer is only available to those who switch to a Lloyds Silver Account, Club Lloyds Silver Account, Lloyds Platinum Account or Club Lloyds Platinum Account.
Existing Lloyds customers can take advantage of the switching bonus, however, they won't qualify for this deal if they received a cashback for switching to the bank from April 2020.
Lloyds Bank's £200 incentive is only available until March 20 2023.
First direct is another bank offering a switching incentive at the moment and has offered the payment of £175 for a while now.
You can claim this money if you open a 1st Account with the bank and fully switch within three months.
You will also need to pay £1,000 or more within this three-month period.
