Santander UK has launched a new £200 switching offer which is open to new and existing customers who move their everyday banking to a Santander Edge, 123 Current Account or other eligible current account using the Current Account Switch Service (Cass).
Within 60 days of a customer telling Santander they want to switch sing Cass, they need to complete the switch, set up two active Direct Debits, pay in a deposit of £1,000 and log on to Online or Mobile Banking. The £200 switching offer is for a limited-time only and can be withdrawn at any point once it has landed in the account.
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.
Commenting on the new initiative, 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."
Rachel Springall, a finance expert at Moneyfacts.co.uk, said: "It's great to see Santander launch an attractive switching cashback incentive for new and existing customers at a time when there are very few other brands doing the same.
"The Edge account is the newest addition to the range of options from Santander and may well be an enticing choice for customers who want to earn a little bit of their monthly bills and shopping.
"Elsewhere, Lloyds Bank will pay customers £200 as a switching incentive until March 20 on selected accounts and first direct will pay £175 when customers switch to its 1st Account."
Santander Edge gives cashback on essential bills and spend
Launched in November 2022, the Santander Edge current account and exclusive Edge saver enables customers to earn up to £20 in cashback on their essential bills and spending and £13.10 in interest per month, for a £3 monthly fee.
The Santander Edge current account offers:
- 1% cashback (capped at £10 a month) on essential grocery shopping and transport-based debit card spending
- 1% cashback (capped at £10 a month) on household bills paid via Direct Debit covering council tax, gas and electricity, mobile, landline, broadband and paid-for TV packages
- Access to the exclusive linked easy-access savings account, Santander Edge saver, which offers 4.00% AER / 3.93% gross (variable) interest on balances up to £4,000, including a 0.50% AER (variable) bonus rate for the first 12 months from opening
- Fee-free international and UK CHAPs transfers
- Free use of Santander ATMs overseas and
- In-app money management insights through My Money Manager, which amongst other things, supports customers with managing their regular subscriptions
Cashback on household bills and monthly interest with the 1I2I3 Current Account
The Santander 1I2I3 Current Account is the only current account in the UK that offers customers both cashback on household bills and interest on in-credit balances. The account has a monthly fee of £4.
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