Bank customers are being offered £160 to switch their current account to Santander.
The cashback is being offered to both new and existing customers when they switch to a number of different Santander accounts.
This includes a Santander 123, 123 Lite, Everyday, Select or Private current account.
To be eligible for the switch cashback, you need to complete the switch using the Current Account Switch Service (CASS).
Using CASS, it takes just seven working days to switch accounts.
If both banks are signed up to CASS, the switching service will close your old account and move your money, direct debits and standing orders across.
Within 60 days of the switch, you must set up and keep two direct debits, deposit at least £1,000 and log in to online or mobile banking for the account.
If you meet the conditions, the cashback will be paid directly into your qualifying Santander current account within 30 days following this.
Santander confirmed there is currently no end date for its cashback offer - but the deal could get pulled at any time.
With household bills on the rise, Santander is also offering double cashback on gas and electricity bills that are paid from 1I2I3 accounts over the months of September and October.
The double cashback will also be on Santander Home and Santander life Insurance policies, paid by Direct Debit from September, for two months.
The cashback rate will double from 2% to 4% and the monthly cap will double from £5 to £10 per month- with customers receiving this additional cashback automatically.
Following this offer, the cashback will revert to 2%, capped at £5 per month.
Cashback on other household bills categories will continue to be paid as of today, at either 1% or 3%, each capped at £5 per month, for 123 Lite account holders.
You can find out more information on how to switch at the Santander website here.
Other switch incentives include £150 with First Direct for customers who switch to the bank, or £20 for just opening an account.
When you complete a switch to First Direct within three months of opening an account, and pay in £1,000 or more, £150 is then paid within 28 days.
You can either request the switch online when applying or later by calling it.
Halifax is paying £150 when open a new account and start a switch by September 5.
To get the switch cash, you need to set up two direct debits. The bonus is paid within 10 days of the switch completing.
See the full terms and conditions to make sure you're eligible for a switch bonus.
