Santander is offering a £150 cash incentive to customers who are willing to switch their current account in January. Despite bank customers being notoriously loyal, often sticking with the same bank for their entire adult lives, Santander is hoping this offer will encourage some to make the switch.
The bank is one of four major high street names, including Nationwide, Co-Op and First Direct, offering cash incentives to those willing to change their current account. Utilising the Current Account Switch Service, the process is automatic and takes just a few days, with direct debits and standing orders automatically transferred, reports The Express.
The Santander Edge account not only offers £150 for switching but also provides 1% cashback on bills (up to £10 a month) and 1% cashback on essential everyday spending. This means that in addition to the initial £150 for switching, customers could gain another £240 over the course of a year if they maximise the bills and spending cashback, totalling £390 – £150 in January and an additional £240 within 12 months.
Customers also gain access to its 6% savings account (on balances up to £4,000). Santander stated: “We offer a simple, reliable and stress-free way to switch your current account using the Current Account Switch Service.”
“Within 60 days of submitting your initial switch request, you’ll need to complete the full switch, set up 2 active Direct Debits and paid in £1,500. “This isn’t available if you’ve already had an incentive payment to switch to a Santander current account. “It’s important that the details you give us when switching are correct and the same as the ones held at your old bank. If you need to update anything on your old account, it’s best to do this before you start your switch.”
Customers then need to pay £3 a month to keep the account open, but this is more than offset by the cashback on spending if you use the account. Nationwide and First Direct are currently offering £175 to switch, but do not give cashback on bills and spending, while Co-Op offers £75 to switch.
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