In a significant move to attract new customers, Santander has unveiled a compelling incentive package for individuals switching to their current accounts. The banking giant is offering a substantial £200 cash payment alongside a £25 Amazon gift card to those who make the move through the official Current Account Switch Service (CASS).
Eligibility and Account Requirements
This attractive offer is available to both new and existing customers who meet specific criteria. To qualify, individuals must switch to one of Santander's eligible current accounts, which include the Santander Edge, Edge Up, Everyday, or Private accounts. Crucially, applicants must not have received a previous switcher incentive from Santander and must not have held an account with the bank as of 1st January 2025.
Steps to Secure the Rewards
Customers need to complete several steps to unlock both the cash payment and Amazon voucher. First, they must successfully complete the account switch using the Current Account Switch Service. Within 60 days of opening the account, they need to set up at least two Direct Debits and pay in a minimum of £1,500. Additionally, to secure the £25 Amazon gift card, customers must make five debit card transactions within the first 30 days of account opening.
Additional Account Perks and Considerations
The paid current accounts come with several valuable additional benefits. These include cashback opportunities, comprehensive breakdown cover, and phone insurance protection. However, it's important to note that while the Santander Everyday account is free, the other eligible accounts come with monthly fees ranging from £3 to £17.
Alastair Douglas, CEO of TotallyMoney, commented on the offer, stating: "Santander is now offering a £25 Amazon gift card, in addition to £200 cash to people who switch to eligible Santander current accounts. As always, you'll need to jump through some hoops to get the bonus."
Banking Competition and Switching Ease
The banking sector is currently experiencing heightened competition, with six major banks now offering cash incentives to attract new customers. The Current Account Switch Service has made the process remarkably straightforward, automatically transferring balances, Direct Debits, and regular income within seven working days. More than 50 banks and building societies participate in this service, which has facilitated over 12 million account switches to date.
Douglas further advised potential switchers: "It's worth noting that while the Everyday account is free, the others come with fees. So, don't jump in before working out which is best for you. When it comes to banks, loyalty doesn't pay right now."
The £200 cash incentive is paid directly into the customer's account within 30 days of meeting all the criteria, while the Amazon voucher becomes available once the debit card transaction requirements are fulfilled. This offer represents one of the most substantial switching incentives currently available in the UK banking market.
