Santander Announces Major Branch Network Restructure with Customer Incentives
Santander UK has today confirmed significant changes to its physical branch network, announcing the closure of 44 locations across the country. This move forms part of the bank's ongoing transformation strategy, which responds directly to evolving customer banking habits and the substantial shift toward digital financial services.
Branch Network Transformation Details
Following these closures, Santander's revised branch network will comprise 305 locations nationwide. This restructured portfolio includes:
- 244 full-service branches offering comprehensive banking facilities
- 19 counter-free branches designed for digital assistance and consultations
- 36 branches operating with reduced hours to serve local communities
- 6 innovative Work Café locations combining banking with workspace facilities
- 111 Santander Locals providing essential banking services in partnership with the Post Office
Customer Switch Incentive Programme
Alongside the branch closure announcement, Santander is launching an attractive incentive programme for new customers. Those switching to Santander current accounts can receive a combined £225 in benefits, comprising:
- A £200 cash bonus for completing a full current account switch
- A £25 Amazon gift card for new account holders
To qualify for the £200 cash incentive, customers must pay a minimum of £1,500 into their new account and transfer at least two Direct Debits using the Current Account Switch Service. The Amazon gift card requires account holders to make five or more debit card transactions within the first 30 days of opening their account.
Available Current Account Options
Santander offers three primary current account options, each with distinct features and benefits:
- Everyday Edge Current Account: A completely free account with standard banking features
- Edge Up Current Account: Available for £5 monthly fee, offering enhanced benefits including cashback opportunities
- Edge Explorer Current Account: Priced at £17 monthly, this premium account includes breakdown cover and phone insurance alongside other premium features
Industry Perspective on Banking Changes
Alastair Douglas, CEO of credit broker TotallyMoney, commented on the current banking landscape, stating: "When it comes to banks, loyalty doesn't pay – and right now, six will give you cash to move accounts. With the Current Account Switch Service, it's easy to do. Your balance, Direct Debits, and regular income will all be transferred automatically within seven working days."
He further noted that more than 50 banks and building societies participate in the switching service, which has facilitated over 12 million account transfers since its introduction.
Santander's Strategic Direction
A Santander UK spokesperson explained the rationale behind these changes: "In response to a continuing and sizeable shift towards customers using digital banking, we are making changes to our branches to better support our customers. We will continue to invest in both our branch network – comprising of full-service branches, counter-free branches, reduced-hour branches, Santander Locals, and our increasingly popular Work Cafés – as well as our digital banking services, so we can be there to support our customers however they choose to bank with us."
This announcement reflects the broader transformation occurring across the UK banking sector as financial institutions balance physical presence with digital innovation while competing aggressively for new customers through attractive switching incentives.
