In a significant move to attract new clients, the banking giant Santander has announced it is doubling its cash incentive for customers who switch their current account.
A Boosted Banking Bonus
The bank is now offering a substantial £200 bonus payment to new customers who leave their existing bank and complete a full switch to Santander. This marks a major increase from its previous offer of £100, signalling a strong push to grow its customer base in a competitive market.
The offer is specifically tied to the Santander Edge current account, which carries a £3 monthly fee. However, this account also provides the benefit of up to £10 per month in cashback on household bills paid by direct debit. Santander states that for most users, this cashback will easily outweigh the account's monthly charge.
More Than Just a Cash Bonus
Beyond the upfront payment and monthly cashback, the Edge account comes with another attractive feature. It includes a linked easy-access savings account that pays a competitive 6% interest on balances of up to £4,000.
This new deal places Santander firmly among other major banks currently vying for new business with lucrative switching bonuses. Financial experts are encouraging consumers to scout the market for the best available deals, as it has become a straightforward way to earn extra money.
Making the Switch is Simple
According to consumer champion Money Saving Expert, the process of changing banks has never been easier. The Current Account Switch Service (CASS) handles the vast majority of the work for customers.
This guaranteed service will close your old account and seamlessly transfer your money, along with all your direct debits and standing orders, to your new Santander account. The entire process is designed to be completed within just seven working days.
To take advantage of the offer, you simply need to open a new Santander account and request a switch during the application. The service is available so long as both your old and new banks are part of the CASS scheme, which covers the vast majority of UK banks.
