Santander has issued a significant update for banking customers, confirming it is making free £200 payments to those who successfully move their current account to the bank.
How to Claim Your £200 Switching Bonus
The offer is designed to attract new current account holders. To be eligible, you must not have held a Santander current account on 1 January 2025 and must not have received a Santander switcher incentive in the past.
Prospective customers need to open an eligible current account and request a switch using the Current Account Switch Service before the offer is withdrawn. The bank emphasises that the personal details provided must exactly match those held at your old bank.
Once the switch is requested, you have 60 days to complete the process. Furthermore, you must transfer at least two active household Direct Debits and pay in a minimum of £1,500. If all criteria are met, the £200 incentive will be paid 90 days after the switch request.
The Switching Process Explained
For those without an existing Santander account, applications can be made online or in a branch, including those in Birmingham. During the application, you simply need to answer 'Yes' when asked if you want to switch to Santander.
Existing Santander customers can also use the service to switch accounts they hold with other banks. This can be initiated by logging into online banking, visiting the ‘Switch Online’ section, and clicking ‘Switch To Us’, or by visiting a local branch, where an appointment may be necessary.
Santander assures customers that the switch service will seamlessly move your account balance, regular income such as salary or pension, and all existing Direct Debits and standing orders. It will also transfer your entire list of payees and ensure any payments mistakenly sent to your old account are redirected to your new one.
Is This Switch Right For You?
Santander's message to potential customers is clear: "Some decisions in life you’re stuck with. Fortunately, your current account’s not one of them." This promotion presents a tangible financial incentive for those considering a change in their banking provider.
It is crucial to ensure all your details are correct with your old bank before starting the switch process, particularly names and addresses, to avoid any delays or complications.
