Santander is providing a generous £625 incentive for customers to switch their current accounts before February 6th. This offer includes a £150 upfront bonus and further payments throughout the year. The bank also offers a cashback Santander Edge account and a 6% interest savings account. However, this limited-time offer ends on Wednesday, February 5th at 11:59 pm.
Santander , a well-established high street bank, is presenting a compelling offer to entice customers to switch their accounts before the deadline of Thursday, February 6th. Despite recent speculation about the bank's potential departure from the UK market, Santander is extending a generous incentive that provides new customers with a substantial upfront cash bonus of £150 for switching.
This introductory payment is followed by several additional installments over the course of the next year, culminating in a total potential reward of £625 for customers who switch before the deadline. However, this enticing offer is time-sensitive and will only be available until Wednesday at 11:59 pm, just one minute before Thursday. After this time, the initial £150 switching bonus will no longer be accessible.New customers who join after this deadline can still benefit from the remaining £475 in payments over the subsequent year. The bank's current promotion encourages customers to switch their current accounts to Santander and open a Santander Edge account, which comes with a monthly fee of £3 but offers the potential for up to £20 per month in cashback. Initially, customers can earn up to £10 per month in cashback on essential household bills such as council tax, energy bills, and water bills. Subsequently, they can earn an additional £10 per month in cashback on everyday spending, bringing the total cashback potential to £20 per month or £240 per year. Furthermore, the bank offers a linked 6% easy access savings account. If maximized with a deposit of £4,000 – the maximum deposit allowed – customers could potentially earn approximately £235 in interest after a year, according to reports from The Express. This means that Santander customers could receive a total of £625 in benefits over a year, including the £150 switching bonus. To ensure you don't miss out on this lucrative opportunity, it's crucial to act promptly as the offer expires on Wednesday, February 5th at 11:59 pm. Santander has officially announced the termination of its £150 switcher offer on Wednesday, February 5th, 2025, with switch requests being accepted until 11:59 pm on the same day. The bank has observed a significant surge in switching requests since the launch of the switcher offer on November 4th, 2024. Santander has been offering £150 to both new and existing customers who switch their current accounts to either a Santander Edge current account, Santander Edge Up current account, Everyday current account, or Private current account v2. The bank emphasizes that applications received to switch accounts to Santander before the deadline will be eligible for the switcher incentive, even if the switch is completed after the offer is withdrawn. To qualify for the £150 payment, customers must fulfill several criteria, including completing the full switch within 60 days of their initial request, paying in at least £1,500 within 60 days of the request (not necessarily in one payment), and setting up two active direct debits within the same timeframe. Direct debits to fund Santander, cahoot, or Cater Allen savings accounts are not counted towards this offer. Customers must also continue to hold the qualifying current account on the day the payment is made. It's important to note that customers who have previously benefited from a Santander switcher incentive are not eligible for this latest offer. The bank assures that those who are eligible for the payment will receive it within 90 days of completing the switch process. In response to concerns about Santander potentially leaving the UK, Executive Chairman Ana Botin has reassured stakeholders that the bank remains committed to the country, stating, 'We love the UK'. This statement follows reports in the Financial Times suggesting that Santander is reconsidering its presence in the UK. Speaking at a panel discussion at the World Economic Forum in Davos, Switzerland, she emphasized, 'It is a core market and will remain a core market for Santander.
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