Major bank offering £200 free cash – how to get it
A MAJOR bank is granting new and existing customers an extra £200 if they switch over.
Santander is offering the cash bonus to anybody switching to any of its five current accounts.
To do it, you'll need to make the switch using the Current Account Switching Service (CASS).
Banks often offer switching bonuses to entice new customers in.
But you usually have to meet certain rules to get the money paid to you.
Santander's offer is only applicable to customers who switch to a Santander Edge, 123, Select, Private or Everyday current account.
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You'll have 60 days after switching to set up and maintain two active direct debits.
You'll then need to deposit at least £500 a month and sign up to online or mobile banking.
Roughly 30 days after this is done, you'll see the money appear in whichever Santander current account you switched to.
However, beware that some of Santander's current accounts require you to pay a monthly fee.
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You'll pay £3 for a Santander Edge current account, and a £4 monthly fee for the 1|2|3 and Select current accounts.
There is no fee for the Everyday Current Account.
Hetal Parmar, head of banking at Santander UK said: “With many of us being mindful of the rising cost of household bills, groceries and travel, our Edge Current Account is specifically designed to pay cashback on these essential bills and spend.
"For a limited time, we’re also offering £200 cashback to customers who switch their current account to Santander, putting even more money into people’s pockets.”
Those switching to an Edge Current Account can also get up to £20 cashback to go towards essential items.
The account will also offer:
- 1% cashback (capped at £10 a month) on essential shopping, council tax, gas and electricity, mobile, landline, broadband, paid-for TV packages and transport-based spending
- Access to your easy-access savings account, Santander Edge saver, offering interest of up to £4,000 per year
- Fee-free international and UK CHAPs transfers
- Free use of Santander ATMs overseas
- In-app money management insights through My Money Manager
You can find out more about the other current accounts on offer via Santander's website.
How do I switch my current account?
If you are looking to take up Santander's switching bonus offer, the process isn't too complicated.
You can make the switch through the Current Account Switching Service (CASS) in a few steps.
You just have to contact Santander to apply for one of the four current accounts.
If you are accepted, they will offer to make the switch for you automatically and ask you to choose a date to do it.
Your old bank should then talks to Santander and everything will be switched across, including your balance, direct debits and salary.
After this you will receive your new cards, log-in details and any PINS.
What other banks offer switching bonuses?
Lloyds Bank is giving £200 to anyone who switches to one of four current accounts.
It's only available to customers who switch to a Lloyds Silver Account, Club Lloyds Silver Account, Lloyds Platinum Account or Club Lloyds Platinum Account.
Existing Lloyds customers can take advantage of the switching bonus.
But you won't qualify if you received cashback for switching to the bank from April 2020.
You have to start the switching process, which can be done through internet banking or on the app, by March 20.
The £200 will be paid into your account within 10 working days of starting the switch.
Otherwise, First Direct is also offering a switching bonus.
Customers can get £175 in free cash if they open a 1st Account with the bank and switch within three months.
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Plus, you have to pay in £1,000 or more within the same period.
Once you've done this the £175 is paid to you within 28 days.