Santander Offers £150 for a Simple Account Change
High street banking giant Santander has rolled out a lucrative deal aimed at attracting both new and existing customers. The deal promises a free £150 cash incentive for individuals who switch their accounts via the Current Account Switch Service (CASS) to one of the eligible accounts offered by Santander: Santander Edge, Santander Edge Up, Everyday, or Private (v2) current accounts. This offer is open to individuals who haven’t previously received a cash bonus for switching to a Santander current account since September 2021. The incentive follows recent debunked rumours surrounding Santander’s purported consideration of exiting the UK market due to stringent regulations.
Existing Santander customers are not left out of the exciting deal and can also benefit by switching an external account to their Santander one. To qualify for the £150 cash bonus, customers must complete the switch using CASS, which will automatically close the old account post-switch. Customers looking to take advantage of this offer can commence the process via online banking or by arranging an appointment at their local branch. The £150 bonus will be credited directly into the customer’s account within 90 days from the switch request. To ensure eligibility, customers must maintain active direct debits until the payment is processed, within 60 days of requesting the switch.
In response to earlier speculations fuelled by a report in the Financial Times suggesting Santander’s contemplation of a UK market exit, Santander’s executive chairman Ana Botin refuted the claims during the World Economic Forum in Davos. She emphatically declared Santander’s commitment to the UK market, stating, “We love the UK,” and reinforcing that it will continue to be a core market for Santander. As competition within the banking sector heats up, Santander joins other UK banks in offering enticing incentives to sway customers to switch their current accounts. Notably, First Direct offers a £175 incentive to new customers switching to its 1st account, while TSB provides up to £160 for individuals switching to its Spend and Save account.
The ongoing quest to attract and retain customers amidst a competitive banking landscape has seen various banks introduce enticing offers to entice individuals to make the shift. For example, First Direct is currently offering new customers a £175 incentive to switch to its 1st account, while TSB is providing customers with up to £160 as an incentive to switch to its Spend and Save account.
This move by Santander serves as a strategic effort to appeal to a broader customer base and boost customer loyalty in a dynamic financial market. Customers looking to take advantage of this offer should act promptly to secure the £150 cash bonus, as this opportunity presents a compelling proposition amidst the evolving banking sector landscape. The offer not only benefits new customers but also rewards existing Santander customers for choosing to consolidate their accounts with the bank. As consumers weigh their banking options, incentives like these play a pivotal role in influencing their decisions and fostering long-term relationships with financial institutions.