Santander UK has launched a new offer of £185 to switch to an eligible current account, as banks’ battle to attract customers heats up.
The offer is open to new and existing Santander UK customers, using the Current Account Switch Service (Cass) to switch to either an Everyday Current Account, Santander Edge Current Account, Santander Edge Up Current Account, or Private Current Account (v2).
To qualify for the payment, customers must complete the switch in 60 days, pay in at least £1,500 within 60 days of requesting the switch and set up two direct debits within 60 days.
Those eligible for the payment will receive it within 90 days of the switch process, Santander said.
The bank also said customers who have previously benefited from a Santander switcher incentive are not eligible for the new offer.
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Last week, HSBC UK launched a new switching offer of up to £220, which involves taking out a current account as well as regularly putting money into savings.
Customers can receive £100 after opening an Advance or Premier Account and meeting the criteria, which includes opening an Online Bonus Saver.
If customers continue to meet ongoing monthly criteria, including making a monthly deposit of a minimum of £50 into their Online Bonus Saver, they could receive up to a further £120 over 12 months as part of the offer, receiving up to £220 in total.
Cash switching offers from other banks also include £200 to move to a NatWest/RBS current account and £175 to switch to Lloyds.