Third major bank to axe £185 free cash offer – and you have just HOURS left to claim
THERE are just hours left to claim if you want to get your hands on £185 in free cash.
Santander’s bank switching offer is open to both new and existing customers – but it ends today.
We have seen a wave of switching offers in recent weeks with banks including Lloyds, Nat West and Santander all competing for your money.
However, these offers never stick around for long and you need to be quick if you want to cash in.
NatWest and Royal Bank of Scotland were offering £200 free cash to new customers who switched to them, however, that offer expired on April 2.
Likewise, Lloyds Bank was tempting new customers with £175 to switch to one of its qualifying accounts before the end of March.
Although both of those offers have finished, there is still a chance to get your hands on some free cash with Santander, but you need to be quick.
The banking giant is offering £185 to new and existing customers who switch to a qualifying account, until midnight tonight.
There are certain conditions attached to the offer and we explain in full, below.
What is the Santander switching offer?
Customers using the Current Account Switching Service (CASS) to switch to either an Everyday Current Account, Santander Edge Current Account, Santander Edge Up Current Account, or Private Current Account v2 will earn £185.
There are certain criteria that you must meet to cash in on the £185 payment, and they are as follows:
- Complete the full switch within 60 days of requesting the switch process (including the closure of the old account).
- Pay in at least £1,500 within 60 days of requesting the switch process (this does not need to be in one payment).
- Set up two active direct debits within 60 days.
- Continue to hold the qualifying current account on the day the payment is made.
Those eligible for the payment will get paid within 90 days of the switching process.
New customers can switch online through the Santander website, over phone, or in branch.
Existing Santander UK customers must visit a branch to take advantage of this offer.
How do I switch bank accounts?
SWITCHING bank accounts is a simple process and can usually be done through the Current Account Switch Service (CASS).
Dozens of high street banks and building societies are signed up – there’s a full list on CASS’ website.
Under the switching service, swapping banks should take seven working days.
You don’t have to remember to move direct debits across when moving, as this is done for you.
All you have to do is apply for the new account you want, and the new bank will tell your existing one you’re moving.
There are a few things you can do before switching though, including choosing your switch date and transferring any old bank statements to your new account.
You should get in touch with your existing bank for any old statements.
When switching current accounts, consider what other perks might come with joining a specific bank or building society.
Some banks offer 0% overdrafts up to a certain limit, and others might offer better rates on savings accounts.
And some banks offer free travel or mobile phone insurance with their current accounts – but these accounts might come with a monthly fee.
What other banks have switching offers at the moment?
If you have missed out on these latest bank switching offers, there is still a chance with First Direct.
First Direct is offering new customers £175 in free cash along with a £250 overdraft and a 7% regular saver.
New customers will have until April 22 to take advantage of this offer so there is plenty of time yet.
This switching offer also comes along with other perks such as fee-free overseas transactions and ATM withdrawals.
All you need to do to get the bonus is switch your account from a different bank along with two direct debits or standing orders.
Then just pay in £1,000 minimum within 30 days and log onto mobile or online banking.
If you meet all of these requirements £175 will be paid into your account before the 20th of the following month.
Things to watch out for when switching your current account
There are usually certain criteria that you need to meet to get the cash bonus when switching, so make sure you check all the details before signing up.
As tempting as the thought of bagging some free cash may be, do make sure that the account you are switching to suits you in the long term.
Some accounts come with fees, and others need a set amount of money to be paid in over a certain period of time, so bear that in mind.
Some people are quite nervous about switching as they think that they will have to do all the work themselves, but that is not true.
In most cases to qualify for the switching offer you need to complete the switch through the current account switching service (CASS).
If you are savvy you can earn thousands by taking advantage of multiple switching offers throughout the year.
It is worth bearing in mind, however, that while it can be profitable, switching your bank can impact your credit rating in the short term.
Therefore if you have an important credit application you are looking to make soon, such as a mortgage, it could be worth holding off until after that.
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