Santander switch offer: get £150 + £20 & more 

One other model new switching provide, and it’s open to present clients too

Santander has launched a change provide — their third of the 12 months. Right here’s what it is advisable to know to get the free money, and my evaluation of the way it compares to the opposite choices accessible.

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How a lot are you able to get with the Santander change provide?

This provide is simply £150, that’s down from the £175 in the summertime, £185 in March and £200 final 12 months.

You’ll be able to solely get one £150 bonus per particular person, so there’s no trick to double this with additional accounts or joint accounts. There’s additionally just one cost per joint account, so I’d recommend {couples} open up two separate accounts to maximise the money they get.

If you happen to go for the Edge present account you’ll additionally be capable of earn 1% cashback on payments and 6% financial savings curiosity, including much more to your return every year (although there’s a £3 month-to-month payment)

There’s additionally the prospect of one other £20 in case you apply by way of Quidco or TopCashback, supplying you with a change whole of £170.

If you happen to’re not already a member of both cashback website, ensure you sign up with a welcome bonus (although you’ll must spend at a distinct retailer first to set off this).

Who can get the Santander change bonus?

It’s accessible to new and present clients on the next accounts:

If you happen to don’t have one among these accounts you’ll must open one. If you have already got it, you’ll be able to change straight into it. The excellent news is that this time across the fee-free Santander On a regular basis account is again as a part of the provide.

You’ll be able to’t get the cash in case you’ve had a switching bonus from Santander since September 2021. This consists of the £50 refer-a-friend provide that used to run and provides for Cahoot or Carter Allen banks that are a part of Santander.

You’ll should be a UK resident too.

What are the necessities for the Santander change provide?

There’s fairly a bit it is advisable to do with this change, although you’ll discover that these are additionally necessities for a few of the accounts to earn ongoing cashback.

Full a full change by way of CASS

It’s important to use the Present Account Change Service to switch in from a present account held at one other financial institution (this additionally excludes Cahoot and Carter Allen). This previous account might be closed. You could do that inside 60 days of beginning the change course of.

New candidates can change by way of the web site, app, telephone or department as a part of your utility. The phrases say present clients may also now do the identical – beforehand they’d to enter a department.

Two lively direct debits

First, the account you turn into must have two Direct Debits lively after they run their eligibility checks (round 60 days after beginning the change).

These could be arrange after the change in case you don’t have them on the previous account you’re switching from. Listed below are some concepts for new direct debits you can set up, nonetheless with the Edge or Edge Up you’ll wish to transfer your invoice funds over to earn the cashback, so they may cowl you.

In case you are an present account holder and have already got direct debits on there then you definitely don’t must arrange new ones.

A £1,500 deposit

You have to pay into the account a minimum of £1,500 within the first 60 days. This is usually a single cost, or a number of deposits. The cash doesn’t have to remain within the account. You’ll be able to spend it or switch it out to a distinct account.

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When does the provide finish?

Santander hasn’t introduced when this provide will finish. I’d anticipate it to run for between two and 4 months, but it surely might go at any time.

When will the cash be paid?

The financial institution will examine you’ve met the circumstances 60 days after you’ve began the change, and pay the cash inside 30 days of this. So that you’re three months at most to get the money.

Nonetheless, it might be earlier. I received my money in eight weeks a number of years in the past. You have to preserve your account open to get the cash.

Which Santander account ought to I select?

So long as you pay your core payments from it, it’s properly value getting the Edge account to earn cashback in your payments. You can too get 6% interest on savings as much as £4,000 in 12 months one. Nonetheless, you’ll be paying £3 a month for this which can eat into your returns.

The Edge Up prices £5 a month and the extras don’t justify the elevated price, particularly since you’ll be able to’t entry that 6% Edge Saver account.

If you happen to don’t pay sufficient in your payments to cowl the cashback, or maybe you’ve got one of many older 123 or 123 Lite accounts, then I believe it’s higher to go for the On a regular basis account. This has no charges or fees, and works as an honest dummy account for future switches.

Is it value switching to Santander?

Andy’s evaluation

If you’ll earn cashback on payments by way of one of many accounts I’d preserve this as an account only for these funds slightly than making it your important account.

This separation helps with budgeting and likewise permits you to make the most of higher banking experiences from the likes of Starling or earn cash on spending from Chase.

I additionally suppose it’s value holding the account going to earn that cash again on payments, slightly than change once more for a distinct deal.

Santander change provide abstract

Different switching provides

A number of banks may also be offering an incentive to switch, so do take a look at the listing under earlier than deciding which to go for – you may be capable of get a kind of in earlier than the Santander change.

A fast observe although, if you’re opening new accounts (slightly than switching into present accounts) you’ll be credit checked on each application.

Earlier Santander change provides

• September to December 2021 – £130
• January to March 2022 – £140
• August to September 2022 – £160, then £175
• February 2023 – £200
• March 2024 – £175
• Might to June 2024 – £150