Competition among banks to attract customers is rife with more and more issuing offers for switching. From hundreds of pounds in cash to low interest rates, some of the UKs biggest banks have introduced huge offers to get more customers to store their money with them.
For example, this week, Santander have launched a new offer where people can get £175 simply for switching their current account with them. As usual, there are some things new customers will have to do to get the cash but they are reasonably simple and can be done easily.
Those hoping to make the most of the offer will need to set up direct debits from their new card within 60 days of switching as well as pay in £1,500. The offer is not available for people who have previously received money by switching to a Santander current account. Providing that you qualify, your bonus will be paid within 90 days of starting the switch process. To get the latest money stories straight to your inbox twice a week sign up to our newsletter here.
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You can find out full details on the new offer here. This is not the first time the bank has offered cash incentives to get people on board, in April they offered £185 for customers hoping to switch, and as much as £200 back in January 2023. Switching to Santander Edge for a £3 monthly fee will also see new customers get 1% back on energy, council tax, broadband, TV, mobile & water bills (max £10/month) and 1% on supermarket, fuel and train spending (max £10/month). There’s also a linked saver that pays 7% on up to £4,000 for the first year – maxed out, this pays £280/year interest.
However, those looking to make the most of switching to the bank should consider doing it sooner rather than later, with Santander confirming this is a limited-time offer. The £175 cash offer on Santander Edge is one of the best switching incentives offered by UK banks at the moment but others still have deals to consider.
According to the Money Saving Expert website, First Direct also offer a £175 incentive for switching. First Direct’s 1st Account gives you access to a linked regular saver which pays 7% interest on up to £300/month, and many get an ongoing £250 0% overdraft. The debit card is also fee-free for overseas spending and ATM withdrawals.
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However, people can’t have ever had any accounts with First Direct and can’t have opened a current account with sister bank HSBC since January 2018.
The money experts have also listed Virgin Money’s M Plus account as a good option for switchers. Currently, new joiners will be able to get an extra 10.47% AER fixed interest on top of the usual 2.02% on £1,000 saved in the account. To be eligible you can’t have an M, M plus or Club M account currently open and any of these previous accounts will need to have been closed before April 30.
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