Major bank giving away free cash worth £175 – how to get it
A MAJOR bank is offering new and existing customers £175 to switch to their current account.
Customers who swap from their current account to a Santander 1I2I3, 1I2I3 Lite, Everyday, Select or Private Current Account will get the cash bonus.
And within 60 days of the switch, they also have to have set up and be maintaining two active direct debits, deposit at least £1,000 and log in to online or mobile banking.
The £175 cash will be paid directly into their qualifying Santander current account within 30 days of the £1,000 being transferred.
Existing customers can switch in Santander branches and new customers can choose to switch either in branch or online.
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On top of this, the bank will also give customers with these accounts, plus those on Santander Home and Santander Life Insurance policies, cashback on their gas and electricity bills for two months, from September.
The cashback will be paid by direct debit and the monthly cap will double from £5 to £10 per month.
However, to be eligible for the cashback, customers have to pay in at least £500 per month (excluding internal transfers) and have at least two active direct debits.
Anyone who has received a previous bonus for switching onto a Santander current account will not be eligible for the £175 bonus.
It's not clear how long the bonus is running for either, but banks can remove bonuses at any time.
Of course, it's always worth comparing current accounts and not just jumping into the Santander offer because of the £175.
You should choose an account that suits your needs and has an overdraft facility.
You don't have to remember to move direct debits over when moving as it does this everything for you.
All you have to do is apply for the new account you want and the new bank will let your existing provider know you're moving.
There are some steps you can take before switching though, such as choosing your switch date, or organising transferring your old bank statements to your new account.
To get your old statements you should get in touch with your bank.
What other switching bonuses are there out there?
Santander is not the only bank to offer a switching bonus.
Many banks and building societies try to tempt customers away from their rivals with their own offers.
First Direct is currently offering a £175 switching bonus for customers.
Customers switching over to Halifax will be in line for £150.
Using the CASS, you can switch to a new or existing Reward Current Account or Ultimate Reward Current Account.
One thing to bear in mind with the Ultimate Reward Current Account is that you have to pay a £17 monthly fee to maintain the account.
For the Reward Current Account, there's no monthly fee if you pay in more than £1,500 each month otherwise it's a £3 monthly fee to maintain the account.
Nationwide also offers a switching bonus, and you can get £100 if you're not a member, and £125 if you are.
People wanting to switch to Virgin Money can get 20,000 Virgin Points if they complete.
The points can be used like vouchers.
10,500 points will get you a cream tea with a glass of champagne for two at Harrods and a wellness aromatherapy pamper gift set is worth 5,750.
A Virgin Voyages backpack will set you back 5,500 points.
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Virgin Money is also currently offering a 25% cashback offer for customers.
The Sun previously spoke to a serial bank switcher who made £400 in a year.