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Major UK bank gives new customers £150 free cash in switch offer – here’s how to get money direct to your account
Read as we break down how to easily switch banks
A MAJOR high street bank is giving customers £150 free cash directly into their current account - here's how you can cash in.
It's only available for a limited time though, with the offer ending promptly at 11:59pm on Wednesday.
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The deal applies to both new and existing customers of Santander when they switch to an eligible current account.
All they need to do is open a Santander Edge, Edge Up, Everyday or Private current account online.
Banks often offer incentives to attract new customers, usually in the form of a cash bonus.
Customers just need to switch their current account using something known as the Current Account Switching Service (CASS).
There are a few other requirements too that need to be met before cashing in.
The bank insists new customers must have two active Direct Debits on the eligible account.
Santander also requires customers to pay in at least £1,500 within 60 days of the initial switch request.
If all these requirements are met the bank will deposit £150 into your account after three months.
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Both new and existing customers can switch either online via the Santander website.
Otherwise, they can pop into their local branch to take advantage of the offer.
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You won’t qualify for the switcher offer if:
- You are not a UK resident.
- You switch from an account held with Santander, cahoot, or Cater Allen.
- You are switching to any Santander account that isn’t listed above.
- Anyone named on the Santander account has previously received a switch incentive from Santander since September 2021.
Santander isn't the only bank offering free cash for customers who switch.
First Direct is also offering a £175 welcome bonus to new customers.
The account offers a £250 interest-free overdraft, subject to eligibility, and also access to the First Direct regular saver account, which pays 7%.
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.
It also says you’ll have no debit card fees when spending abroad.
To get the bonus, you need to complete a full switch using the Current Account Switch Service, including at least two direct debits or standing orders.
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Next, you need to deposit £1,000, make 5+ debit card payments, and log on to digital banking, within 30 days of your account opening.
The deal is only available to new customers only, who haven’t previously held a first direct product. It’s also not available for anyone who opened a HSBC current account on or after January 1, 2018.
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