Santander is sending people with £1,500 bank balance a free payment

Santander is paying people who have a bank balance of £1,500 a free £150 - if they meet certain criteria. Submit a switch request on or after 4 November 2024 and before the switcher offer is withdrawn and you could be entitled to the cash, Santander says.

The high street bank says complete the full switch within 60 days of their initial switch request, including the closure of their previous account, and pay in at least £1,500 to their eligible Santander account within 60 days of the switch request.

This can be made through one or more payments. Then, set up at least two active Direct Debits on their new account within 60 days of the switch request. Direct Debits must remain active at the time of assessment. Those eligible for the payment will get paid within 90 days of starting the switch process.

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Both new and existing customers can switch online through the Santander website or visit a branch to take advantage of this offer. The customer bank says customers can switch using the Current Account Switch Service (CASS) to either a Santander Edge, Santander Edge Up, Everyday, or Private (v2) current account will qualify to earn £150.

Existing Santander Edge current account, Santander Edge Up current account, Everyday current account and Private current account (v2) customers, can also use the current account switch service (CASS) to transfer their balances and direct debits from bank accounts with other providers into their existing Santander current account to benefit from the offer.

Santander says: "Current Account Switch Service (CASS) makes switching simple, by transferring the existing current account balance, and all direct debits, standing orders and salary commitments, within seven days. The £150 switching offer is for a limited time period and can be withdrawn at any time.

Santander assesses whether a customer has achieved eligibility for the offer 60 days after the switch through CASS has been requested. If eligible, the £150 payment is then made within 30 days after that assessment.

Santander offers a wide range of personal and commercial financial products and services The bank has around 19,400 employees and serves around 14 million active customers, 7 million digital customers via a nationwide 444 branch network, telephone, mobile and online banking.

In the first quarter of 2024, Banco Santander had €1.3 trillion in total funds, 166 million customers, 8,400 branches and 211,000 employees.