Santander explains free £150 payments customers will spot in bank accounts

Santander explains free £150 payments customers will spot in bank accounts

by · Birmingham Live

Santander has moved to explain mystery £150 payments landing in bank accounts amid the Cost of Living crisis. The high street bank, which is rivalled by NatWest, Nationwide, HSBC UK, Lloyds, Barclays and more, is handing £150 to new and existing customers in a newly launched current account bank switch deal.

Santander customers must use the Current Account Switch Service (CASS) to move to either a Santander Edge, Santander Edge Up, Everyday, or Private (v2) current account. Those eligible for the payment will get paid within 90 days of starting the switching process.

Andrea Melville, director of current accounts, savings and business banking at Santander, commented: “We’re excited to roll out our latest switching incentive, giving customers a quick boost to their finances and yet another reason to bank with us.

READ MORE Martin Lewis addresses university tuition fee hike and says 'to be really clear'

“Our £150 offer rewards both new and existing customers for making the switch, while our current accounts continue to deliver cashback and competitive rates on savings.” Customers must submit a switch request on or after November 4, 2024, and before the switcher offer is withdrawn.

They must then complete the full switch within 60 days of their initial switch request, including the closure of their previous account. People must then 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.

At least two active Direct Debits must also be set up on their new account within 60 days of the switch request. Direct Debits must remain active at the time of assessment. People will not qualify for the deal if they are not a UK resident, they switch from an account held with Santander, cahoot, or Cater Allen, they are switching to any Santander account that isn’t listed above or anyone named on the Santander account has previously received a switch incentive from Santander since September 2021.