Santander has issued a fresh alert to banking customers, putting those with over £1,500 in their accounts on notice for a potential £200 windfall. The high street bank is running a lucrative switching incentive designed to attract new clients to its current account range.
How to Claim Your £200 Switching Bonus
The offer is straightforward but comes with specific conditions that must be met. To receive the £200 payout, customers must open an eligible Santander current account and request a full switch using the industry's Current Account Switch Service.
The key eligibility criteria are clear. You must complete the switch to Santander within 60 days of your initial request. Furthermore, your new account needs to have at least two active household Direct Debits transferred, and you are required to pay in a minimum of £1,500. If all these conditions are satisfied, the £200 incentive will be paid 90 days after the switch request.
The Crucial Details You Need to Provide
Santander has emphasised the importance of accuracy during the switching process. The bank advises that the personal details you provide must exactly match those held by your old bank. "It’s important that the details you provide are the same as the ones held at your old bank," a Santander spokesperson stated. "So if you need to update names or addresses for example on your old account, it’s best to do this before you start your switch."
During the application, you will be asked to hand over three specific pieces of information:
- Your old account's sort code and account number.
- The number and expiry date of your existing debit card.
- The debit card details for all applicants on the account.
What the Switch Service Moves For You
The Current Account Switch Service, which Santander uses, is designed to simplify the process. It will automatically transfer your existing account balance, any regular income payments such as your salary or pension, and all outgoing commitments including Direct Debits and standing orders. Your list of saved payees will also be moved across.
A significant benefit is the redirection service. For 36 months after your switch, any payments mistakenly sent to your old account will be automatically forwarded to your new Santander details. The service will also notify the sender of your new account information.
Potential switchers should note a crucial restriction: you cannot switch a joint account into a sole-name Santander account using this service. Santander clarified, "We cannot switch your current account if you have a joint account with your old bank and your new Santander account is just in your name."
It is also possible to switch from a bank or building society not signed up to the official Switch Service, but doing so will render you ineligible for the £200 cash offer.
