Santander launches £185 switching offer – find out how to qualify

Santander has just launched a brand new £185 switching offer if you use the Current Account Switch Service (CASS) to fully switch to an eligible bank account. You'll need to set up two active Direct Debits and pay in £1,500 within 60 days of requesting the switch. If you complete the process successfully, you'll get £185 paid into your new account within 30 days. The offer is indefinite and as such it could be pulled at any time.

This is the latest in a flurry of switching offers over the last few weeks. Last week, HSBC launched a brand new switching offer where those choosing to switch could earn up to £220, and earlier this year, NatWest and Lloyds came announced their own offers paying qualifying customers £200 and £175 respectively.

How to qualify for Santander's £185 switching offer

Both new and existing customers can benefit from this offer. If you already hold an eligible Santander account, all you need to do is visit your local branch and switch the account you hold elsewhere to your existing eligible Santander account. To qualify, you'll need to complete a full switch via CASS, which means your old account will be closed.

However, you won't be eligible for this offer if you've previously received a switching bonus from Santander. You also can't switch an account you hold with Santander, cahoot, or Cater Allen as part of this offer. It will need to be a different current account held with a different provider.

To qualify, you'll need to follow the process below:

1. Choose an eligible Santander bank account to switch to (see below for your options).
2. Apply for the account and request that your other current account is switched to Santander.
3. Within 60 days, set up 2 active Direct Debits; they can't be used to fund a savings account with Santander, cahoot, or Cater Allen.
4. Within 60 days, pay £1,500 into your account.
5. Complete the full switch, including ensuring your external account is closed within 60 days of requesting the switch.
6. Ensure your Santander account remains open on the date that Santander makes the bonus payment.
7. Santander will check if you meet the requirements and then pay £185 into your account within the next 30 days.

Santander will switch your account through the Current Account Switch Service when you request the transfer. You can choose the date when your account is switched over. Your balance, standing orders, and direct debits will be transferred to your new account and your old account will be closed.

How to switch if you're a new customer

If you're a new Santander customer, you can apply for the account of your choice online or in branch. When you apply, you'll be asked whether you want to switch an existing account to Santander. You'll need to tick "Yes" and fill in your application as normal.

How to switch if you're an existing customer

If you already hold a Santander account and you want to switch to another current account to benefit from the offer, you'll need to visit your local branch to make the request. Santander will be able to take care of the switch at their end.

Which Santander bank accounts are eligible for the £185 switching bonus offer?

Not all Santander bank accounts are eligible for this offer. If you want to get the £185 bonus, you'll need to choose from one of the Santander bank accounts below:

• Everyday Current Account
• Santander Edge
• Santander Egde Up

Santander Account Comparison table

The table below provides an overview of the key features to help you decide which Santander account you prefer.

	Everyday Current Account	Santander Edge	Santander Edge Up
Monthly fee	FREE	£3	£5
Cashback
Exclusive savings rates
Current account interest

If you opt for either Santander Edge or Santander Edge Up, you'll also need to pay in between £500 to £1,500 per month depending on the account of your choice. You'll need to have two active Direct Debits as well, and pay the monthly fee to keep the account open.

You can find out more about the eligible bank accounts via the Santander website.

Which switching offer should you go for?

There are a few decent switching offers on the market right now. HSBC is offering up to £220 to switch, however, the qualifying criteria is a little convoluted and Lloyds and NatWest offer more straightforward options.

If you're not eligible for Santander's offer, but you want to earn a switching bonus, take a look at the best current account switching offers on the market right now. We frequently update the article so it's a good idea to bookmark it and check back often so you don't miss out.