Santander launches £185 switch incentive – as Britons who had no options a month ago are suddenly flooded with offers
Santander is offering £185 to people who switch from a rival bank.
The offer is open to new and existing Santander customers, using the Current Account Switch Service to switch to certain current accounts.
In order to qualify, you need to switch within 60 days of requesting the move – and within that timeframe pay in at least £1,500 and set up two direct debits.
You’ll then get the money within 90 days.
Who else has offers like this?
HSBC is offering a switch offer of up to £220 – on the basis you make a new current account and regularly pay into savings with them.
Cash switching offers from other banks also include £200 to move to a NatWest/RBS current account and £175 to switch to Lloyds.
Before you switch…
When you apply for a new bank account, most banks will run a hard credit check – which can temporarily affect your credit score.
While this won’t be a problem for most people – especially if you’re only making one or two switches – you might want to reconsider if you’re taking out a loan or mortgage any time soon.
Consumer site Which? suggests spreading credit applications out and not applying for multiple current accounts at once.
You might also want to consider whether you have had any other hard credit checks recently, such as applying for a credit card.
Experian adds: “Opening a new bank account should only lower your credit score temporarily – but if you do it too often, your score won’t have time to recover.”
A small number of banks – including Monzo and Starling Bank – run soft credit checks, which won’t affect your credit score.
