Santander Offer £140 for Switching Bank Account

Written by James Caldwell
Last updated: 28th January 2022

Santander Offer £140 for Switching Bank Account

Switching bank account providers has become a quick and easy process in the modern world, thanks to the Current Account Switch Service.

You can switch bank accounts in just 7 days, and you can use your old account right up until the switch is activated making it a convenient and hassle-free process.

And banks know how easy it is to switch, which is why they offer great rewards to customers willing to do so.

Santander are the latest to run a cash incentive for switching, with £140 on offer to new customers meeting the criteria.

We’ll go through everything you need to know about the Santander offer including:

  • How to meet the criteria
  • What to look out for and FAQs
  • How to start the process

Get Santander £140 Bank Switch Deal »

What are the rules for Santander’s current account switch offer?

Within 60 days of requesting your bank account switch, you must:

  • Set up and maintain at least two active direct debits
  • Deposit at least £1,000 into your new account
  • Log in to your account either via online banking or through the mobile app

Make sure you tick all of the above boxes when you switch, or you may end up switching your account but not managing to qualify for the £140 cash back.

What if I’m already a Santander customer?

The switch scheme is confirmed as applicable to both new and existing customers.

Therefore, if you already have a Santander bank account, you can still qualify for the £140 reward as long as you haven’t already claimed a previous cashback reward from Santander for switching.

What type of NatWest account do I need to open to get the reward?

The following bank accounts are all eligible to open to qualify for the switch reward scheme:

  • 1I2I3
  • 1I2I3 Lite
  • Everyday
  • Select
  • Private current account

Get Santander £140 Bank Switch Deal »

Along with the £140 reward for switching, you can also benefit from Santander’s standard banking benefits in the form of:

  • Retailer Offers
  • 1I2I3 World

With Santander’s Retailer Offers you can earn up to 15% cashback on your debit and credit card spending and select offers from a wide range of retailers.

With 1I2I3 World, you can benefit from preferential rates on a range of savings products, including the Regular e-Saver, as well as qualify for deals on other products such as discounts of up to 30% on travel insurance.

You can also get up to 3% on the monthly cost of selected household bills with a 1I2I3 or 1I2I3 Lite account.

With a 1I2I3 account, you can also earn 0.3% gross variable interest on cash balances up to £20,000.

What type of bank accounts are eligible to switch?

You can switch any current account that partakes in the Current Account Switch Service Scheme which includes most retail bank providers in the UK.

Do I have to close my existing account to qualify for the £150?

Yes, your old bank account will automatically be closed by the Switching Service upon the completion of your transfer.

All of your direct debits and payments going into your old account will be switched automatically to your new account for you, making the process hassle-free.

How long does the bank account switch process take?

The Current Account Switch Service is guaranteed to complete in just 7 days.

You can still use your old bank account up until day 6 of your switch process. This includes all banking facilities such as bank transfers, debit card payments, online banking and more.

You can also use your new account straight away once the transfer completes, so you won’t face a delay in between using your new bank.

Can I qualify for more than one £140 reward?

No, you are only able to switch one account to claim the £140 reward. This also means that if you’ve already benefited from a Santander cashback reward in previous years’ campaigns, you won’t be able to qualify again.

When will the £150 reward be paid?

Santander will pay your cashback reward directly into your bank account within 30 days following completing your switch and all the qualifying steps.

How do I switch my bank account for the reward?

You can switch bank accounts by going to the Santander website and following the £140 cashback link.

Get Santander £140 Bank Switch Deal »

The process can be fully completed online in a matter of minutes.

Remember – make sure your details are up to date with your old bank before you apply, including your address, to ensure the switching process runs smoothly.