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New current account cash switching offers available from Monday

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More major banks are launching cash offers to switch as the battle to attract current account customers intensifies (Dave Thompson/PA) (PA Archive)
More major banks are launching cash offers to switch as the battle to attract current account customers intensifies (Dave Thompson/PA) (PA Archive)

More major banks are launching cash offers to switch as the battle to attract current account customers intensifies.

Some customers may find the additional cash handy in the run-up to Christmas.

Santander said it is offering £130 cashback to both new and existing customers when they switch their current account to a 123, 123 Lite, Everyday, Select or Private Current Account through the current account switch service (Cass).

  • Within 60 days of requesting the switch, customers will need to complete the switch

  • Set up two active direct debits

  • Deposit at least £1,000

  • Log in to their account using either online or mobile banking

To qualify for the £130, within 60 days of requesting the switch, customers will need to complete the switch, set up two active direct debits, deposit at least £1,000 and log in to their account using either online or mobile banking.

Existing customers who have previously opened a 123, 123 Lite, Everyday, Select or Private Current Account can still benefit from the cashback, as long as they complete a full switch from an account they hold elsewhere to their Santander current account using Cass.

Hetal Parmar, head of banking at Santander UK said the £130 cashback could be “a welcome boost in planning for Christmas and the holiday period”.

HSBC UK also launched a current account switch offer on Monday.

It provides those switching their current account to an Advance or Premier Account with £110 in cash plus an additional £30 to eat in using Uber Eats or to eat out using the Dining Out Gift Card.

Last week, Lloyds Bank also launched a new offer of £100 cash to switch.