Santander has posted an update that could prove useful for customers awaiting their £180 switch incentive. The bank is offering £180 to eligible customers who transfer their current account to Santander.
According to the bank’s website, the offer is unavailable to customers who held a current account with Santander on January 1, 2025, or who have previously received a Santander switcher incentive. However, for those who qualify, there’s £180 available.
To be eligible for the incentive, Santander states that customers must open an eligible current account, request a switch using the Current Account Switch Service before the offer ends, complete the switch within 60 days of making the request, have at least two active selected household Direct Debits and pay in £1,500.
People can expect the payment within 90 days. The bank’s website confirms: “90 days after your request to switch, if you meet eligibility criteria, you’ll receive your £180.” A member of the bank’s social media team also outlined the timeline with a customer who contacted Santander on X to enquire when they would receive their money, reports the Mirror.
In the message posted to @Santanderuk, the social media user asked: “I’ve completed the terms for the bank switch around a week ago or so, when can I receive my switch incentive?” In a response from the bank’s official account, a team member explained that the switch bonus is assessed within 60 days and paid within 90 days.
The response said: “Hi there, the switch bonus is assessed within 60 days and paid within 90. You can view the full T&C’s for this here.”
Replying to the message, the customer wrote: “Yes I’m looking to speed that up if possible.” A Santander employee replied: “Unfortunately, this isn’t possible I’m afraid.”
Customers can view the terms and conditions of the offer online. The bank states: “We’ll check your Santander account 60 days after the switch has been instructed.
“If you qualify, we’ll make the switcher offer payment to you within 30 days following our decision. The payment will be made directly into your Santander account. No alternative payment is available.”
According to Martin Lewis’ MoneySavingExpert (MSE), switching to a new current account could be a ‘quick, easy’ method to secure free cash, as numerous banks offer switching incentives. However, it’s important you follow the instructions closely.
The website explains: “Banks often offer switch incentives – usually free cash, sometimes boosted savings rates or other perks – to get you to open an account and switch from a rival. Always check the requirements carefully. If you miss a step you won’t get the bonus.”
