Santander is offering £625 to customers switching by Thursday (Image: Getty)
High street bank Santander is giving a bumper £625 to customers who switch their accounts before this Thursday, February 6.
The bank, which had been rumoured to be considering an exit from the UK market, has an offer which will give new customers £150 cash up front to switch, followed by several more payments over the next 12 months.
But the deal is only available until this Wednesday at 11.59pm, one minute before Thursday, after which the free £150 will be pulled – although new customers joining after that date will still be able to get their hands on the other £475.
Right now, customers who ditch and switch their current accounts and transfer to will be given £150 if they open a Edge account. This account charges £3 a month, but offers up to £20 a month cashback.
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First, you get up to £10 a month cashback on household bills – such as council tax, energy bills and water bills.
Then you get another £10 a month cashback on daily spending, up to a total of £20 a month which over a year would make £240 of total available cashback.
Then, the bank also has a linked 6% easy access account. If this were maxed out with £4,000 (the max you can deposit), you would get about £235 of interest after a year.
That makes a total of £625 available to customers over the course of a year including the £150 switching bonus.
But you need to hurry because the offer will end on Wednesday, February 5 at 11.59pm.
Santander said: “ has announced that it will be ending its £150 switcher offer on Wednesday 5 February 2025, with switch requests accepted until 23:59 on 5 February. The bank has seen strong demand in switching requests since the switcher offer was launched on 4 November 2024.
“Santander has been offering £150 to both new and existing customers1 when they switch2 their current account to either a Santander Edge current account, Santander Edge Up current account, Everyday current account or Private current account v2.
“Applications received to switch accounts to Santander before the deadline will be eligible for the switcher incentive, even if the switch completes after the offer is withdrawn. To qualify for the £150 payment, customers must:
“Complete the full switch within 60 days of their initial switch request (including the closure of the old account).
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Pay in at least £1,500 within 60 days of the switch request. (This does not need to be in one payment).
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Set up two active direct debits within 60 days. Direct debits to fund Santander, cahoot, or Cater Allen savings accounts do not count for the purposes of this offer.
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Continue to hold the qualifying current account on the day the payment is made.
“Customers who have previously benefited from a switcher incentive are not eligible for this latest offer.
“Those eligible for the payment will get paid within 90 days of the switch process.”
For those worried about Santander eyeing an exit from the UK, Executive chairman Ana Botin insisted “We love the UK” following reports in the Financial Times that Santander is reconsidering its presence in the country.
“It is a core market and will remain a core market for Santander,” she told a panel at the World Economic Forum in Davos, Switzerland.