SAVVY switchers have just hours to scoop a free £175 from a major bank before its top current account opening offer is axed.
Santander is pulling its bumper new customer bonus at midnight tonight.
The £175 of free cash which is currently the joint-highest widely available to anyone who wants to switch accounts.
The offer is available on moves to a Santander edge current account, Santander edge up current account or private current account.
Existing Santander customers moving to one of these accounts can also take advantage unless you have previously pocketed a previous Santander switch offer.
Argos Boxing Day deals 2023: Save up to 50%
To qualify, you’ll need to pay in £1,500 to the account within 60 days of requesting the switch – though this doesn’t need to be in one payment.
You’re also required to set up two active direct debits within 60 days.
The payment is made within 90 days of the start of switching process to those who qualify.
You can switch through the Santander website or in branch.
The accounts come with different features so look carefully to choose which is right for you. The edge account has a £3 monthly fee while the edge up and prvate account come with a £5 monthly charge.
If you miss out on Santander's offer or are already a Santander customer, there are other cash incentives available to new current account customers which we detail below.
FULL LIST OF BANKS GIVING CASH TO SWITCH
- Nationwide
Nationwide has a £200 switcher offer - but this is for existing customers only.
You qualify if you had a Nationwide current account, savings account or mortgage on March 31 and switch from a non-Nationwide current account to a Nationwide one.
You also have to transfer across two direct debits from your existing current account to the Nationwide one.
You won't be able to take up the offer if you have received a switching incentive from Nationwide since August 18, 2021.
18 expert hacks to help you lose a STONE in just one month
You have to complete the switch within 28 days of applying and the £200 will land in your account within 10 calendar days, which includes weekend days.
There are three current accounts you can switch to: FlexPlus, FlexDirect or the FlexAccount.
The FlexDirect and FlexAccount both have no monthly fee to maintain the accounts, while the FlexPlus has a £13 monthly fee.
- First Direct - £175
You can pocket £175 as a new customer to First Direct’s 1st account.
The account also has a £250 interest-free overdraft which can be helpful if you need to borrow money in an emergency.
To get the £175, you’ll need to switch account using CASS and log on to First Direct’s digital banking within 30 days of opening the account.
The offer is only available to people who haven’t previously held a First Direct product. It’s also not open to anyone who has opened a HSBC current account since January 1 2018, which is part of the same group.
- Lloyds - £175
Lloyds is offering switchers £175 if they move across to one of three of its current accounts: Club Lloyds, Club Lloyds Silver or Club Lloyds Platinum.
You just have to open an account online, by phone or in-branch, then switch in an account from a different bank including three direct debits by July 30.
The £175 will then be paid within 10 working days of the switch starting.
You can't have had a switching cash bonus from Lloyds, Bank of Scotland or Halifax since April 2020.
As well as the up front £175 cash, people switching to Lloyds can pick up a host of additional perks including free cinema tickets and a Disney+ subscription.
All three qualifying current accounts come with a monthly fee worth up to £21 which is waived when you pay in £2,000 or more each month.
- TSB - £160
New customers switching to TSB can get up to £100 upfront. Then, for the first six months after, will receive £10 a month in cashback.
The offer is available on spend & save or spend & save plus accounts.
However, there are few hurdles to jump first.
To get the £100, you’ll need to make at least five payments using a debit card or contactless by July 5. You’ll also need to log into the TSB mobile banking app at least once.
- Co-op - £150
The Co-operative Bank has a free cash offer worth up to £150.
The offer includes £75 paid up front for the switch, then a further £15 per month for five months to anyone who also opens a regular saver account - worth another £75.
Anyone who makes the switch will be credited the £75 free cash within seven days of meeting all the qualifying criteria.
The offer includes opening a Co-operative Bank Standard Current Account or Everyday Extra account.
Then within 30 days of switching you have to set up two direct debits, deposit a minimum of £1,000 and register for online or mobile banking.
You also have to make a minimum 10 card transactions in the first 30 days of the switch.