SANTANDER UK has launched a £200 switching offer in a sign that the battle to attract current account customers is heating up.
The offer is open to new and existing customers when they switch to a Santander Edge, 123 Current Account or other eligible current account using the Current Account Switch Service (Cass).
To qualify, customers need to complete the switch using Cass and, within 60 days, set up and maintain two active direct debits, deposit at least £500 a month, and log in to online or mobile banking.
The cashback will then be paid into their qualifying Santander account within 30 days.
The £200 offer is for a limited time and can be withdrawn at any time, the bank said.
To qualify, as well as meeting eligibility criteria, new and existing customers must have not previously received or participated in any other incentive for switching to any of Santander's accounts.
The eligible Santander accounts are Edge, 123, Select, Private and Everyday.
The new current account offers 1 per cent cashback, capped at £10 a month, on grocery shopping and transport-based debit card spending.
It also offers cashback on household bills paid by direct debit, including council tax, gas and electricity, mobile, landline, broadband and paid-for TV packages.
Rachel Springall at Moneyfacts.co.uk said: "It's great to see Santander launch an attractive switching cashback incentive for new and existing customers at a time when there are very few other brands doing the same."
