To receive the £130 cash boost, new customers will need to apply for one of Santander’s current accounts. The accounts which are part of the deal include the bank’s 1|2|3 Current Account, 1|2|3 Lite Current Account, Everyday Current Account, Select Current Account, and Private Current Account. Upon filling out the online application, customers will need to choose the option to switch to one of these accounts from a current account they hold somewhere else
Within 60 days of telling the bank you want to open a current account with them, Santander will check the customer’s eligibility and pay them the £130 cashback within the following 30 days.
Customers can expect payment of the £130 within 90 days of starting the current account application process.
This deal is eligible for new and existing customers, however current Santander customers will still need to set up two Direct Debits and pay £1,000 into the account.
Existing customers who do not have a current account with another bank are not eligible for the £130 cashback offer as this is an incentive deal for new customers specifically.
On its website, Santander states: “As you already have your current account with us, you could already be benefitting from ongoing cashback on selected household bills.”
However, the bank is also reminding its current customers that they may be eligible for other cashback offers and they should visit the Santander website regularly for updates.
New customers can apply online by choosing the current account they want to switch to and will receive the £130 bank boost if they meet the eligibility terms.
Any customers with further inquiries about their eligibility are encouraged to visit their local Santander branch for more guidance.
Addressing this cashback offer, Hetal Parmar, Head of Banking at Santander UK, outlined why this deal is an must-get for customers looking to save over the coming months.
Mr Parmar said: “Santander is the only bank to offer customers ongoing value, every single month, by paying cashback on household bills through our 1I2I3 current accounts.
“We’re delighted to also offer £130 cashback to customers who switch their current account to Santander, a welcome boost in planning for Christmas and the holiday period.”
How does switching accounts work?
As mentioned, switching current accounts with Santander can take up to 60 days. To speed up the process as much as possible, new customers should provide the bank with their old account sort code, account number and debit card details.
On day one of the new account, Santander will ask your old bank for a list of your previous payments, which include standing orders and direct debits. Your new bank will also ask you how you would like to be notified about changes to the account.
Between the second and sixth days from the account’s launch, the bank will set up these payments on the Santander account, and will inform any companies which receive Direct Debit from them to collect future payments from this new account.
Furthermore, the bank will also let people know to pay money into the new current account going forward.
On the seventh day, the switch will be complete. If someone has a positive balance, it will be transferred to their Santander account.
However, if they have an overdrawn balance, they will need to manage and clear it with their previous institution.
After the switch is completed, Santander will provide new customers with new bank cards, PIN numbers and online registration details, as well as the £130 bank account boost.