Santander issues new £175 message to customers

Banking giant Santander has launched the latest cash account switching offer in a bid to tempt new customers. A number of banks run temporary deals offering new customers cash payments if they open an account with them and follow certain conditions.

Money experts like Martin Lewis say these offers are often worth considering as they are usually fairly hassle-free. It's always important to check the details of any deal before signing up, such as fees or charges.

The latest one from Santander pays £175 to new customers. First Direct is also running a similar scheme.

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The offers are only open for a limited time so anyone who is interested is advised to act fast. Alastair Douglas, CEO of TotallyMoney , said, explained: "Just two weeks ago it looked like competition for current accounts was waning, but since then, we’ve seen Virgin Money, First Direct, and now Santander return to the market, offering either cash or high savings rates for people’s banking.

“And at a glance, the Sandander offer looks like great value, with a £175 bonus for those using the Current Account Switch Service to move their money to one of three current accounts provided by the bank. However, all three options carry fees of between £36 and £60 per year, and are only available to customers who’ve never benefited from a similar Santander incentive, and deposit at least £1,500 and set up two direct debits within 60 days."

He added: “In reality, the switching bonus on offer is either £139 or £115 - which along with free-fee foreign spending, cashback, and easy access savings rates of up to 7%, still isn’t a bad option. So if you’re unhappy with your current bank, or fancy taking advantage of a cash incentive then it’s definitely worth considering. Just read the smallprint, and check the other offers available to you.

“Current account switching is easy, so don’t be put off. Transfering savings and direct debits is all done for you with the Current Account Switch Service. More than 50 banks and building societies have signed up to the service, 99% of switches are completed within seven days, and 9 in 10 people are happy with the service.”