UK bank wants to give people £175 each for free

A UK banking giant wants to give people £175 each for free.

Santander has said it will give the cash to both new and existing customers from today (Monday, May 14). To be eligible for the money, you'll need to switch to an eligible Santander UK current account.

Those who use the Current Account Switch Service to switch to either a Santander Edge current account, Santander Edge Up current account, or Private current account, will get the £175 within 90 days.

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To qualify for the £175 payment, customers must complete the full switch within 60 days of requesting the switch process, and this includes the closure of the old account. You must also pay in at least £1,500 within 60 days of requesting the switch process, and set up two active direct debits within 60 days also.

New customers can switch online or in branch, while existing Santander UK customers must visit a branch to take advantage of the offer, and customers who have previously benefited from a Santander switcher incentive are not eligible.

As well as the cash switching incentive, the Santander Edge current account offers customers up to £20 a month cashback on essential bills and spending, a linked 7% AER easy access saver, and fee-free spending abroad using the Santander Edge debit card, for a £3 monthly fee.

Santander’s Edge Up current account offers customers up to £30 a month from cashback on essential bills and spending, 3.5% AER in credit interest (up to £25,000) on their current account balance, and fee-free spending abroad, for a £5 monthly fee, while the Santander Private Current Account (v2) offers customers up to £1,500 in daily withdrawals from cash machines, access to 10,000 branches across 11 countries, and 3.5% AER interest on balances up to £25,000, for a £5 monthly fee.

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