Santander has launched a brand new switching incentive and is paying customers £150 to open a bank account with it.

The offer launched on Monday, November 4, and is open to new and existing customers of the high street bank. To get the cash, you will need to switch bank accounts through the Current Account Switching Service (CASS) to Santander's Edge, Edge Up, Everyday, or Private current account.

It's important to note that all of these accounts, except the Everyday current account, also come with monthly fees. The high street bank charges £3 per month for an Edge account and £5 monthly for Edge Up and Private accounts.

Alongside opening the account, you will need to deposit £1,500 within 60 days of the switch request. This amount can be deposited through one or more payments. You will also need to set up at least two active direct debits on the new account within the same time frame. These Direct Debits must be active during the switch. After this, you will get the £150 payment within 90 days.

Existing Santander account holders can submit a switch through online banking or book an appointment in a branch. As mentioned before, old Santander customers are eligible for the incentives. However, you won't be if you already have a Santander account. Under the rules, You won’t qualify for the switcher offer if:

  • You are not a UK resident.
  • You switch from an account held with Santander, cahoot, or Cater Allen.
  • You are switching to any Santander account that isn’t listed as part of the offer
  • Anyone named on the Santander account has previously received a switch incentive from Santander since September 2021

Andrea Melville, Director of Current Accounts, Savings and Business Banking at Santander, said: "We're excited to roll out our latest switching incentive, giving customers a quick boost to their finances and yet another reason to bank with us. Our £150 offer rewards both new and existing customers for making the switch, while our current accounts continue to deliver cashback and competitive rates on savings."

Banks and building societies often offer cash incentives to new customers willing to switch fully from their existing accounts, and the switching market is hotting up at the moment. Lloyds is currently offering £200 to switch, while Nationwide and First Direct are offering £175. Natwest is offering new customers £180 while the Co-Operative bank is also offering £150 - but this is split into two payments of £75. One for when you switch, and one for if you "stay".