HOUSEHOLDS have just hours left to claim £200 in free cash from a big bank – here’s how to get it.

Santander is offering the cash to anybody that chooses to switch to any of its five current accounts by midnight.

Three major banks are currently offering switching bonuses

1

Three major banks are currently offering switching bonusesCredit: Alamy

Customers will need to switch to a Santander account by using the Current Account Switching Service (CASS).

And to be eligible for the cash bonus you’ll need to initiate the switch by midnight.

Banks often offer switching bonuses to entice new customers in.

But you usually have to meet certain rules to get the money paid to you.

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Santander’s offer is only applicable to customers who switch to a Santander Edge, 123, Select, Private or Everyday current account.

You’ll have 60 days after switching to deposit £1,000 and set up and maintain two active direct debits.

Customers will then need to deposit at least £500 a month and sign up for online or mobile banking to maintain the Santander Edge Account.

Those switching to an Everyday account won’t need to pay in a set amount each month to keep the account active.

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After 30 days, you’ll see the money appear in whichever Santander current account you switched to.

However, beware that some of Santander’s current accounts require you to pay a monthly fee.

You’ll pay £3 for a Santander Edge current account, and a £4 monthly fee for the 1|2|3 and Select current accounts.

But there is no fee for the Everyday Current Account.

Those switching to an Edge Current Account can also get up to £20 cashback to go towards essential items.

The account will also offer:

  • 1% cashback (capped at £10 a month) on essential shopping, council tax, gas and electricity, mobile, landline, broadband, paid-for TV packages and transport-based spending
  • Access to your easy-access savings account, Santander Edge saver, offering interest of up to £4,000 per year
  • Fee-free international and UK CHAPs transfers
  • Free use of Santander ATMs overseas
  • In-app money management insights through My Money Manager

You can find out more about the other current accounts on offer on Santander’s website.

What other banks offer switching bonuses?

TSB is offering customers switching to its Spend and Save account up to £260 in free cash

All customers who switch to a TSB current account using the Current Account Switch Service (CASS) will get £200 in free cash.

Those who open a TSB Spend & Save will get a further £30 in cashback in the first six months as long as they make 20 debit card purchases per month.

And those who open a TSB Spend & Save Plus account will get a further £60 of cashback – but bear in mind that this account comes with a £3 monthly fee.

Customers will get the first instalment of the switching bonus worth £125 by April 21 after setting up at least two direct debits, using their debit card at least once and logging into internet banking.

A further £75 in free cash will be paid into new accounts by October 31 as long as the customer pays at least £500 into the account each month as well as five debit card and two direct debit payments per month.

TSB’s Spend & Save and Spend & Save Plus accounts also come with instant access savings paying 2.52% AER variable. 

Otherwise, First Direct is also offering a switching bonus.

Customers can get £175 in free cash if they open a 1st Account with the bank and switch within three months.

Plus, you have to pay in £1,000 or more within the same period.

Once you’ve done this the £175 is paid to you within 28 days.

How do I switch my current account?

If you are looking to take up Santander’s switching bonus offer, the process isn’t too complicated.

You can make the switch through the Current Account Switching Service (CASS) in a few steps.

You just have to contact Santander to apply for one of the four current accounts.

If you are accepted, they will offer to make the switch for you automatically and ask you to choose a date to do it.

Your old bank should then talks to Santander and everything will be switched across, including your balance, direct debits and salary.

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After this you will receive your new cards, log-in details and any PINS.

This post first appeared on thesun.co.uk

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