Santander customers have a limited opportunity to claim a £180 cash bonus by switching to one of its current accounts. The bank has revealed that this offer will expire on July 30, 2025, with all switch requests needing to be completed by 11:59 PM on that date.
However, details regarding the terms of the offer remain somewhat vague. Customers looking to qualify must meet certain conditions, such as making a deposit and setting up direct debits.
Devonlive reports that while the incentive is appealing, specific requirements have been clarified only in the fine print, leaving customers with little room for error.
How to Qualify for the £180 Bonus
To take advantage of the £180 bonus, customers must switch to one of Santander’s current accounts—Everyday, Edge, Edge Up, or Private—and meet specific conditions. These include completing the switch within 60 days of initiating the request, depositing a minimum of £1,500 into the account, and setting up at least two active household direct debits. These direct debits can include payments for:
- Council tax
- Mobile or landline phone bills
- Broadband
- TV packages
- Water, gas, or electricity bills
These direct debits must be set up within 60 days of the switch request to qualify for the offer.
Who Is Not Eligible for the Offer?
Customers who have already received a Santander switching incentive or who held a Santander current account as of January 1, 2025, will not be eligible for this £180 bonus. This exclusion ensures that only new customers or those who haven’t previously taken advantage of similar offers can benefit from the incentive.
Ns&I Cuts Premium Bonds Prize Fund Rate
In other financial news, NS&I has announced a decrease in the prize fund rate for Premium Bonds, dropping from 3.8% to 3.6% starting with the August draw. This marks the third reduction in rates this year, following earlier cuts in January (from 4.15% to 4%) and April (from 4% to 3.8%).
Impact of the Premium Bonds Rate Cut
Despite the decrease, the odds of winning remain the same at 22,000 to 1 for each £1 Bond. The August draw is expected to offer more than 6 million tax-free prizes, with a total prize value exceeding £396 million. As NS&I’s retail director Andrew Westhead explained:
“The changing landscape for savings” prompted the decision to reduce the rate.”
“Premium Bonds maintain their unique appeal by offering complete security backed by HM Treasury, the flexibility to withdraw easily, and the excitement of potentially winning a tax-free prize each month.”
The results for the August draw will be published on August 2, providing more than 6 million tax-free prizes with a total worth of £396 million.
