For those looking to switch banks, Santander’s £625 offer has been one of the most attractive deals on the market. However, time is running out to claim the full amount, as the £150 switching bonus will no longer be available after February 5 at 11:59 PM.
Santander launched this promotion in November 2024, offering new and existing customers the chance to earn a £150 cash bonus when switching to a Santander Edge, Edge Up, Everyday, or Private current account v2. Alongside this, customers can earn up to £475 in cashback and interest over 12 months, bringing the total potential earnings to £625.
But after February 5, the cash bonus disappears, leaving only the cashback and savings perks for new switchers. Santander has already reported high demand, with thousands of customers taking advantage of the deal before it expires.
How to Get the Full £625 Before the Deadline
To qualify for the full £625 offer, customers must complete the following steps:
- Apply to switch a current account to Santander before 11:59 PM on February 5, 2025.
- Use the Current Account Switch Service (CASS) to ensure the switch is completed correctly.
- Deposit at least £1,500 into the new account within 60 days.
- Set up at least two active direct debits (excluding Santander, cahoot, or Cater Allen savings accounts).
- Keep the account open until the payment is processed (typically within 90 days).
Santander confirmed that anyone who submits their switch request before the deadline will still receive the £150 bonus, even if their switch is completed after the offer ends.
A Santander spokesperson stated:
“Santander has announced that it will be ending its £150 switcher offer on Wednesday, February 5, 2025, with switch requests accepted until 23:59 on February 5. The bank has seen strong demand in switching requests since the switcher offer was launched on November 4, 2024.”
Breakdown of the £625 Offer
While the £150 cash bonus is only available until February 5, customers can still earn up to £475 through Santander’s cashback and savings perks. Here’s how:
- Up to £240 cashback on household bills and spending:
- £10 per month cashback on council tax, energy, and water bills.
- £10 per month cashback on day-to-day spending.
- £235 in savings interest:
- The Santander Edge account comes with a linked 6% easy-access savings account.
- Depositing £4,000 into this account could earn around £235 in interest over 12 months.
A Santander spokesperson explained:
“Santander has been offering £150 to both new and existing customers when they switch their current account to either a Santander Edge current account, Santander Edge Up current account, Everyday current account, or Private current account v2.”
While the £150 switching bonus is disappearing, the remaining £475 in cashback and savings benefits will still be available after February 5.
What Happens If You Switch After February 5?
For those who miss the February 5 deadline, Santander’s cashback and savings perks will still be available, but the £150 switching bonus will be withdrawn.
Santander clarified:
“Applications received to switch accounts to Santander before the deadline will be eligible for the switcher incentive, even if the switch completes after the offer is withdrawn.”
This means that even if your switch isn’t finalized by February 5, you will still receive the £150 as long as your application was submitted before the deadline.
Why Is Santander Ending the £150 Bonus?
Santander has seen a surge in switching requests since launching this promotion, as many customers look to maximize their savings amid rising living costs. However, with the offer proving extremely popular, the bank has decided to withdraw the £150 switching bonus while keeping the cashback and savings benefits.
Some financial analysts suggest that Santander’s decision could be linked to its long-term strategy in the UK. The bank has been re-evaluating its operations, leading to speculation about whether it will continue offering such large incentives in the future.
Should You Switch Before the Deadline?
Santander’s £625 switching deal has been one of the most competitive offers available, but with the £150 bonus set to disappear, now is the final chance to claim the full amount.
Here’s why switching before the deadline makes sense:
- You’ll get the £150 upfront cash bonus, but only for a few more days.
- The cashback perks on bills and spending can add up to £240 per year.
- The 6% savings account offers some of the highest interest rates available.
- If you wait too long, you’ll miss out on the £150 bonus.
However, potential switchers should consider the £3 monthly fee for the Santander Edge account. If you don’t meet the cashback criteria, other banks may offer better interest rates or incentives without a monthly charge.
For those who meet the eligibility requirements, switching now is a great way to earn extra cash with minimal effort. But with just days left, the window of opportunity is closing fast.
