Santander explains why some customers can't get free cash bonus

Santander has explained who will be eligible for a free £180 payment, with certain banking customers set to receive the cash within a 90 day timeframe. The banking giant announced at the end of May it will be giving the bonuses to both new and existing customers who meet certain criteria - and jump through certain hoops.

You'll need to switch to a Santander Everyday, Edge, Edge Up, or Private current account, and this will mean closing your existing account and moving everything across via the Current Account Switch Service (CASS).

This handy free service seamlessly transfers any remaining balance, direct debits and payees to your new account, all within seven days. New customers must deposit at least £1,500 into their Santander account within 60 days of requesting the switch.

This doesn't need to be one massive lump sum, you can spread it across several payments, and newcomers must also establish at least two active household direct debits within the same 60-day window. There is, however, a catch.

Some people won't be eligible, as per Santander's website, which states: "Sorry, we can't offer this if you held a current account with Santander on 1 January 2025 or if you've previously received a Santander switcher incentive."

Further advice adds: "Already have an eligible Santander account? Don't worry you might still qualify for the incentive if you opened your account after 1 January 2025. We can switch a current account you hold at another bank to your existing Santander current account."

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Those who are eligible and successfully make the switch will see the free £180 land in their accounts within 90 days. Anthony Warrington, Head of Banking at Santander UK, said: "Summer is fast approaching, and many people will be saving up for the holidays - whether it be for that trip abroad, festival, or day out with the family.

"That's why we're pleased to be introducing our new £180 switcher incentive, providing even more value for customers making the move to Santander. It's a simple, straightforward way to get rewarded for switching, while benefitting from our range of popular current accounts - making your money go that little bit further this summer."