New current account cash switching offers available from Monday

More major banks are launching cash offers to switch as the battle to attract current account customers intensifies.

Some customers may find the additional cash handy in the run-up to Christmas.

Santander said it is offering £130 cashback to both new and existing customers when they switch their current account to a 123, 123 Lite, Everyday, Select or Private Current Account through the current account switch service (Cass).

To qualify for the £130, within 60 days of requesting the switch, customers will need to complete the switch, set up two active direct debits, deposit at least £1,000 and log in to their account using either online or mobile banking.

Existing customers who have previously opened a 123, 123 Lite, Everyday, Select or Private Current Account can still benefit from the cashback, as long as they complete a full switch from an account they hold elsewhere to their Santander current account using Cass.

Hetal Parmar, head of banking at Santander UK, said the £130 cashback could be “a welcome boost in planning for Christmas and the holiday period”.

HSBC UK also launched a current account switch offer on Monday.

It provides those switching their current account to an Advance or Premier Account with £110 in cash plus an additional £30 to eat in using Uber Eats, or to eat out using the Dining Out Gift Card.

Last week, Lloyds Bank also launched a new offer of £100 cash to switch.