Banks Offering Switching Bonuses: Last Chance to Grab £180 and £175 Rewards

Santander is ending its £180 bank account switching bonus on July 30. To receive the bonus, customers must switch to a Santander account through the Current Account Switching Service and meet certain criteria, including paying in at least £1,500 and setting up two active direct debits. Eligible customers will receive the payment within 90 days of starting the switch process. Other banks, such as First Direct, Barclays, and Lloyds Bank, are also offering switching bonuses of up to £185.

Santander is set to terminate its £180 bank account switching bonus on July 30, 2025. To qualify for this offer, customers must switch to a Santander account through the Current Account Switching Service and meet specific criteria, including depositing at least £1,500 and setting up two active direct debits within 60 days of initiating the transfer. Eligible customers will receive their £180 payment within 90 days of starting the switch process [1].

The incentive is available for transfers to Santander's Everyday, Edge, Edge Up, or Private (v2) current accounts. Customers must not have held a Santander current account on January 1, 2025, or previously received a switching incentive from the bank. Applications submitted by 23:59 on July 30, 2025, remain eligible, even if the transfer completes afterward [1].

Santander's decision to end this promotion follows a trend of high street banks offering cash incentives to attract new customers. Recent data shows that Nationwide and Lloyds have been particularly successful with their switching promotions, with Nationwide offering £175 and Lloyds offering £200 to switching customers [1].

Other banks are also offering competitive switching bonuses. First Direct has previously provided £175 to new customers, while NatWest has rewarded £150, although both require specific conditions to be met [1]. For those missing Santander's deadline, alternative incentives are likely to be available in the coming months.

The switching market continues to be influenced primarily by financial incentives, with consumers prioritizing sign-up bonuses when selecting new providers [1]. The Current Account Switch Service simplifies the process, transferring direct debits and regular income within seven days [1].

References:
[1] https://www.gbnews.com/money/santander-axe-free-account-deal