Santander is extending its £130 switching incentive – but you’ll have to hurry | Personal Finance | Finance

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This offer should pique the interest of anyone who’s been thinking about switching accounts as it’s currently one of the best deals on the market.

Existing customers can also benefit from the cashback, as long as they complete a full switch from an account they hold elsewhere to a 1I2I3, 1I2I3 Lite, Everyday, Select or Private Current Account.

In a statement, the bank said: “Following strong customer demand, Santander UK has today announced that it will be extending the deadline on its £130 switcher cashback to end on December 2, 2021, rather than October 21, with switch requests accepted until 23:59 that day.”

As well as an attractive sweetening offer, customers can also benefit from cash back on their bills when they pay them through their bank account.

They receive three percent on the monthly cost of their household bills if they are a 123 or 123 Lite customer.

Incentives to switch bank accounts are regularly being launched by banks in a bid to tempt new customers to join.

Although interest rates on savings haven’t quite fully bounced back after the Bank of England cut its base rate to 0.1 percent in March 2020, things are improving.

The latest Moneyfacts UK Savings Trends Treasury Report has shown that the number of savings accounts on the market has grown to its highest level seen since the UK lockdown in 2020.

Rachel Springall, Finance Expert at Moneyfacts, said: “The growth in product choice for savers has reached a milestone, as the market’s steady recovery has led to volumes reaching the highest point not seen since before the UK lockdown and Bank of England base rate cuts in March 2020.”

Savers who have a 123 account will also be able to earn 0.30 percent interest on balances of up to £20,000.

Meanwhile, Santander is not the only bank which is offering a switching offer.

The Royal Bank of Scotland has a £150 switch and stay offer, which is running until November 18, 2021.

NatWest is also offering customers £150 to ‘switch or stay’.

When it comes to bank accounts, one size doesn’t fit all, so it’s advisable to also look at interest rates on savings and whether other incentives will be used before making a decision.





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