The UK operation of Spanish lender Santander
has rolled out one of the most generous incentives from any retail
bank by offering up to £300 to customers who switch their main
current account to Santander.

Santander has also launched a 123 cashback
credit card that offers customers monthly cashback on their
shopping between 1% and 3%.

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The new account switching offer will allow

existing Santander mortgage customers, who either already have or
can deposit £10,000 in savings with Santander and switch their main
current account, to earn £300.

Those who don’t have £10,000 in savings but
switch their current account will get £200. And any new customer
who switches their main current account to Santander will earn
£100.

Customers who switch to the Preferred Current
Account will get five per cent in-credit interest, on balances up
to £2,500, for the first 12 months and can also qualify for a free
arranged overdraft for one year. The Preferred Current Account
needs customers to pay at least £1,000 into the account each
month.

Nici Audhlam-Gardiner, banking director at
Santander, said, “We think this offer is upping the stakes
especially for customers who never thought it was worthwhile to
switch bank accounts before.”

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On the other hand, the reward rate for the 123
cashback credit card will offer 1% cashback on supermarket
spending, 2% cashback on department store spending and 3% cashback
on fuel spend (capped at £9.00 per month). The card comes with an
annual fee of £24 and an 18.9% interest rate on purchases.