In a recent move, Santander have tripled the amount of cash back available to customers taking out their ‘Preferred Current Account‘, making the gap between it and it’s competitors even greater.
With very few accounts offering a money back scheme, this sets Santander apart from the rest of the market and gives potential customers a very big incentive to reel them in.
However, this fantastic offer is not available to everybody as there are certain limitations to applying for this cash back amount. With Santander’s preferred current account there are 3 levels of cash back that are available.
For all new customers, instead of the top £300 cash back offer you will only be given a £100 reward. This level is available to anyone who switches to Santander’s current account and can pay in £1000 a month.
Their second level comes with a slight restriction on those who can apply. To gain the medium level, £200 cash back, you must first possess a Santander Mortgage dating back to August 2011. This is great news if you are looking to switch your current account to the same bank that you have your mortgage, but bad news if you don’t as you are excluded from the top two tiers of this cash back scheme.
And then we come to the grand prize, the £300 cash back level. For this you will need everything that was required for level 2, as well as a Savings Account with Santander containing £10,000. However, unlike with the mortgage requirement, you do not need to have a pre-existing savings account. This must be deposited, and still held, exactly 13 weeks after you open your current account.
With all of these rules that you must adhere to in order to gain your £300 cash back, it may prove easier to simply go with the lower level of account.
But if you have fulfilled the criteria to get this top level of cash back, it could be very rewarding to switch to Santander.