High street bank is pulling its £150 offer for customers who open a current account.

Santander says it has seen strong demand for switching . But the bank has now confirmed the offer will end at just before midnight on Wednesday February 5. Santander has been offering £150 to both new and existing customers when they switch their current account to either a Santander Edge current account, Santander Edge Up current account, Everyday current account or Private current account v2.

Santander says applications received to switch accounts before the deadline of 23:59 will be eligible for the incentive, even if the switch completes after the offer is withdrawn.

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To qualify for the £150 payment, customers must:

• Complete the full switch within 60 days of their initial switch request (including the closure of the old account).
• Pay in at least £1,500 within 60 days of the switch request (this does not need to be in one payment).
• Set up two active direct debits within 60 days.
• Continue to hold the qualifying current account on the day the payment is made.

If eligible, the £150 payment is then made within 30 days afterwards. One thing to note, if you’ve already benefited from a Santander switch incentive in the past, then you won’t be able to secure the bonus for this one. Alastair Douglas, chief executive at the website TotallyMoney, said: “If you’re still feeling the pinch after what might’ve felt like the longest January on record, then there’s still time to bag £150 by switching your current account to Santander.

“Unlike some other offers, this one is pretty straight forward, and all you’ll need to do is deposit at least £1,500 within 60 days, and have two active Direct Debits with the account. There’s a few different current accounts on offer, each coming with different additional benefits such as cashback and rewards. They can come with monthly fees, so make sure you read the small print and pick the best one for your own circumstances.

“You might also have the option to apply for an overdraft when opening a new current account, but these can come with rates of 40%, meaning a 0% credit card or loan could be a better option. However, there are a few other offers on the market, including ones from First Direct, Nationwide and TSB. So take a look and see if there’s an option out there for you, because you could benefit from better customer service, improved savings rates, and even an interest-free overdraft.”

TotallyMoney flagged these other switching offers:
* 1st Account paying £175. It says: “With this account, you’ll get a hefty sign-on bonus, and if eligible, a £250 interest free overdraft. For savers you might be able to lock in a rate of 7.00%, and they won’t charge you for using your card abroad.”

* FlexDirect Account paying £175. “Another bank offering £175 for your custom, and you can earn up to £60 in cashback in the first year. There’s also the option of a £50 interest free overdraft, but try to not go past that as they’ll start charging 39.9% interest. You can also earn 5% AER on savings.

* : “TSB will pay you £100 to switch, and then up to £10 per month cashback for up to six months if you stay with them. For that though, you’ll need to make 20 transactions per month, meaning you’ll probably need to treat it like your main account. And if you continue to do so through August, they’ll reward you with a night away for two at an approved hotel, a pair of cinema tickets for three months, or Now Entertainment Membership for half a year.”

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