New Santander account deal 'pays customers £240' and has no fees

New Santander account deal 'pays customers £240' and has no fees It has been highlighted by a money expert A money expert has highlighted a new offer from Santander as "one of the highest free cash payments" available at the moment without a fee. The Everyday Current Account offer a "straightforward account" for everyday banking, said Rachel Springall, finance expert at Moneyfactscompare.co.uk. As with most switching offers, there are criteria that customers need to meet. These include paying in at least £1,500, setting up two household direct debits and opening a Regular Saver account alongside it. Rachel also highlighted some of the other top deals around at the moment. She said: “Santander’s new current account switching offer of £240 could be an enticing choice for customers who might need a financial boost after the summer holidays. It is one of the highest free cash payments available on a fee-free account, ideal for those who want a simple, straightforward account for their everyday banking. “Customers will need to pay in at least £1,500 into the Everyday Current Account, set up two household direct debits and open the Regular Saver account that pays 8% AER, amongst other terms, to be eligible. Unlike some other regular savers on the market that revert to a flexible saver earning a much poorer return, Santander’s account will continue for another year, paying 3% AER. “Switching cash offers can come and go throughout the year and can be pulled with little notice, yet customers must not feel rushed to switch. There is no real ‘one-size-fits-all’ current account, as many are tailored for different needs. "Those that do offer an array of add-ons must be regularly assessed to ensure they are still offering value for money, otherwise consumers will waste their cash on the packaged account fee. “Switching current accounts is quick and easy to do through the Current Account Switch Service (CASS), which celebrates its 13th anniversary this month. The service moves over any balance and redirects standing orders and direct debits to the new account.” Rachel's top free switching cash offers (excluding premier options) HSBC - Bank Account - £220 NatWest and RBS - Reward and Select Account - £200 Nationwide Building Society - FlexAccount, FlexDirect and FlexPlus - £175 first direct - 1st Account - £175 The Co-operative Bank - Current Account and Everyday Extra - £125