Santander warns customers whose bank account balance has hit £4,000

Santander has issued a warning to customers whose bank account has hit £4,000. The high street bank has warned customers can get a free £150 to switch before Christmas - but Santander Edge account holders with £4,000 could breach a limit.

Santander will work out the interest we’ll pay on your account each day and will pay interest into your account each month. We’ll do this on the monthly anniversary of the day you opened your account. It warns: "No interest is paid on balances above £4,000."

From Monday 4 November, Santander UK customers can earn £150 when switching to an eligible current account. Open to both new and existing customers, those using the Current Account Switch Service (CASS) to switch to either a Santander Edge, Santander Edge Up, Everyday, or Private (v2) current account will qualify to earn £150.

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To qualify for the £150 payment, customers must submit a switch request on or after 4 November 2024 and before the switcher offer is withdrawn, complete the full switch within 60 days of their initial switch request, including the closure of their previous account and pay in at least £1,500 to their eligible Santander account within 60 days of the switch request. This can be made through one or more payments.

Then, set up at least two active Direct Debits on their new account within 60 days of the switch request. Direct Debits must remain active at the time of assessment. Those eligible for the payment will get paid within 90 days of starting the switch process.

Both new and existing customers can switch online through the Santander website or visit a branch to take advantage of this offer. You can cancel your switch up to seven working days before your switch completion. Once the switch has begun, the switch process can't be cancelled, and your old account will close.