New Santander switch offer ‘blows competition out of water’ | Money blog

Santander has launched a new £200 current account switch offer as competition to attract customers heats up.

New and existing customers can get the cash after switching to a Santander Everyday, Edge, Edge Up, Edge Explorer or Private account.

Everyday is a free account – the others are paid, but even then experts think this deal stacks up pretty well when perks are considered.

Kate Steere, from personal finance comparison site Finder, said it “blows the competition out of the water when you look at what you can earn over the course of the year”. 

She said: “If you opt to switch to the Santander Edge account, which has a £3 monthly fee, you get access to its Santander Edge saver at 6% on balances up to £4,000. If you deposit the maximum amount, after a year, you’ll have £240 in interest. 

“You can also earn 1% cashback, up to £10 a month, a maximum of £120 over the year. Add that to the £200 switching bonus, and you stand to earn an impressive £524 overall, once you’ve subtracted the monthly fee.”

The bank is also offering a 12-month Kid’s Pass membership, worth £39.99, when you open a savings account or cash ISA.

The switch must be made through the Current Account Switch Service (CASS).

Here’s what the bank lists as the eligibility criteria for the switch: 

• You must be a UK resident switching from an external provider
• Must complete the switch (including closing external account) within 60 days
• Pay in at least £1,500 within that period
• Set up at least two active household direct debits
• No one named on the account can have held a Santander current account on 1 January 2025
• No switch bonus from Santander previously
• For the Kid’s Pass, £100 must be paid into a new savings account or cash ISA within 30 days

The £200 payment will be made directly into the Santander account within 30 days for eligible switchers, the bank said. See the full terms.

As we said, competition among banks to tempt you is really heating up – and there are some competitors offering deals you might want to consider too…

Barclays

Switching to one of Barclays’ Blue Rewards bank accounts and depositing £2,000 can get you £200.

You need to sign up to the Blue Rewards scheme for £5 a month, which comes with perks such as cashback on spending, enhanced savings rates and an Apple TV+ subscription.

The switch must include at least two active direct debits. See the terms here.

If you have more money to play with, you can get £400 by switching to a premier current account with Barclays and depositing £4,000 within 30 days. 

To qualify for premier banking, you need to pay in a gross annual income of at least £75,000 or have a total balance of at least £100,000 in savings with Barclays in eligible investments, or a mix of both.

Details of the premier switch offer are here.

Lloyds

New and existing customers can get £200 by switching to a Club Lloyds account.

The basic Club Lloyds account has a £5 fee but this is refunded every month you pay in £2,000 or more. 

As with most switch deals, you need to use the Current Account Switch Service (CASS) to complete the changeover.

You also need to have at least three active direct debits from your old account switched over to Lloyds – any set up after the change will not count. 

Read all the T&Cs of the accounts here.

NatWest

Switchers can get £175 when opting for a Select or Reward current account. 

You need to pay in £1,250 within 60 days of opening the account, and log in to the mobile app to be eligible for the free cash. 

You’ll get the £175 within 30 days of completing those steps.

See the full T&Cs here.

Nationwide

You can get £175 when you switch your main current account to a FlexAccount, FlexDirect or FlexPlus account.

Customers must not have benefited previously from a Nationwide switching offer. 

At least two direct debits need to be moved over, a minimum of £1,000 must be paid in, and one debit card payment needs to be made within 31 days of the account opening to qualify for the deal. 

Read the full T&Cs here. 

First Direct 

You can get £175 by switching to its 1st Account using CASS. 

At least two direct debits or standing orders need to be moved over, a minimum of £1,000 must be paid in within 30 days, and you’ll need to log into digital banking, too.

Find the full T&Cs here. 

Royal Bank of Scotland

Eligible switchers using the CASS can bag £175 when opening a Select or Reward account.

You must pay in £1,250 within 60 days of switching and log in via the mobile app.

The cash will be paid within 30 days. Read more here.