Santander switch deal update
Santander’s £175 switching offer has now ended. The information below is for reference only. For switching deals available now, make sure you check out our switching deals guide.
Santander’s £175 switching offer has now ended. The information below is for reference only. For switching deals available now, make sure you check out our switching deals guide.
A new £175 switching bonus from Santander launched on 14 May 2024. This one is similar to its previous deal, but there are 2 important changes. Firstly, you can only claim the offer when switching to either the Edge Current Account (read our review), the Edge Up Current Account (read our review) or the Private (v2) Current Account, all of which incur a monthly fee. Secondly, the cash bonus is £10 less than last time. For a full list of the current deals, see our switching deals guide.
You get £175 in switching bonus cash when you transfer to a qualifying Santander current account. If you opt for its Edge account, once you switch, you get access to the Edge Saver at 7% AER for the first 12 months on balances up to £4,000. If you deposit the maximum amount, you’ll have £280 in interest after a year.
If you choose the Santander Edge account, you can also earn 1% cashback, up to £10 a month, on selected household bills, plus up to £10 a month cashback at supermarkets and on travel costs. Combined, that’s a maximum of £240 in cashback over a year. However, the Edge account has a £3 monthly fee, but we’ve accounted for that £36 a year in our figures.
“That’s £659 in your first year, including switching bonus, maximum savings interest and monthly cashback.”
The Edge Up Current Account and Private (v2) Current Account (a premium account for people with £500,000 to spare) each have a higher £5 monthly fee.
Both new and existing Santander customers can get it, but existing customers must apply in branch. You can hold a maximum of 2 Santander Edge Up or Santander Edge accounts, one in your own name and one in joint names.
To get the £175 cash, you’ll have to complete a full switch to a Santander Edge Current Account, Santander Edge Up Current Account or Private (v2) Current Account using the Current Account Switch Service.
You’ll also need to set up 2 active direct debits and pay in £1,500 within 60 days.
There’s no end date listed on the Santander site, but it may be withdrawn at any time.
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