Money Saving Expert (MSE) says the bank account is a “strong pick” for many people
Banks often provide switching incentives, typically in the form of cash bonuses. But it can also offer enhanced savings rates or other benefits to encourage you to open an account and move away from a competitor.
Currently, many UK banks offer these switches, with one offering £180 in cash and other benefits as you go. But remember, it’s important to read the eligibility criteria carefully, as missing even a single requirement could mean you don’t receive the bonus.
Santander, for example, has 14 million active UK customers. It cautions that anyone looking to join needs to be sure they tick all the boxes.
This is because they cannot “offer this if you held a current account with Santander on January 1, 2025 or, if you’ve previously received a Santander switcher incentive.”
If you want to join to get the cash, you had better be fast. It notes that the “offer may end at any time” and “terms and conditions apply.”
How can I get the £180 switch bonus?
You can switch to a Santander Edge® current account to get a cash bonus. The bank notes that to have this account, you must be able to pay a £3 monthly fee to maintain the account, pay in at least £500 each month and have 2 active Direct Debits. Plus, you can get an extra £180 when you switch.
If you follow all the rules, the bank confirms: “90 days after your request to switch, if you meet eligibility criteria, you’ll receive your £180.”
The reason people may want to consider a switch to a bank with a fee is that customers get:
- 1% cashback (up to £10 a month) on selected household bills when you pay by Direct Debit
- It won’t charge you for using your Santander Edge debit card outside the UK
- Arranged overdraft – Short-term borrowing for those unexpected costs. Subject to status.
Money Saving Expert (MSE) notes that this bank is “a strong pick if you want upfront cash and ongoing bills cashback – especially for households.”
It adds that this option “pays 1% cashback (max £10/month) on Council Tax, energy, water, mobile & home phone, broadband & paid TV bills you pay by Direct Debit. There’s also a 6% linked saver on up to £4,000 for a year (maxed out that’s ~£240 interest), and no fees on spending abroad, so it doubles as a decent travel debit card.”
To get the cash, the bank explains: “Get a £180 welcome when you switch your current account using the Current Account Switch Service.” Follow the rules below:
- Open a Santander Edge current account
- Request a switch before we remove our offer. Make sure the details you give us are correct and match those at your old bank.
- Complete the switch within 60 days of your request, have at least 2 active selected household Direct Debits and pay in £1,500.
The above direct debits, of which there must be at least 2, can include the likes of Vodafone, O2, Sky, EE, Octopus, Ovo Energy, Scottish Power, British Gas, Yorkshire Water, Affinity Water, Three, Tesco Mobile, and more. You can check the full list to see if your household Direct Debit counts here.
For all the details and up-to-date information, you can visit the official Santander UK website.
