Santander offers £200 boost to current account switchers

Meanwhile, customers who open a savings account or cash ISA could save on festive days out.

Santander is the most recent high street brand looking to entice customers with a cash bonus after it launched its new £200 current account switching deal today (10 November).

This straightforward offer is available to new and existing customers who make the move to Santander’s Everyday, Edge, Edge Up, Edge Explorer or Private (v2) current accounts from another provider (excluding cahoot and Cater Allen) and meet a small list of criteria. As well as completing a full switch via the Current Account Switch Service (CASS) within 60 days, this includes paying at least £1,500 into the account (in the same timeframe) and setting up at least two active household Direct Debits.

Eligible customers will then receive the full amount directly into their Santander current account within 30 days. But, it should be noted that you won’t qualify if anyone named on the new account held a Santander current account on 1 January 2025 or has previously benefited from a Santander switch incentive.

Is a Santander current account right for you?

Consumers who want to take advantage of this latest switching deal from Santander have five qualifying current accounts to consider:

Perhaps the simplest option is Santander’s Everyday Current Account which comes with no monthly fee. However, for a small price, customers can unlock access to a range of perks with Santander’s Edge, Edge Up and Edge Explorer current accounts.

For instance, the Santander Edge Current Account offers up to £10 cashback per month on selected household bills, grants exclusive access to the Santander Edge Saver (which currently pays 6.00% AER on balances between £1 and £4,000) and comes with no foreign usage fees – all for £3 per month. (This is also subject to depositing £500 into the account each month and having two active direct debits).

For £5 per month (and providing you pay at least £1,500 into the account each month and have two active direct debits), the Santander Edge Up additionally pays 2.50% AER on in-credit balances up to £25,000 and offers a greater amount of cashback – up to £15 per month - on selected household bills.

Meanwhile, the Santander Edge Explorer current account comes with a more sizeable £17 monthly fee but pays 1% cashback on selected household bills (up to £10 per month) and a further 1% cashback at supermarkets and on travel spends (also up to £10 per month). As well as the no foreign usage fees and access to exclusive savings rates, this packaged account also includes worldwide family travel insurance, UK and European breakdown cover and family mobile phone insurance.

Otherwise, the Private Current Account (v2) may appeal to consumers who want access to a free, dedicated Private Banker. In addition to a £5 monthly fee, it asks holders to pay in a minimum of £1,500 each month and have at least two direct debits. In return, it additionally comes with many of the same perks included with Santander’s Edge current accounts, such as no foreign usage fees and 1% cashback on selected household bills (up to £15 per month). It also pays 2.50% AER on in-credit balances up to £25,000.

How does this switch offer compare?

Santander’s current account switching deal is among the most generous on the market. It’s bettered only by the £400 available from Barclays for moving to its Premier Current Account (which requires holders to have a minimum income of £75,000 per year or £100,000 in savings and/or eligible investments with the provider).

Otherwise, Barclays also pays £200 for switching to its Bank Account, while Lloyds Bank offers the same amount for moving to its Club Lloyds or Lloyds Premier accounts.

“We have seen many switching offers come and go this year, so consumers considering the move should act quickly,” said Caitlyn Eastell, Spokesperson at Moneyfactscompare.co.uk.

That being said, she urged consumers to consider all aspects of a current account before committing to a switch: “It is important that customers review all the details carefully and ensure that they will make full use of the account’s features to avoid paying unnecessary fees.”