Santander's £150 switching offer ending soon – find out if you qualify

The high street bank reported it has seen "strong demand" in switching requests since launching the offer in November 2024.

Time is running out to take advantage of Santander’s £150 current account switching incentive after the high street bank revealed the offer is set to end at 23:59 this Wednesday (5 February 2025).

To qualify, new and existing customers must submit a request through the Current Account Switch Service (CASS) to move a current account held with another provider to an eligible account with Santander. This includes a Santander Edge, Santander Edge Up, Everyday and Private (v2) account.

Within 60 days of this request, customers also need to deposit a minimum of £1,500 and set up at least two direct debits.

If this criteria is met, the £150 will be paid within 90 days of the switch process beginning, though note you won’t be eligible if you’ve already benefitted from a Santander switching offer since September 2021.

Choosing the right account for you

As with other switching incentives on the current account market, some of the eligible accounts for Santander’s offer include added features that may be worth considering.

For instance, with a £3 monthly fee, its Edge account allows customers paying in £500 each month (with 2 active direct debits), to earn 1% cashback (up to £10 a month) on bills, supermarkets and travel costs. It can also be used abroad at no extra charge as well as granting access to an exclusive Santander Edge saver paying 6.00% AER.

At £5 a month, its Edge Up account increases the amount of cashback to up to £15 a month and allows customers to earn 3.00% AER interest on balances up to £25,000. It also requires you to pay in £1,500 each month alongside two active direct debits.

Other offers on the market

While those looking to earn free cash by moving current accounts are running out of time to do so with Santander, alternative switching offers remain available from three other high street providers.

TSB recently rejoined the current account switching market with a deal that could see you earn up to £160. Nationwide BS and first direct, meanwhile, each offer £175 for making the move to an eligible account and meeting all other criteria.

However, Rachel Springall, Finance Expert at Moneyfactscompare.co.uk offered the reminder that  “the right current account does depend on someone’s individual circumstances, so it is important consumers are not swayed by free cash alone.”

You can find out more information about these and other current accounts by visiting our dedicated current account charts.