Get a £180 cash boost this summer by switching to Santander

The high street bank is offering a competitive cash incentive to switchers.

Those wanting to switch their bank account now have another cash offer to consider after Santander launched a new incentive yesterday (29 May).

The high street bank is offering a £180 cash bonus to anyone who switches to an eligible account (online or in branch) using the Current Account Switch Service (CASS). However, this offer may be withdrawn at any time.

Some of the accounts offering this bonus include Santander’s Everyday account (which doesn’t charge a fee), as well as its Edge and Edge Up accounts which charge monthly fees of £3 and £5 respectively.

“It’s positive to see current account providers launching enticing perks for customers looking for a new bank account, including the latest deal from Santander,” commented Rachel Springall, Finance Expert at Moneyfactscompare.co.uk.

“It is an ideal time for banks to push out switching offers for consumers who are looking at ways to maximise their budget in advance of the summer, so a free cash boost could make a big difference,” she added.

To receive the cash bonus, the switch needs to be completed, and the old bank account closed, within 60 days of starting the process. Customers will also need to pay in at least £1,500 to their account (in one or more payments) and set up at least two household Direct Debits within this timeframe.

Eligible Direct Debits include payments for water, energy, council tax, broadband, TV and mobile phones, for example.

Assuming all the criteria are met, customers can receive the £180 bonus in their account within 90 days of starting the switching process.

Note that anyone who had a Santander current account on 1 January 2025, or who has previously received a cash switch incentive from Santander, won’t be eligible for the offer.

Extra account perks

While a cash bonus can be an appealing incentive to switch current accounts, it’s important to look at all the features and terms of an account (as well as the offer) to ensure it’s suitable for you.

Santander’s Everyday Current Account is the most basic of the accounts to come with the switch incentive. While it doesn’t charge a monthly fee, it doesn’t offer many extra features or benefits to customers aside from Santander Boosts. This feature allows you to earn cashback and discounts from selected retailers.

Meanwhile, the Santander Edge current account charges a £3 monthly fee but comes with features such as fee-free spending abroad with its debit card and 1% cashback (up to £10 a month) on selected household bills paid by Direct Debit. Until 8 September, customers can also earn 1% cashback on essential spending including supermarket shops and fuel.

Furthermore, Santander Edge customers will be able to access the Santander Edge Saver which pays a competitive 6.00% AER on balances up to £4,000 (including a 2.00% AER bonus for the first 12 months). See how this compares to other easy access savings rates.

Alternatively, for £5 a month, the Santander Edge Up current account offers the same cashback scheme as the Edge account but allows you to earn up to £15 a month, instead of £10. Moreover, this current account pays monthly interest of 2.50% AER on balances up to £25,000 which may appeal to those looking to maximise the return on their money.

To qualify for these accounts, customers need to pay a minimum of £500 (Edge) or £1,500 (Edge Up) into their account each month and have at least two active Direct Debits.

Which switch incentive is right for me?

With several current account switch incentives to choose from, it’s important to consider which one is most suitable for you.

It’s easy to be tempted by a headline offer, but always check the terms before switching as some cash incentives may be paid out in instalments instead of a lump sum.

For example, TSB’s recently launched switch incentive pays out up to £190 in total, plus some added rewards. However, this consists of a £100 upfront payment, followed by monthly payments of £15 for the next six months. As a result, while TSB offers a slightly larger sum overall, Santander’s offer may appeal to those who would prefer to receive the full bonus soon after switching.

The switch incentive from first direct is similar to Santander, as customers can receive a straightforward £175 cash bonus for switching to its 1st account.

Alternatively, The Co-operative Bank also offers a switch incentive, made up of a £100 payment and up to £25 per month for up to three months.