Santander launches £185 current account switching incentive: How does it compare?

The switching deal applies to four of Santander’s current accounts, which suit a variety of needs.

Santander became the latest high street provider to offer a cash incentive for switching current accounts after it launched a new £185 deal today.

The offer, which is available to both new and existing Santander UK customers, requires you to switch to a specified Santander account using the Current Account Switch Service (CASS); eligible accounts include its Everyday Current Account, Santander Edge Current Account, Santander Edge Up Current Account and its Private Current Account v2.

To qualify for the free cash, you’ll need to complete the switch within 60 days of initiating the process (which includes closing your old account). Furthermore, you must pay in £1,500 and set up at least two direct debits within the same timeframe (although it should be noted direct debits to fund Santander, cahoot or Cater Allen savings accounts don’t count for the purposes of this offer).

Providing you meet all the criteria, you’ll receive £185 paid into your account within 90 days of the switch process. It should be noted, though, you won’t be eligible if you’ve previously benefited from a Santander switching deal.

Santander’s eligible current accounts

There are a number of current accounts eligible for this latest switching offer to suit a variety of different needs.

Perhaps the most straightforward is the Santander Everyday Current Account, which comes with no monthly fee.

However, for a cost of £3 per month you could opt for the Santander Edge Current Account instead, which pays up to £20 cashback on essential bills and spending each month. With this account, you’ll also have access to an exclusive easy access savings account offering 7.00% AER.

Alternatively, the Santander Edge Up Account is available for a slightly larger fee of £5 per month. It comes with up to £30 a month cashback on essential bills and spending, while also offering 3.50% AER in credit interest on balances up to £25,000. Furthermore, both Edge Current Accounts provide fee-free spending abroad.

Meanwhile, the Santander Private Current Account (v2) also costs £5 a month and applies 3.50% AER interest on in-credit balances of up to £25,000. Additionally, this account allows holders to make daily withdrawals from cash machines of up to £1,500.

“With finances often stretched these days, we know customers want a current account that not only suits their everyday needs, but that also delivers additional ongoing value,” explained Andrea Melville, Direct of Current Accounts, Savings and Business Banking, Santander.

“Our new switching offer not only provides a quick boost to customers’ finances, but forms part of the wider value package we provide through our Edge accounts,” Melville continued.

New customers to Santander can switch to any of the above accounts online, over the phone or in branch. However, if you’re an existing Santander UK customer, you’ll need to visit a branch to take advantage of the switching offer.

How does it compare?

This latest deal from Santander follows a number of high street banks launching new switching incentives.

Only last week, HSBC introduced an offer which could see customers receive up to £220 by switching to either its HSBC UK Advance or Premier Account. However, to be eligible for the full amount, you’d also need to open an HSBC Online Bonus Saver and deposit up to £50 in the account each month for a year.

Otherwise, NatWest currently offers £200 for switching to any of its current accounts, while switching to any of Lloyds Bank’s Club Lloyds Current Accounts could see you receive £175.

With all these new cash incentives hitting the market, Rachel Springall, Finance Expert at Moneyfactscompare.co.uk, encouraged customers to review each option carefully.

“It’s the overall package of an account that should be weighed up before someone commits to switching their account,” she explained.