A new £150 switching bonus from Santander launched on 4 November 2024. This one is similar to its previous deal, but there are 2 important changes. Firstly, you can claim the offer when switching to multiple current accounts. These include the Everyday Current Account (read our review) the Edge Current Account (read our review), the Edge Up Current Account (read our review) or the Private (v2) Current Account, all of which incur a monthly fee. Secondly, the cash bonus is £10 less than last time. For a full list of the current deals, see our switching deals guide.
How much can I get with Santander’s switch deal?
You get £150 in switching bonus cash when you transfer to a qualifying Santander current account. If you opt for its Edge account, once you switch, you get access to the Edge Saver at AER for the first 12 months on balances up to £4,000. If you deposit the maximum amount, you’ll have £280 in interest after a year.
If you choose the Santander Edge account, you can also earn 1% cashback, up to £10 a month, on selected household bills, plus up to £10 a month cashback at supermarkets and on travel costs. Combined, that’s a maximum of £240 in cashback over a year. However, the Edge account has a £3 monthly fee, but we’ve accounted for that £36 a year in our figures.
“That’s £659 in your first year, including switching bonus, maximum savings interest and monthly cashback.”
The Edge Up Current Account and Private (v2) Current Account (a premium account for people with £500,000 to spare) each have a higher £5 monthly fee.
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Both new and existing Santander customers can get it, but existing customers must apply in branch. You can hold a maximum of 2 Santander Edge Up or Santander Edge accounts, one in your own name and one in joint names.
How can I get the deal?
To get the £150 cash, you’ll have to complete a full switch to a Santander Edge Current Account, Santander Edge Up Current Account or Private (v2) Current Account using the Current Account Switch Service.
You’ll also need to set up 2 active direct debits and pay in £1,500 within 60 days.
The exclusions
You won’t be eligible to earn £150 if you or anyone named on the account has previously received a switcher incentive on one of the accounts included in the offer.
Or if you switch from an account you hold with Santander, cahoot or Cater Allen.
The direct debits you set up cannot include direct debits set up to fund a savings account you have with Santander, cahoot or Cater Allen.
When the offer ends
There’s no end date listed on the Santander site, but it may be withdrawn at any time.
You get £185 in switching bonus cash when you transfer to a Santander current account. If you opt for its Edge account, which has a fee, once you switch, you get access to the Edge Saver at AER for the first 12 months on balances up to £4,000. If you deposit the maximum amount, you’ll have £280 in interest after a year.
If you choose the Santander Edge account, you can also earn 1% cashback, up to £10 a month, on selected household bills, plus up to £10 a month cashback at supermarkets and on travel costs. Combined, that’s a maximum of £240 in cashback over a year. However, the Edge account has a £3 monthly fee, but we’ve accounted for that £36 a year in our figures.
“That’s £669 in your first year, including switching bonus, maximum savings interest and monthly cashback.”
Who can get the deal?
Only new Santander customers can get it. You can hold a maximum of 2 Santander Edge Up or Santander Edge accounts, one in your own name and one in joint names.
How can I get the deal?
To get the £185 cash, you’ll have to complete a full switch to an Everyday Current Account, Santander Edge Current Account or Santander Edge Up Current Account using the Current Account Switch Service.
You’ll also need to set up 2 active direct debits and pay in £1,500 within 60 days.
The exclusions
You won’t be eligible to earn £185 if you or anyone named on the account has previously received a switcher incentive on one of the accounts included in the offer.
Or if you switch from an account you hold with Santander, cahoot or Cater Allen.
The direct debits you set up cannot include direct debits set up to fund a savings account you have with Santander, cahoot or Cater Allen.
When the offer ends
There’s no end date listed on the Santander site, but it may be withdrawn at any time.
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Kate Steere is an editor at Finder, specialising in fintech, banking and cryptocurrency. She has previously written for The Motley Fool UK and Fitch Solutions, where she covered a wide range of personal finance topics and kept a close eye on market trends. Kate has a Bachelor of Arts in Modern History from the University of East Anglia. When not working, she can usually be found curled up with a good book or heading out for a run. See full bio
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Find out how you can open a new current account with NatWest and take advantage of the latest switching bonus.
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