Another brand new switching offer, and it’s open to existing customers too
Santander has introduced a switch offer — their third of the year. Here’s what you need to know to get the free cash, and my analysis of how it compares to the other options available.
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How much can you get with the Santander switch offer?
This offer is just £150, that’s down from the £175 in the summer, £185 in March and £200 last year.
You can only get one £150 bonus per person, so there’s no trick to double this with extra accounts or joint accounts. There’s also only one payment per joint account, so I’d suggest couples open up two separate accounts to maximise the cash they get.
If you opt for the Edge current account you’ll also be able to earn 1% cashback on bills and 6% savings interest, adding even more to your return each year (though there is a £3 monthly fee)
There’s also the chance of another £20 if you apply via Quidco or TopCashback, giving you a switch total of £170.
If you’re not already a member of either cashback site, make sure you sign up with a welcome bonus (though you’ll need to spend at a different retailer first to trigger this).
Who can get the Santander switch bonus?
It’s available to new and existing customers on the following accounts:
- Edge (review here)
- Edge Up (review here)
- Everyday
- Private
If you don’t have one of these accounts you’ll need to open one. If you already have it, you can switch directly into it. The good news is this time around the fee-free Santander Everyday account is back as part of the offer.
You can’t get the money if you’ve had a switching bonus from Santander since September 2021. This includes the £50 refer-a-friend offer that used to run and offers for Cahoot or Carter Allen banks which are part of Santander.
You’ll need to be a UK resident too.
What are the requirements for the Santander switch offer?
There’s quite a bit you need to do with this switch, though you’ll find that these are also requirements for some of the accounts to earn ongoing cashback.
Complete a full switch via CASS
You have to use the Current Account Switch Service to transfer in from a current account held at another bank (this also excludes Cahoot and Carter Allen). This old account will be closed. You need to do this within 60 days of starting the switch process.
New applicants can switch via the website, app, phone or branch as part of your application. The terms say existing customers can also now do the same – previously they had to go into a branch.
Two active direct debits
First, the account you switch into needs to have two Direct Debits active when they run their eligibility checks (around 60 days after starting the switch).
These can be set up after the switch if you don’t have them on the old account you’re switching from. Here are some ideas for new direct debits you can set up, however with the Edge or Edge Up you’ll want to move your bill payments over to earn the cashback, so they will cover you.
If you are an existing account holder and already have direct debits on there then you don’t need to set up new ones.
A £1,500 deposit
You must pay into the account at least £1,500 in the first 60 days. This can be a single payment, or multiple deposits. The money doesn’t have to stay in the account. You can spend it or transfer it out to a different account.
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When does the offer end?
Santander hasn’t announced when this offer will end. I’d expect it to run for between two and four months, but it could go at any time.
When will the money be paid?
The bank will check you’ve met the conditions 60 days after you’ve started the switch, and pay the money within 30 days of this. So you’re looking at three months at most to get the cash.
However, it could be earlier. I got my cash in eight weeks a few years ago. You must keep your account open to get the money.
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Which Santander account should I choose?
As long as you pay your core bills from it, it’s well worth getting the Edge account to earn cashback on your bills. You can also get 6% interest on savings up to £4,000 in year one. However, you will be paying £3 a month for this which will eat into your returns.
The Edge Up costs £5 a month and the extras don’t justify the increased cost, especially since you can’t access that 6% Edge Saver account.
If you don’t pay enough on your bills to cover the cashback, or perhaps you have one of the older 123 or 123 Lite accounts, then I think it’s better to go for the Everyday account. This has no fees or charges, and works as a decent dummy account for future switches.
Is it worth switching to Santander?
Andy’s analysis
If you are going to earn cashback on bills via one of the accounts I’d keep this as an account just for those payments rather than making it your main account.
This separation helps with budgeting and also allows you to take advantage of better banking experiences from the likes of Starling or earn money on spending from Chase.
I also think it’s worth keeping the account going to earn that money back on bills, rather than switch again for a different deal.
Santander switch offer summary
£150 Santander switch offer
| Switching bonus | £150 |
| Extra cashback | £20 via TopCashback or Quidco |
| Open to existing customers | Yes |
| Requirements | Open a new or hold an existing Everyday Edge, Edge Up or Private current account |
| Set up two Direct Debits before or after the switch | |
| Deposit £1,500 | |
| Switch using the Current Account Switch Service and close your old account within 60 days of starting the switch | |
| The old account must be from a different bank | |
| Not have received a switching bonus from Santander already | |
| Bonus paid | Around 90 days after requesting the switch |
| Offer ends | Unknown |
Other switching offers
A number of banks may also be offering an incentive to switch, so do look at the list below before deciding which to go for – you might be able to get one of those in before the Santander switch.
A quick note though, if you are opening new accounts (rather than switching into existing accounts) you will be credit checked on each application.
Previous Santander switch offers
- September to December 2021 – £130
- January to March 2022 – £140
- August to September 2022 – £160, then £175
- February 2023 – £200
- March 2024 – £175
- May to June 2024 – £150
Andy, you’ve been following this for years so I’m curious, do you think the reduction in bonus offers (such as from 200 to 175 to 150) is a trend across the banking sector? Should we expect lower bonuses from now on, or do you think it’s just a cyclical thing?
I am eligible for this bonus but not in a rush to get 150 if it might come back up in 6 months. I
Hi there,
What do you mean by “Not have received a bonus already”
What if I have received a bonus in the past like a year and a half ago /
Thanks
Kind regards
The days of continually getting bank opening bonuses seem to be over with nearly all of the recent offerings disqualifying those who have already had a bonus. This is a significant alteration, and, as far as I am aware, has not been picked up by Andy and the team.
It varies by bank, and some, such as Santander and First Direct have never allowed people to get more than one bonus, while Halifax/Lloyds introduced a one or the other rule recently. Others vary, though it’s true some (e.g. HSBC) are making it harder by not moving the eligibility date forward where you can repeat a deal.
Isn’t the Edge monthly fee £3 a month, not £4 a month as stated in the article? Allowing for that, the interest rate on the Edge Saver works out at 6.10% if you keep the maximum £4,000 in there, which is more than you can get elsewhere for easy access at the moment. So it might be worth hanging on to the Edge account until the interest on the Edge Sacver drops after a year, rather than ditching it as soon as you’ve got the switching bonus. All acadmic for me as I’ve already had a switching bonus from Santander.
Hi,
I’m just seeking clairification: I’ve already transferred over me and my wife’s individual TSB accounts to Santander Everyday account – both accounts with Santander are now open. We still have an old TSB joint account, and I am wondering if I would get another £185 (for the joint account). bonus for transferring over the old TSB joint account into a joint Santander Everyday account. Can someone please help on this? Thanks so much.
I’m a bit perplexed to not have been advised about this promotion. I was in branch and switched from 133 account to edge on 7th March. I could have waited 11 days if advised.
I just rang santander and examined I changed my 123 account to edge up 2 weeks ago and could I still get the bonus…The guy at santander said its just for new customers..very strange .
For existing customers you can switch in an account from a different bank into your existing account, however this requires a visit to a branch.
Alternatively you could open a new account online and switch into that.
I’ve switched 8 times in 12 months using a dummy account. The last was to TSB. This switch was fraught with technical issues – only the Edge browser would work to complete the switch, countless ID verification issues. I hope TSB pay the £125 within the March 20th – 29th timeframe so I can take advantage of this Santander offer. My confidence levels are low given TSB’s incompetence levels to date.
Hi, I read the terms and conditions of the new £185 Santander switch offer and it says that if they suspect you of abusing the offer they won’t pay. I assume they look at how long you’ve had your current account for?
I switched to Nationwide in November to get £200 so I assume it’s a bit cheeky to switch that to Santander?
I have a dummy account for switching. My last switch being to TSB for £125. I haven’t received the £125 from TSB yet. It’s due between March 20th-29th. I hope TSB pay up in time so I can take advantage of this offer! Santander is the only mainstream bank I haven’t switched to in the last 12 months so I’d like to take advantage of this offer.
TSB were incompetent when I switched. They had countless technical issues including only being able to use the Edge browser and not chrome, ID check problems. I’m a seasoned switcher having switched to 9 banks in the last 12 months. My confidence levels TSB will actually pay up are low.
Hi
I have an existing everyday account that all my bills etc are paid from, can I switch another (chase) account to get the deal, but then easily “switch” my everyday account incomings and outgoings to the new edge account and use that as my main account?
Hi Andy.
I have an existing Santander 123 current account , can I switch this account to one that qualifies for the bonus and would I receive the switching bonus? I have never received switching bonus from Santander. Also would I need to close the 123 current account if I do the switch?
Many thanks
I would like to know this as well, the T&C’s are a bit ambiguous , says existing customers then says must be from a different bank.
If they can’t look after existing customers then I think I’ll switch to one of the other offers
Hello Andy,
Thanks for all the information you provide in your emails.
In your email 9th February you gave information on switching to the Santander Edge current account.
You mention that an initial deposit of £1000 is required, but I do not see this mentioned on the Santander website. Is that because the deadline has past? I did opened 8.2.23, just in time!
Hi Andy.
Would you know if I would qualify for the switching bonus in this circumstance?
I have an existing Santander Choice current account that already has DD and monthly deposit, can I switch this account to one that qualifies for the bonus and would I receive the switching bonus?
Many thanks.
Hi Andy,
Does teh £1000 need to come in from a non santander account or canI use my exisiitng 123 Lite Account and Transfer to the everyday account im switching to.
Hi! Are payroll/salary payments considered qualifying deposits for the switch bonus? It’s not specified anywhere. Thanks
Hi
I switched my current account to santander last year and received the bonus
I also have a joint account with my partner at another bank. Can we switch this and get the bonus? Or will it not work as I have another account in my name?
Thanks
Sam
“You can’t get the money if you’ve ever had a switching bonus from Santander.”
I just checked in my local Santander branch because I had a switching bonus 7-8 years ago and was told I could reapply again and receive it. The person even double checked ‘in the system’ and confirmed this but did say it probably would not work if I had a bonus from them within the last 2-3 years.
Hi, if I create a new bank account today lets say on Monzo. How long after will I be able to use the Monzo account to use as a switch?
Hi there
I’ve just switched to santander and transferred two direct debits from my old account. Will this meet the criteria for the reward or do I have to set up new ones? If so can I cancel existing ones and set them up again?
Kind regards
I would like to know this also?
I ave a santander everyday current account can I get the £200. Because am switching from lloyds to santander
Hi Andy, when depositing the required £1000 how long must it stay in the new account for? Thanks
I want to know this also! Can’t find anything in the t&c’s ..
Hi Andy,
Just wondering if you knew what Santander meant by in one of their clauses in their T&C for the switcher cashback.
In clause 3.4 they said “ We reserve the right to not make any Cashback Payment where we suspect or are made aware that the Switcher Offer is being abused, for example, by closing an Old Account to switch back to us to receive the Cashback Payment.”
Does this mean if I have previously switched out of Santander but have never received a switch bonus from them that I am now ineligible for their switching offer? If this is the case, is this message true amongst other banks too?
Hi Andy, thanks for this. I have done the Virgin switch and have a linked savings account. Do I need to close that before doing the current account switch or can I leave savings account and just the current account will be switched? Thanks.
Once you have recieved reward can you switch to another account provider or do you have to give money back then . Think the santander app is quite poor and don’t like the set up of it !
Hi Andy, I made a switch to a santander 123 lite account on March 13th, I got a message that I have to wait for a decision about two days, on March 14th they wrote that they would open an account, I know now that the 13th was the last day, do you think I will get a bonus?
I’d hope so… it’s worth putting in a complaint if not
Hi Andy, Switched my Tsb spend and save current account to Santander 123 & Tsb current account to Santander everyday, (both sole accounts) switch service completed the same day all criteria followed there’s nothing to say in the T’s & C’s that I cannot receive £140 for each switch over !! Regards paul
Hi Andy, When does this £140 Santander Switch offer end?
There’s no published end date, so it could be tomorrow, it could be next year!
Hi Andy, l opened a Santander 123 Lite account a few months ago and am happy with it. However with these new accounts paying attractive bonuses, is it possible to open a new account with another bank so soon after my recent opening of the 123 account? Thanks very much.
Yep, you can do that. Just be aware that each account you open will be hard credit checked
Hi Andy,
I have a everyday account with Santander but it’s not a billing account could I still open another account with Santander if I use an outside account eg Halifax and still qualify for the incentive
Yes, you absolutely can. You can even switch into your existing account.
Hi Andy, Re. 123 LITE – once I’ve paid in the required £1000 to open a new account do I still need to pay in £500 per month?
Yes, that’s an ongoing requirement. But if you have direct debits set up there for the bills that will likely count for much of that amount
Just a little bit of feedback about this offer.
I switched to Santander on October 6th with all the conditions met for direct debits, depositing the £1,000 and logging in to the mobile app and Santander paid me the switch bonus of £130 today, November 22nd which was a very pleasant surprise as i wasn’t expecting to receive it until the new year at the earliest.
Thanks for sharing this. Same for me!
Hi Andy, When I switch into my existing Santander 123 a sum of Approx £5000 will this count as depositing a £1000 in 60 days ?
Hmm, not sure on that one. To be safe maybe transfer £1,000 to another account and then put it back
Dear Andy
If I open the Santander account and get the £130 after 3 months or so, do I have to keep the account open or can I move the account to another bank?
Hi Ian, once you have the cash you can close the account or switch away!
Dear Andy,
Thanks for this! I have one question. Suppose you are an existing Santander customer with a current account. Must you switch your non-Santander account to your existing current account to get the cash? Or can you create a new account and switch there?
Hi Paul yes you can open a new account