Santander brings back current account switching deal – how to get £175

Santander has launched a £175 switching bonus if you sign up to one of three accounts. 

New and existing customers can benefit by switching to a Santander Edge, Edge Up or Private current account.

The latest deal follows in the footsteps of First Direct and Virgin Money, which both launched switching deals this month.

Here, Which? takes a closer look at how to qualify for the offer, if Santander is a good banking provider and how the switching offer compares.

How to get £175 for switching 

Santander is offering a £175 bonus to people who switch to one of three of its bank accounts; Edge, Edge Up or its Private account.

To qualify for the bonus, you must apply using the Current Account Switching Service online, over the phone or in branch.

Your old account will be closed and any balances and direct debits will be automatically moved over to the new account.

To get the bonus, you'll need to set up two active direct debits and pay in at least £1,500 within the first 60 days.

Anyone who has previously benefited from a Santander switching bonus won’t be eligible.

Existing customers can use CASS to transfer their balances and direct debits from bank accounts with other providers into their existing Santander current account to benefit from the offer. Existing customers will need to apply for the deal in a Santander branch. 

There's no end date to the deal, but it can be withdrawn at any point. 

• Find out more: how to switch your bank account.

What do Santander's current accounts offer?

Here’s what the Edge, Edge Up and Private current accounts offer. 

Santander Edge account

The Edge account offers the chance to earn money back on both debit card spending and direct debits, plus a linked savings account paying 7% AER (variable) on balances up to £4,000. 

You can earn 1% cashback, capped at £10 per month, for debit card spending on ‘essential’ grocery shopping and transport. There's also 1% cashback available , capped at £10 per month, on household bills paid via direct debit such as council tax and gas and electricity bills. 

The account also offers fee-free spending abroad. 

There's a £3 monthly fee, and you'll need to pay in at least £500 each month to keep the benefits, plus have two active direct debits to maintain the account and qualify for cashback.

• Find out more: best bank accounts for cashback.

Santander Edge Up account

This account includes all the same perks as above but you can earn up to £15 a month in cashback on supermarket and travel, as well as your bills (maxiumum £30 in total). 

You'll also earn 3.5% AER (variable) in interest on your current account balance (up to £25,000).

You’ll need to pay a £5 fee to maintain the account and pay at least £1,500 into the account each month and have two active direct debits.

• Find out more: best debit cards to use abroad.

Private current account

This account is only available to individuals with a gross annual income of £250,000, or savings or investments worth more than £500,000. 

This account has a £5 monthly fee and pays 3.5% AER (variable) in credit interest on balances up to £25,000.

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When will you be paid £175? 

Those looking for quick cash will be disappointed as you’ll need to keep the account for at least three months. 

Santander said 60 days after you initiate the switch, it will check to make sure that you’re eligible and then pay the £175 into your account within the next 30 days. 

Is Santander a good bank?

Santander achieved a satisfaction score of 70% in our most recent survey of the best banks, leaving it 17th out of 21 providers.

It scored well for overall customer service, receiving four stars. However, it only achieved middling ratings of three stars for telephone and online banking, and contacting customer services.

• Find out more: best banks 2024.

How does it compare?

There’s two other switching offers available right now from First Direct and Virgin Money. 

First Direct

First Direct is also offering £175 to new customers who switch to its 1st Account.

The 1st Account offers a £250 interest-free overdraft (subject to status), has no monthly fees and has a regular saver account which pays 7% AER, fixed for 12 months.

First Direct was named a Which? Recommended Provider in our latest survey on the best and worst banks. Nearly every aspect of its service was rated the full five stars by customers, including online banking, complaints handling and overall customer service.

• Find out more: First Direct brings back £175 switching offer – is it worth going for? 

Virgin Money

Instead of a cash incentive, Virgin Money will pay 10% interest on balances up to £1,000 for a year if you switch to one of its three current accounts – M, M Plus and Club M.

If you meet the offer conditions, you’ll start earning the bonus fixed-interest rate of 10% gross/10.47% AER (fixed) on balances up to £1,000 from 1 July 2024 to 30 June 2025. 

Virgin Money will work out how much interest you earn at the end of each day based on the money in your account. This interest will be added to your M, M Plus or Club M account on the last working day of each month.

• Find out more: Virgin Money offers 10% interest to switch to its current account.

If you're thinking of switching to any of the accounts mentioned in this article, make sure you refer to the particular terms and conditions of the deal to make sure it's right for you.

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