Santander launches £185 bank account switching offer - is it worth going for?

Santander has launched a new £185 bank account switching offer.

The deal comes hot on the heels of HSBC, NatWest and Lloyds Bank launching incentives for switchers over the last month. 

Read on to find out how Santander's new deal works and how its bonus compares to the competition. 

How to get the switching bonus

Santander is offering a £185 bonus to people who switch to one of four specified bank accounts. You can find out more about each account in the next section. 

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.

The deal is also available to existing Santander customers, but they can only apply in-branch and anyone who has previously benefited from a Santander switching bonus won't qualify.

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. The bonus will be paid within 90 days.

Which Santander accounts are available?

There are four Santander accounts eligible for the switching offer.

The key details of each account are as follows:

• Everyday Current Account: no monthly fee. Simple bank account offering access to online and mobile banking.
• Edge Current Account: £3 monthly fee. Offers up to £20 a month cashback, fee-free spending abroad and a linked 7% AER easy-access savings account.
• Edge Up Current Account: £5 monthly fee. Offers up to £30 a month cashback, fee-free spending abroad and 3.5% AER in credit interest (up to £25,000).
• Private Current Account: £5 monthly fee. Allows withdrawals of up to £1,500 a day and 3.5% AER in credit interest (up to £25,000).

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How does Santander's deal compare?

Santander is the latest in a series of banks to launch switching incentives over the last month.

HSBC currently offers the highest switching incentive (£220), though its deal requires greater legwork than those from Santander, NatWest and Lloyds Bank. 

HSBC - £220

HSBC's deal is the most enticing on paper, but it's also the most complicated.

Customers receive £100 for switching, subject to paying in £1,500 within 60 days, setting up two direct debits and depositing £50 into an Online Bonus Saver account.

You'll then get £10 a month for each of the next 12 months if you continue to use your account regularly. 

• Find out more: HSBC launches £220 switching bonus

NatWest - £200

NatWest offers £200 to people who switch to its Reward or Select bank accounts.

The Reward account charges £2 a month, but pays a £5 'reward' to account holders who log into the mobile app each month and have at least two direct debits. Cashback incentives are also available.

The Select account has no fees or incentives. 

• Find out more: NatWest's £200 switching incentive

Lloyds Bank - £175

Lloyds is offering £175 to people who switch to one of its Club Lloyds accounts.

The 'Classic' Club Lloyds account charges £3 a month, which is refunded if you pay in £2,000 or more.

The 'Silver' and 'Platinum' accounts are priced at £10 and £21 a month, respectively, and offer additional services such as travel insurance, mobile phone cover and interest on balances. 

• Find out more: Lloyds Bank launches £175 incentive

Is Santander a good banking provider?

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.

In our recent analysis of online banking security, Santander came joint sixth out of 13 providers, achieving 69%.

• Find out more: best bank accounts and banks 2024