Santander launches £175 switch offer – but there’s a catch

Santander has just launched a brand new £175 switch offer which is open to both new and existing customers. However, to get the £175 bonus, customers need to switch to either Santander Edge, Santander Edge Up or the Santander Private current account. All of these accounts come with monthly fees ranging between £3 to £5 to maintain the account which could eat away at your switch incentive.

There are also certain eligibility criteria and you'll need to complete several steps to qualify. This offer is indefinite which means it could be pulled at any time. If it is of interest to you, it may be worth taking action sooner rather than later.

Who is eligible for Santander's £175 bonus?

Both new and existing Santander customers are eligible for this switch offer. However, you'll only be eligible if:

• You (or anyone named on the account) has not previously received a Santander switch incentive
• You're a UK resident
• You switch an eligible account (it can't be a current Santander, cahoot or Cater Allen account)
• You switch to an eligible Santander account (more on this below)

As long as you meet the eligibility criteria above, and complete the steps to qualify for the switch offer, you could get the £175 bonus.

How to qualify for Santander's new £175 switch offer

If you're eligible for the Santander offer, you'll need to complete the following steps to qualify for the bonus:

1. Choose one of the eligible Santander bank accounts to switch to (you can find out more about your options below).
2. Apply for the account of your choice - you can do this online, but don't forget to select the option to switch your account to Santander from an account you hold elsewhere.
3. Within 60 days of requesting the switch, set up 2 active Direct Debits and pay in £1,500.
4. Santander will complete a full switch on your behalf using the Current Account Switch Service (this will include switching over your incoming and outgoing payments and closing your old account).

Santander will then check that you've completed all the required steps within 60 days of requesting the switch. If you have, you'll have £175 paid into your account within the next 30 days.

Which Santander bank accounts are eligible for the £175 switch bonus?

Only three of Santander's current accounts are eligible for this offer and they all come with a monthly fee. The three accounts are:

• Santander Edge - £3 per month
• Santander Edge Up - £5 per month
• Santander Private (v2) - £5 per month

Santander Account Comparison table

The table below sums up the key features of each eligible account to help you decide which Santander account is right for you.

	Santander Edge	Santander Edge Up	Private (v2)
Monthly fee	£3	£5	£5
Cashback
Exclusive savings rates
Current account interest
Rewards
Fee-free spending abroad
Access to private banker
USD and Euro bank accounts
Eligibility criteria	Pay in a minimum of £500 a month and have two active Direct Debits	Pay in a minimum of £1,500 per month and have two active Direct Debits	£500,000 in savings or investments or £250,000 gross annual income Pay in a minimum of £1,500 a month and set up at least two Direct Debits

If you're interested in the accounts above, please check out our Santander Edge review and Santander Edge Up review to find out more about what's on offer.

Every eligible account comes with a monthly fee which means the switching incentive you receive won't be strictly worth £175. For instance, a Santander Edge account would cost you £36 if you keep your account for a year, while the Edge Up or Private account will cost you £60 per year which means you are really only receiving £136 or £115, depending on the account you choose and assuming you keep it for at least a year.

You should probably think about whether the benefits of the paid account are worth the fee outside the switching incentive as they will inevitably erode the value of the bonus depending on how long you keep the account for.

What are the best bank account switch offers in May 2024?

We've seen an increase in the number of new switch offers in recent weeks, following a quiet period in March and April. For now, other active current account switch offers include First Direct with a £175 bonus offer for new customers, as well as Virgin Money with up to £100 up for grabs via their new 10.47% bonus interest rate offer. Make sure to bookmark our best bank account switch offers article to keep up to date with the latest on the market. We also include other offers and incentives.