Santander launches £150 current account switch offer

Santander has launched a new £150 switch offer which is open to both new and existing customers. To receive the £150 incentive, customers need to switch to the Santander Everyday Current Account, Santander Edge, Santander Edge Up or the Santander Private current account.

The Everyday Current Account is free, however, the other eligible accounts come with monthly fees, so those may be best suited to those looking for extra perks from their bank account in exchange for a monthly fee.

There are also certain eligibility criteria you need to meet and you will need to complete several steps to qualify. That said, if you meet the criteria, you'll get £150 paid into your new account within 90 days of requesting the switch, meaning you could start 2025 with an extra £150 in your pocket.

This offer is indefinite which means it could be pulled at any time. If it is of interest to you, it may be worth starting the process sooner than later.

Who is eligible for Santander's £150 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) have not received a switching incentive since September 2021
• 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 £150 incentive within 90 days of requesting the switch.

How to qualify for Santander's new £150 switch offer

If you're eligible for the Santander switch 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 either online or by booking an appointment in branch
3. Ensure you have at least 2 active Direct Debits
4. Request a full switch using the Current Account Switch Service (CASS)
5. Deposit £1,500 within 60 days of requesting the switch
6. 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 £150 paid into your account within the next 30 days.

Which Santander bank accounts are eligible for the £150 switch bonus?

Some of the accounts eligible for this offer come with a monthly fee. That said, they offer rewards and cashback so they may suit some customers. The eligible accounts include:

• Santander Everyday Current Account - No monthly fee
• 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 Everyday Current Account	Santander Edge	Santander Edge Up	Private (v2)
Monthly fee	FREE	£3	£5	£5
Santander Boosts	YES	YES	YES	YES
Cashback	NO	YES	YES	YES
Exclusive savings rates	NO	YES	YES	YES
Current account interest	NO	NO	YES	YES
Fee-free spending abroad	NO	YES	YES	YES
Access to private banker	NO	NO	NO	YES
USD and Euro bank accounts	NO	NO	NO	YES
Eligibility criteria for maintaining the account	No minimum deposits. Must be 18+ and live in the UK permanently.	Deposit a minimum of £500 a month and have two active Direct Debits	Deposit a minimum of £1,500 per month and have two active Direct Debits	Have £500,000 in savings or investments or £250,000 gross annual income Deposit 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.

Some eligible accounts come with a monthly fee which means the switching incentive you receive won't be strictly worth £150. 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 will eat into your incentive. That said, it might be a good way to try out a packaged bank account for free while also getting some extra cash in the process.

If the paid accounts aren't right for you, the Santander Everyday Current Account is a free option which still comes with perks like the Santander Boosts.

The best bank account switch offers in November 2024

If this switching offer isn't quite right for you, there are several different options on the market right now. We round up the latest switching offers and incentives in our best bank account switch offers article, Make sure to bookmark it so you can keep up to date with the latest on the market.