Santander offers £200 to switch bank accounts: Is it a good deal? – This is Money

Santander has launched one of the best-ever bank account switching deals, with £200 cash on offer – but there some strings attached.

The past few months have seen several banks launch generous deals for those willing to swap their current account, with a £200 offer from Lloyds and £175 from First Direct still live.

Now Santander has launched a £200 bonus for people who switch bank accounts using the Current Account Switch Service.

Cash bonus: Banks are paying customers for swapping their bank account through the Current Account Switch Service

Cash bonus: Banks are paying customers for swapping their bank account through the Current Account Switch Service

Cash bonus: Banks are paying customers for swapping their bank account through the Current Account Switch Service

That is £25 more than Santander was offering with its last switcher deal in August 2022, and close to the all-time record switch bonus of £250, paid in 2017 to those taking up a current account from former Clydesdale Bank brand B.

However, there are some hoops to jump through before you get the money – and depending on which Santander current account you pick, you may have to pay a monthly fee.

Only one of the Santander current accounts eligible for the £200 bonus is free, and the others all have monthly fees and other requirements attached. 

To get the cash you will need to take out a Santander 123, Edge, Everyday or Select current account.

Of those, only the Everyday is free, with no monthly fee. The Edge has a fee of £3 a month, while the 123 and Select accounts cost £4 a month. The Select current account also requires you pay in income of £5,000 a month or have at least £75,000 in Santander accounts.

Secondly, getting the £200 requires you to set up two direct debits within 60 days, pay in at least £500 and log in to Santander’s online or mobile banking.

Finally, if you have ever earned a switch bonus from Santander before you cannot earn the £200 this time.

Santander UK head of banking Hetal Parmar said: ‘For a limited time, we’re offering £200 cashback to customers who switch their current account to Santander, putting even more money into people’s pockets.’

Some of the Santander bank accounts paying the £200 to switchers do have other perks, too.

Santander Edge – up to £20 cashback a month on travel and bills and 4% on savings

  • 1 per cent cashback (capped at £10 a month) on grocery bills and transport costs paid on debit card
  • 1 per cent cashback (capped at £10 a month) on household bills paid via Direct Debit (council tax, gas and electricity, mobile, landline, broadband and paid-for TV packages)
  • 4 per cent savings interest on up to £4,000 a year with the linked easy-access savings account, Santander Edge saver
  • No fees on UK and overseas Chaps bank transfers

Santander 123 – cashback on bills and current account interest

  • Monthly interest of 1.75 per cent on current account balances up to £20,000
  • Up to 3 per cent cashback on selected household bills, capped at £5 in each cashback tier each month

Select current account – current account interest, cashback and 24-hour helpline

  • Monthly interest of 1.75 per cent on current account balances up to £20,000
  • Up to 3 per cent cashback on selected household bills, capped at £5 in each cashback tier each month
  • 24-hour helpline
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