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Santander £175 switch offer 14th May 2024

There is a new Santander switcher offer but you can’t have ever had a switching offer from them before. More details here https://www.moneysavingexpert.com/banking/compare-best-bank-accounts/#santanderswitch
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Comments

  • steven141
    steven141 Posts: 332 Forumite
    100 Posts Name Dropper First Anniversary
    FREE £175 to switch plus an ongoing 1% cashback on most bills and some spending.

    While it offers the switch bonus on three accounts, our top pick is the Santander Edge* as, for a £3/month fee, it pays 1% back on energy, council tax, broadband, TV, mobile & water bills (max £10/month) and 1% on supermarket, fuel and train spending (max £10/month). There's also a linked saver that pays 7% on up to £4,000 for the first year – maxed out, this pays £280 interest.

     

    The Santander Edge Up has a higher £5/month fee but could pay more cashback if you've larger bills (energy, water, council tax, broadband, mobile, paid-for TV) and/or high supermarket/travel spend. Edge Up pays max £15/month cashback on both, so if either are about £1,200+ you'll likely be better off than with the cheaper Edge account.


    Who can get the bonus?

    - You can't have ever had a switch bonus from Santander before, and you must be switching from a non-Santander, Cahoot or Cater Allen account.

     

    How to get the £175 bonus:

    - Open an account online or in branch. (You can also switch in to an existing Santander Edge, Edge Up account in branch.)

    - Within 60 days – switch in an account from a different bank, have 2+ Direct Debits and pay in £1,500+.

    - The £175 will be paid between 60 and 90 days after starting the switch

  • Petriix
    Petriix Posts: 2,255 Forumite
    Eighth Anniversary 1,000 Posts Photogenic Name Dropper
    Looks like it's 'set up two direct debits' rather than 'switch' so a dormant donor account should be sufficient if I'm reading it correctly. Perfect timing to get the Edge Saver for when the rate drops on the Easy Access account. 
  • [Deleted User]
    [Deleted User] Posts: 0 Newbie
    Part of the Furniture 10 Posts Combo Breaker Savvy Shopper!
    edited 14 May 2024 at 1:38PM
    Santander offering is good but £3 fee for both Edge current account and Credit Card takes a chunk off the potential benefits.
    But it's a good incentive. Just a shame it's 60-90 days to get it. 
    I can't remember if I've had a switch incentive from Santander before. Definitely had an account but may chance it.
  • steven141
    steven141 Posts: 332 Forumite
    100 Posts Name Dropper First Anniversary
    I had one at the end of 2022 so not eligible but if you are eligible it’s worthwhile. I think that a lot of banks have become wise to serial switchers now. I’m guessing they will only open up the offers to people who have had the offer some time away. How can they tell if you have had an offer say, over 6 years ago since data retention should only be for 6 years?
  • Petriix
    Petriix Posts: 2,255 Forumite
    Eighth Anniversary 1,000 Posts Photogenic Name Dropper
    I only recently switched a current account away from Santander. I checked through my emails and I'm fairly sure I only got the Topcashback reward for opening it and never switched to them. Either way, the boosted interest on the Edge Saver is about £100 over the course of a year while the DD cashback should cover the monthly fee at worst. 
  • Ponchos
    Ponchos Posts: 681 Forumite
    Part of the Furniture 500 Posts Name Dropper Combo Breaker
    edited 26 July 2024 at 8:33AM
    Santander offering is good but £3 fee for both Edge current account and Credit Card takes a chunk off the potential benefits.
    But it's a good incentive. Just a shame it's 60-90 days to get it. 
    I can't remember if I've had a switch incentive from Santander before. Definitely had an account but may chance it.
    Indeed. They've dialed down their last offer (two months ago), which was £185 and included the fee free Everyday Account. Maybe that will come back later in the year.

    https://forums.moneysavingexpert.com/discussion/6514207/santander-185-switch-offer-18-03-24/p1
  • Bridlington1
    Bridlington1 Posts: 3,251 Forumite
    1,000 Posts Second Anniversary Photogenic Name Dropper
    In addition to the offer you can also currently get £15 for opening a Santander Edge account via top cashback:
    https://www.topcashback.co.uk/santander-edge-current-account/
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