Santander is offering £200 bank switch deal and 1% cashback

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Customers switching their bank or building society accounts to one of Santander’s Edge, 123, Select, Private, and Everyday accounts will be offered a top-rate one-off payment of £200. Customers can also benefit from cashback perks on household bills and food shops with the Edge and 123 accounts.

To be eligible, customers need to complete the bank switch using the Current Account Switching Service (CASS) and, within 60 days, set up and maintain two active direct debits, deposit at least £1,000, and log in to online or mobile banking.

The cashback will be paid directly into their qualifying Santander current account within 30 days following this.

Hetal Parmar, head of banking at Santander UK, commented: “With many of us being mindful of the rising cost of household bills, groceries and travel, our Edge Current Account is specifically designed to pay cashback on these essential bills and spend.

“For a limited time, we’re also offering £200 cashback to customers who switch their current account to Santander, putting even more money into people’s pockets.”

It must be noted, anyone who has benefitted from a previous Santander switch offer will not be eligible.

The Santander Edge Current Account and exclusive Edge Saver enables customers to earn up to £20 in cashback on essential bills and spending, as well as £13.10 in interest per month for a £3 fee.

There are two types of cashback to be earnt with this account, each capped at £10 a month.

This includes a one percent cashback on essential grocery shopping and transport-based debit card spending, and a further one percent cashback on household bills paid by direct debit covering council tax, gas and electricity, mobile, landline, broadband and paid-for TV packages.

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Customers will also be granted access to the exclusive easy access Santander Edge Saver, which offers an Annual Equivalent Rate (AER) of four percent on balances up to £4,000, including a 0.5 percent bonus rate for the first 12 months from opening.

Costing a monthly fee of £4, the Santander 123 Current Account offers customers both cashback on household bills and interest on in-credit balances.

The in-credit interest rate on the 123 account is currently 1.75 percent AER on balances up to £20,000, meaning customers can earn up to £347.22 in interest per year, in addition to receiving up to three percent cashback on selected household bills, capped at £5 each per tier every month.

The tiers include a one percent cashback on council tax bills, mobile and home phone bills, broadband and paid-for TV packages, and Santander monthly mortgage payments.

The account offers a two percent cashback on gas and electricity bills, Santander Home Insurance premiums, and Santander Life Insurance premiums, while a three percent cashback is offered on water bills.

But while Santander offers an attractive switching deal with additional perks, it isn’t the only account offering a sizeable sum to transfer to a new bank.

first direct is offering bank switchers a one-off £175 payment for those opening a 1st account using CASS.

To be eligible, they must be a new customer and pay in at least £1,000 within three months of opening the account.

TSB is also offering a bank switch award. Eligible customers are afforded a £125 payment for switching and a further £75 for those who stay until the end of September.

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