Santander UK has launched a new switching offer, providing a £180 cash incentive to eligible customers transferring to selected current accounts.
The offer went live on May 29, 2025 and is available both online and in branch. This move, part of a wider trend among UK banks to attract new customers through direct financial incentives, reflects growing competition in the retail banking sector.
According to GB News, Santander has not revealed how long the promotion will remain active, adding a degree of urgency for interested applicants. While the bank promotes simplicity and accessibility, few operational details have been disclosed at this stage.
Eligibility and Application Process
To qualify, customers must not have held a Santander current account on January 1, 2025 and must use the Current Account Switch Service, including the closure of their external account.
The incentive applies to four eligible current accounts: the fee-free Everyday Current Account, the Edge account, the Edge Up account, and the Private Current Account.
Customers must initiate the switch within the promotional period, complete the process within 60 days, deposit a minimum of £1,500 (either in one transaction or multiple payments), and set up at least two active Direct Debits during that timeframe.
- Submit a switch request from May 29, 2025, before the offer is withdrawn
- Complete the full switch within 60 days
- Deposit at least £1,500 within that period (in one or multiple payments)
- Set up at least two active Direct Debits
Anthony Warrington, Head of Banking at Santander UK, explained the timing of the initiative:
Summer is fast approaching, and many people will be saving up for the holidays – whether it be for that trip abroad, festival, or day out with the family. That’s why we’re pleased to be introducing our new £180 switcher incentive.
Payment and Account Features
The £180 incentive will be paid within 90 days of starting the switch process, assuming all eligibility conditions are fulfilled.
Warrington also highlighted a key benefit of the fee-free account:
The offer includes Santander’s fee-free Everyday Current Account, which allows customers to withdraw cash abroad without charges.
Edge and Edge Up accounts come with monthly fees and minimum deposit requirements, but offer additional cashback features.
From September 9, 2025, Santander will:
- Remove the 1% cashback on supermarket and travel purchases
- Maintain 1% cashback on selected household bills, capped at:
- £10/month for Edge
- £15/month for Edge Up
- Continue to offer fee-free debit card use abroad
Switching to Santander is handled automatically through the Current Account Switch Service, with almost all switches completed in under a week. According to Santander, nine out of ten customers report being satisfied with the experience.
comparison with alternative bank incentives
Santander’s £180 offer is competitive but not the highest on the market. Other UK banks are currently offering the following switching incentives:
- TSB: up to £310 (cash, cashback, and vouchers)
- Nationwide: £200 for existing customers
- First Direct and Co-op Bank: up to £175
Alastair Douglas, CEO of TotallyMoney, noted the opportunity for those not eligible for Santander’s offer:
If you’re not eligible for the Santander account, and are willing to switch, then there’s other options for you.
He added:
Just remember that loyalty doesn’t pay, but switching who you bank with can. The banks will move your Direct Debits and close your old account automatically.
