Santander has offered people across the UK a free cash boost of £200 – but only if they’re willing to start banking with it instead of a high street rival. These offers pop up regularly as banks aim to maximise their customer base across the UK.
New and existing customers could potentially claim the £200 bonus after switching their current account through the Current Account Switch Service (CASS) to a Santander Edge account. People would need to make sure that they qualify for the deal before making any major financial decisions.
The deal was highlighted by Martin Lewis’ MoneySaving Expert team online as one of the top switching deals available (at the time of writing). The MSE page explains: “For a £3/month fee, the Edge current account pays one per cent back on energy, council tax, broadband, TV, mobile & water bills (max £10/mth), making it a top bills (or joint bills) account.
“The Edge Saver pays six per cent on up to £4,000 for the first year – maxed out, that’s around £240/year interest. Plus, the Edge debit card also has no foreign exchange fee when you spend abroad, so you get the same near-perfect exchange rate as the bank does.”
Once eligibility is confirmed, the £200 payment will be made directly into the Santander account within 30 days. The bonus won’t be paid out in time for Christmas. However, it could be added to the account during the New Year if people make the switch soon.
The £200 switching offer is available for a “limited time” and may be withdrawn at any time, Santander warned.
Who can claim the bonus?
To be considered, people must submit a switch request before the offer is withdrawn. At the time of writing (December 9, 2025), the offer is still valid.
Potential customers must complete the switch within 60 days of their request. On top of this, the account must have at least two active selected household Direct Debits and pay in £1,500. This can include household bills such as council tax, utilities, or broadband.
Who cannot claim the bonus?
People will not be eligible if anyone named on the new account held a Santander current account at any point this year (since January 1, 2025). Anyone who has already received a switch incentive from Santander will also be rejected from the £200 offer.
In other banking news, Lloyds has a similar £200 scheme ongoing (as of December 9) – more details about that can be found here. Barclays is offering £200 to people opening a Barclays Bank Account, or £400 when they open a Premier Current Account.
For anyone considering these kinds of offers, they should only consider switching banks for an offer if the new account’s benefits (cash bonus, better rates, lower fees) outweigh the hassle, especially if you’re unhappy with your current bank. However, don’t switch just for the bonus.
People should ensure the account meets long-term needs and they should make sure to check all of the terms that the new agreement is locking them into. Avoid doing any sort of account switches right before big credit applications, such as getting a mortgage.
