How Much Can You Get for Switching to Santander?

Santander is offering a £175 bonus for customers who switch their bank account, a slight reduction from previous offers (£185 in March 2024 and £200 in 2023). However, when you take into account other benefits—such as 1% cashback on household bills and 7% interest on savings up to £4,000—the overall value of the deal remains compelling. Here are complete details about santander switch offer.

Breakdown of the Bonus and Additional Benefits:

• Main Bonus:
  • You can earn £175 by switching to one of Santander’s qualifying accounts.
  • This is lower than past promotions, but the additional perks make it attractive.
• Added Value:
  • 1% cashback on essential household bills (including energy, water, and council tax).
  • 7% interest on savings up to £4,000 with the Santander Edge Saver, available in the first year.

Maximizing Your Bonus:

• Bonus Per Person:
  • Each individual can only claim one £175 bonus, regardless of the number of accounts they have. There is no way to double the bonus by opening multiple accounts or a joint account.
  • Joint Accounts: Couples should avoid switching joint accounts as they will only receive one £175 payment. Instead, both partners can open separate accounts to claim £350 in total.
• Extra Cashback via Quidco or TopCashback:
  • If you apply for the switch via cashback websites like Quidco or TopCashback, you could gain an additional £15, bringing the total switching reward to £190.
  • Signing Up for Cashback Sites: New members should take advantage of welcome bonuses when signing up for these cashback sites (usually activated with a small purchase at another retailer).

Who Can Avail the Santander Switch Offer?

This promotion is open to both new and existing customers, as long as they apply for one of Santander’s qualifying accounts. The eligible accounts for the switch bonus include:

• Santander Edge (click for detailed review).
• Santander Edge Up (click for detailed review).
• Santander Private Account (exclusive for high-net-worth customers).

Additional Eligibility Criteria:

• New Account Requirement: If you don’t currently hold any of the above accounts, you’ll need to open one to be eligible for the bonus.
• Existing Account Holders: You can switch directly into an existing eligible account if you already hold one of these.
• Exclusions:
  • The fee-free Santander Everyday Account is not part of this switching offer.
  • You cannot receive the bonus if you have previously claimed any switching bonus from Santander, including their £50 refer-a-friend offer or switching offers from their affiliated brands like Cahoot or Carter Allen banks.
• UK Residency: The offer is available only to UK residents.

What Are the Requirements for the Santander Switch Offer?

Santander has set several conditions for you to meet in order to qualify for the £175 bonus. Although these may seem extensive, some of the requirements overlap with what’s necessary to access ongoing benefits like cashback on bills.

Key Steps to Qualify:

1. Complete a Full Switch Using the Current Account Switch Service (CASS):
   • To be eligible for the bonus, you need to use the Current Account Switch Service (CASS) to transfer your current account from another bank to Santander.
   • Important Note: Your old account will be closed as part of the switch.
   • The switch must be initiated and completed within 60 days of starting the process.
2. How to Switch:
   • New Customers: You can initiate the switch through Santander’s website, mobile app, phone banking, or at a branch.
   • Existing Customers:
     • If you’re switching into an already existing Santander account, you’ll need to visit a branch to complete the switch. In some cases, an appointment may be required, which could cause delays.
     • Pro Tip: If you want to avoid the hassle of going to a branch, you can open an additional account online (such as the Edge or Edge Up) and switch into that account. Many people set up a “dummy” account to use for future switch offers.
3. Two Active Direct Debits:
   • The account you switch to must have at least two active direct debits by the time Santander checks your eligibility (around 60 days after starting the switch).
   • If your old account doesn’t already have two direct debits, you can set these up after the switch.
   • Helpful Tip: The Santander Edge and Edge Up accounts offer cashback on bill payments, so it’s a good idea to move your household bills over to these accounts to satisfy this requirement while earning rewards.
4. Deposit at Least £1,500:
   • You are required to deposit a minimum of £1,500 into your new Santander account within the first 60 days.
   • The deposit can be made in one lump sum or through multiple transactions.
   • Money Flexibility: Once deposited, the money does not need to remain in the account. You can transfer it out or spend it as you wish.

When Does the Offer End?

The current Santander switch offer is available until 20 June 2024. You must initiate the switch by 23:59 on that date to be eligible for the £175 bonus.

Noteworthy Timelines:

• Offer Duration: The previous switching offer in March lasted only 18 days, while the 2023 offer was available for just 17 days. This time, the promotion has been running for a bit longer.
• Bonus Payment Timing:
  • Santander will verify that you’ve met all the eligibility criteria 60 days after starting the switch.
  • Once confirmed, the £175 bonus will be paid within 30 days of the verification.
  • Overall, you can expect to receive the money within three months of initiating the switch, though many customers have received their payments sooner (within eight weeks).
• Important: Make sure to keep the account open until you receive the bonus.

Which Santander Account Should You Choose?

There are multiple options to choose from when switching to Santander, but here’s a breakdown of which account might be the best fit for you:

1. Santander Edge:

• Best Option: This account is ideal for those who want to earn cashback on bills, as well as high interest on savings. You can get 1% cashback on essential bills like energy, water, and council tax, and 7% interest on savings up to £4,000 during the first year.
• Monthly Fee: The account charges £3 per month, which slightly reduces your overall returns, but the benefits often outweigh the cost if you’re maximizing the cashback and interest features.

2. Santander Edge Up:

• Less Value: The Edge Up account comes with a £5 monthly fee, but it doesn’t offer enough additional perks to justify the higher cost.
• No Access to 7% Interest: Unlike the regular Edge account, the Edge Up does not offer the 7% Edge Saver interest benefit.

3. Older Accounts (123 or 123 Lite):

• If you have one of the older Santander accounts and don’t pay enough bills to earn meaningful cashback, it might be better to close the Edge account after receiving the switching bonus to avoid monthly fees.

In conclusion, Santander’s switching offer, while slightly lower than previous deals, still provides excellent value, especially when paired with cashback on bills and high interest on savings. To get the full benefit, make sure you meet the requirements, consider the best account for your financial habits, and act before the June 2024 deadline.

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