Santander: UK banking giant reveals Edge account switching offer that gives you £150 for changing accounts

• Santander is offering a £150 bonus when you switch to their Edge or Edge Up accounts
• Both accounts offer cashback on bills and shopping, with up to £20/month for Edge and £30/month for Edge Up
• Santander Edge comes with a £3/month fee, while Edge Up costs £5/month.
• The Edge account also offers a linked savings account with 6% interest on balances up to £4,000 for the first year

Martin Lewis’ Money Saving Expert team has highlighted yet another offer that can net you free cash if you’re considering switching banks.

If that’s you, then Santander’s new deal might catch your interest, and the bank is giving away £150 to new customers who switch to its Santander Edge or Edge Up accounts.

These accounts also come with ongoing cashback benefits on everyday spending, and provide a straightforward way to earn extra cash. Here’s how it all works.

Santander Edge account

Santander’s Edge account offers a £150 bonus for switching, plus the chance to earn cashback each month.

The account requires a monthly fee of £3, but once you switch to this account, you’ll receive the bonus as long as you meet certain requirements - more details on these can be found below.

The account also allows you to earn 1% cashback on household bills (including energy, council tax, broadband, mobile, and water) up to £10 each month, and an additional 1% on shopping, fuel and train travel up to another £10 monthly. That’s a potential £20 back each month just for your regular expenses.

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The Edge account also comes with an option to open a savings account that pays a competitive 6% interest on balances up to £4,000 for the first year. If you max this out, you could earn around £240 annually in interest.

Additionally, you can use your Edge debit card abroad without any foreign exchange fees.

Santander Edge Up account

For those with higher expenses on bills and groceries, Santander also offers the Edge Up account, which provides the same £150 switching bonus but with a higher cashback cap.

The monthly fee is slightly higher at £5, but the Edge Up account boosts the cashback limit to £15/month on both bills and shopping categories, allowing for a potential £30 back monthly.

Note however that the Edge Up option does not include access to the 6% savings account.

How to qualify for the £150 switching bonus

Santander’s switching bonus is open to new customers with a few conditions.

Firstly, you must be switching from a bank other than Santander, Cahoot or Cater Allen. You also can’t have received a switch bonus from Santander since September 2021.

To claim the bonus, open a new Santander Edge, Edge Up or Everyday account (you can also switch into an existing one).

Within 60 days of opening the account, you’ll need to switch in an account from another bank, set up at least two Direct Debits, and deposit a minimum of £1,500.

The £150 bonus will be deposited into your account between 60 and 90 days after starting the switch.

If you're considering switching to Santander or have any questions about the offer, we'd love to hear from you! Drop a comment sharing your thoughts, or let us know if you’ve already made the switch and how it’s working for you.