Martin Lewis has issued a warning about a Santander switch offer worth £225 that expires at 2pm on July 31. The deal includes £180 cash for eligible switchers and a £45 Amazon voucher.
Offer details
In his weekly email to MoneySavingExpert fans, Lewis said: "Santander Edge newbies switching to it get the normal £180 cash plus a £45 Amazon voucher. It's the top account for bills, as while you pay a £3/mth fee, it gives 1% cashback on household bills paid by Direct Debit."
To earn the maximum monthly cashback of £10, customers need to pay exactly £1,000 in qualifying bills each month. After the £3 monthly fee, the net profit is £7 per month, or nearly £85 a year. Lewis added that "most homes [would] easily profit" from holding such an account.
Eligibility requirements
To receive the £180 switch bonus, applicants must transfer their account via the Current Account Switch Service (CASS) before the deadline. They must also pay a £3 monthly fee, deposit at least £500 per month, and maintain at least two active Direct Debits.
Additionally, new account holders must pay in at least £1,500 within 60 days of opening the account online or in branch. For the Amazon voucher, customers must open the 8% regular saver and deposit £200 within 30 days. Those meeting the criteria will receive an email with a link to claim their voucher.
Deadline and notes
The offer expires at 2pm on Friday, July 31. As long as the switch application is submitted on time, customers remain eligible even if the 60-day switching process completes later.
