Santander is offering new customers a cash boost when they switch to its Edge current account, along with ongoing cashback on essential household bills. The deal, highlighted by Martin Lewis's Money Saving Expert team, is described as a "strong pick if you want upfront cash and ongoing bills cashback – especially for households."
How the Santander Edge account works
The Santander Edge current account is available to millions of qualifying UK residents. New customers who switch can receive a one-off £180 cash payment. Additionally, account holders can earn 1% cashback (up to £10 per month) on selected household bills paid by Direct Debit, including council tax, energy, water, mobile and home phone, broadband, and TV bills.
Customers also gain access to the Santander Edge Saver account, which offers 6.00% AER interest on balances up to £4,000. This rate includes a 2.50% AER bonus for the first year.
Eligibility for the £180 switching bonus
To qualify for the switch bonus, new customers must meet several requirements:
- Pay a £3 monthly fee to maintain the account.
- Deposit at least £500 into the account each month.
- Have two active Direct Debits.
- Be aged between 18 and 73 and a UK resident.
Joint account applicants must live at the same address. Customers who had a Santander account on January 1, 2025, or previously received a switching incentive from Santander are not eligible. Joint account holders receive only one payment.
How to switch
New customers can open a Santander Edge account online or via the Santander app. The Current Account Switch Guarantee ensures Santander handles closing the old account and moving payments. A spokesperson confirmed: "We'll check your Santander account 60 days after the switch has been instructed. If you qualify, we'll make the switcher an offer and pay you within 30 days."
The payment is made directly into the Santander account, with no alternative payment available.
