Two leading banks, Santander and Nationwide, are offering eligible customers up to £180 in free cash for switching to their accounts. The offers are part of regular switching incentives designed to grow customer bases, but potential switchers must meet specific criteria to qualify.
Santander Edge Explorer: £180 Cash and Additional Perks
By switching to the Santander Edge Explorer account, customers can receive £180 free cash, a £150 worldwide hotel voucher, and 24/7 remote family GP access. The account also offers 1% cashback on most household bills paid by direct debit (maximum £10/month) and 1% cashback on supermarket and travel debit card spending (maximum £10/month). However, the account comes with a £17 monthly fee. Switchers must deposit a total of £1,500 or more within 60 days.
The £17 monthly fee includes travel insurance (worldwide, family, up to age 75, including winter sports), mobile phone cover for up to four household handsets (excess up to £135), breakdown cover (UK and Europe, including home start, onward travel, and replacement vehicle), and additional perks such as family remote 24/7 GP access, 6% interest on up to £4,000 savings for one year, and 8% variable regular saver interest on up to £200/month for one year.
Nationwide FlexPlus: £175 Cash with No Age Limit on Insurance
The Nationwide FlexPlus account offers £175 cash for switching. According to Money Saving Expert (MSE), this account has long been a top player but is currently outpowered by Santander's financial benefits. Its key strength is that there is no maximum age limit on the insurance, and pre-existing conditions may be covered for an extra fee. The account requires a monthly fee of £18. Switchers must deposit a total of £1,000 or more within 31 days (in instalments allowed) and use the debit card at least once.
For the £18 monthly fee, customers receive travel insurance (worldwide, family, including winter sports, business, and golf cover), mobile phone cover for all household handsets (excess up to £100), breakdown cover (UK and Europe, home start, onward travel, replacement vehicle), and 6.5% variable regular saver interest on up to £200/month for one year.
Important Considerations Before Switching
MSE advises that switching is usually quick and easy using the bank's seven-working-day switch service, which closes the old account and moves all money, direct debits, and standing orders. Switchers must pass a credit check, and most offers require two or more direct debits to receive the cash. Potential customers should verify they meet all criteria before switching to avoid missing out on the incentive.
