Two major UK banks, Santander and Nationwide, are currently offering customers up to £180 for switching to their accounts, according to the Money Saving Expert (MSE) website founded by Martin Lewis. The offers aim to attract new customers through cash incentives, but applicants must meet specific criteria to qualify.
Santander Edge Explorer: £180 Cash and Additional Perks
Santander is offering £180 free cash to customers who switch to its Edge Explorer account. In addition, new customers receive a £150 worldwide hotel voucher and 24/7 remote family GP access. The account also provides 1% cashback on most household bills paid by direct debit (capped at £10 per month) and 1% cashback on supermarket and travel spending via debit card (also capped at £10 per month).
However, the account carries a monthly fee of £17. To qualify for the switching incentive, customers must deposit a total of £1,500 or more within 60 days. The £17 monthly fee covers travel insurance (worldwide, family up to 75th birthday, including winter sports), mobile phone cover for up to four household handsets (excess up to £135), and breakdown cover (UK and Europe, including home start, onward travel, and replacement vehicle). Other perks include 6% interest on up to £4,000 in savings for one year and 8% variable regular saver interest on up to £200 per month for one year.
Nationwide FlexPlus: £175 Cash with No Age Limit on Insurance
Nationwide is offering £175 free cash for switching to its FlexPlus account. The account charges an £18 monthly fee and requires customers to deposit a total of £1,000 or more within 31 days (which can be done in multiple deposits) and use the debit card at least once. MSE notes that while Santander currently offers better financial benefits, Nationwide's strength lies in having no maximum age limit on its insurance coverage, and it may cover pre-existing conditions for an extra fee.
The £18 monthly fee includes travel insurance (worldwide, family, including winter sports, business, and golf cover), mobile phone cover for all household handsets (excess up to £100), and breakdown cover (UK and Europe, home start, onward travel, and replacement vehicle). Additional perks feature 6.5% variable regular saver interest on up to £200 per month for one year.
Switching Process and Considerations
MSE advises that switching is usually quick and easy using the bank's seven-working-day switch service, which closes the old account and transfers all money, direct debits, and standing orders. Applicants must pass a credit check, and most offers require two or more direct debits to receive the cash. Customers should carefully review the terms, including monthly fees and minimum deposit requirements, before switching.
