Couples could pocket a free £360 by switching to a major bank. This "cheat code" could also land you £60-worth of Amazon vouchers.
Switch deals are fairly commonplace amongst UK banks, offered as an incentive to attract new customers. However, there is typically a set of criteria you must meet to ensure you qualify.
In an update on the Money Saving Expert (MSE) website, founded by Martin Lewis, the team shed further light on the matter. They outlined how to qualify for the cash from Santander by switching to its Edge account.
How the Santander Switch Works
MSE said: "Free £210 to switch to top (joint) bills bank account. Santander Edge currently gives newbies switching to it £180 cash, plus - just launched - via our link you now get a £30 Amazon voucher on top."
It added: "If you're looking for this as a central account, or to replace an existing bills account so you get the switch cash, it's a winner."
Cashback on Bills
As well as the free £180 and the £30 Amazon voucher, the big sell here is for a £3 a month fee you get cashback on bills paid from it by direct debit. For a typical home, that covers the fee and more.
Couples Cheat Code
However, if you have a partner, you could effectively double the amount of money you get. MSE said: "Couples cheat code: As Santander gives switchers £210 and caps the cashback at £10 a month, if you're a couple with bigger bills, you could open one each, thus bagging £420 and getting up to £20 a month bills cashback."
"You'd need two accounts to be switching from. To then allocate the payments between you, just work out what'll be paid from each of your bills accounts to max the cashback and both put in the same share as before, just allocating to the right account."
Main Perks of Santander Edge
- One per cent cashback up to £10 a month on council tax, energy, water, mobile and home phone, broadband and paid TV bills paid by direct debit
- Linked saver paying six per cent variable for 12 months on up to £4,000
- Debit card for spending overseas with good exchange rates
How to Qualify
To get the £180 bonus: open an account online or in branch and do the following within 60 days: switch in an account, pay in £1,500 or more, and have two or more direct debits. The £180 should be paid within 60 to 90 days.
To get the £30 Amazon voucher (you don't need to switch to just get this): open an account via the MSE link, spend five or more times on the debit card within 30 days, and you can't have had a Santander voucher in the last year. You'll get an email to claim the voucher after August 30 (do it within 30 days).
Edge Up Option
MSE added that if you have bigger bills it might be worth upgrading to the Santander Edge Up account. It said: "Santander Edge Up costs £5 a month but gives up to £15 a month back on most household bills (so max £180 a year) and you still get the free £210 for switching to it. So for bills over £1,200 a month it beats the standard Edge account. The min pay-in is £1,500 a month, though, and you can't open the 6% saver with this account."
For more information, visit the MSE website.
