Santander’s New Offer Dominates Banking Competition

Bassyonni

ago 2 hours

Santander’s New Offer Dominates Banking Competition

Santander has introduced a competitive £200 current account switch offer that aims to attract new customers amidst growing banking competition. This offer is available for both new and existing customers switching to a Santander Everyday, Edge, Edge Up, Edge Explorer, or Private account.

Details of the Santander Offer

The Santander Everyday account is a free option, while the other accounts involve a monthly fee. According to industry expert Kate Steere from Finder, this offer significantly surpasses competitors when considering the potential earnings throughout the year.

Key Benefits of the Offer

For customers opting for the Santander Edge account (£3 monthly fee), they can access a Santander Edge Saver at 6% interest on balances up to £4,000.
If the maximum balance is deposited, customers could earn £240 in interest after one year.
Additionally, account holders can earn 1% cashback, which can accumulate to £120 annually, capped at £10 per month.
Including the £200 switching bonus, the total earnings can reach an impressive £524 after deducting any monthly fees.

Moreover, Santander is offering a 12-month Kid’s Pass membership valued at £39.99 for customers opening a savings account or cash ISA.

Switch Eligibility Criteria

To qualify for this offer, customers must meet specific eligibility criteria:

Must be a UK resident switching from a different provider.
Complete the switch, including the closure of the old account, within 60 days.
Deposit at least £1,500 during the switch period.
Set up a minimum of two active household direct debits.
No one on the account was a Santander current account holder as of January 1, 2025.
Must not have received a switching bonus from Santander previously.
To access the Kid’s Pass, £100 must be deposited into a new savings account or cash ISA within 30 days.

The £200 switching bonus will be credited to eligible accounts within 30 days of completing the switch.

Competitive Alternatives from Other Banks

As banks continue to compete for customers, several alternative offers are worth considering:

Barclays

Blue Rewards Account: Switch and deposit £2,000 to receive £200. A monthly fee of £5 applies.
Premier Current Account: Switch and deposit £4,000 to earn £400. Gross annual income must meet at least £75,000 or maintain eligible investment balances.