Santander UK: expert Martin Lewis shares how to get £200 free money and saving perks just by switching bank
One UK bank is sweetening the deal this winter with cashback and savings perks ❄️
- Martin Lewis highlights a new Santander switch deal offering £200 in cash
- To qualify, you must switch from a non-Santander account and meet certain conditions
- Santander Edge account adds perks: 1% cashback on bills and up to 6% interest on savings
- Other accounts offer fee-free banking or extra cashback and insurance benefits
- Competing UK banks also offer cash bonuses for switching accounts
Money Saving Expert founder Martin Lewis has highlighted a new opportunity for consumers to grab £200 in free cash simply by switching their current account to Santander.
It comes as UK banks ramp up competition to attract new customers, with several providers offering cash incentives to switch.
Santander’s latest deal is a significant step up from last week, when the bank was offering just £100 for new switchers.
How does it work?
Bank switching deals are promotions offered by banks to encourage people to move their current account from another bank.
You choose a bank (in this case, Santander) and open a qualifying current account, and once the switch is complete and the requirements are met, the bank pays the advertised cash bonus into your new account.
To qualify for the Santander switch bonus, applicants must meet several conditions.
- Customers must be UK residents switching from an external provider (excluding Santander, Cahoot, or Cater Allen).
- They must not have held a Santander current account on January 1, 2025, nor previously received a Santander switch bonus.
- Switch requests must be submitted after November 10, 2025, and the full switch, including closure of the previous account, must be completed within 60 days.
- Customers also need to pay at least £1,500 into the new account and set up two active household Direct Debits. Once eligibility is confirmed, the £200 payment will appear in the account within 30 days.
Which Santander account is best?
Switching to any one of Santander’s qualifying accounts will make you eligible for the £200 switch bonus, many of which comes with added perks and features.
But according to Lewis’ Money Saving Expert website, the most compelling option is the “Santander Edge” account.
Alongside the £200 switch bonus, the account gives customers 1% cashback on household bills paid by Direct Debit, including energy, council tax, broadband, TV, mobile, and water bills - up to £10 per month.
Santander Edge does cost a monthly fee of £3, but for many, the cashback on bills would more than covers the account fee.
In addition, the account comes with a linked savings account paying 6% interest on balances of up to £4,000 for the first year, potentially earning up to £240 in interest.
Other perks include no foreign exchange fee on debit card spending abroad, giving customers near-bank rates when travelling.
Santander also offers alternatives for those with different priorities. For instance, the Edge Up account gives up to £15 per month cashback on bills, though it carries a higher £5 monthly fee and requires a £1,500 monthly pay-in.
Packaged account fans might prefer the Edge Explorer, which combines travel, breakdown, and mobile phone insurance for £17 a month, while still qualifying for the £200 switch bonus, effectively making it free for 11 months.
For a no-frills option, the Everyday account allows fee-free banking with eligibility for the same £200 reward.
Which other banks are offering switch bonuses?
Other UK banks are competing with similar offers. Barclays and Lloyds are offering £200 for current account switches, with a Barclays’ Premier account giving £400.
Nationwide, NatWest, and First Direct are offering £175, while Lloyds also runs a referral scheme where customers can earn up to £250 by inviting friends to open accounts.
With Christmas approaching, says notes that these incentives can help offset rising household costs. But he warns consumers to read the fine print carefully and ensure they meet the requirements to receive the cash.