Santander launches £200 switcher cashback for new and existing customers

• From 23 January, Santander will be offering £200 cashback to customers who switch to its Santander Edge current account and other eligible current accounts
• Available to new and existing customers who fully switch their current account to Santander using the Current Account Switching Service (CASS) ⁽¹⁾

Santander UK is today launching a £200 switcher cashback for both new and existing customers when they switch to a Santander Edge, 1|2|3 Current Account, or other eligible current accounts, through CASS.⁽²⁾ 

To qualify, customers need to complete the switch using the CASS and, within 60 days, set up and maintain two active direct debits, deposit at least £1,000, and log in to online or mobile banking.  The cashback will be paid directly into their qualifying Santander current account within 30 days following this.⁽³⁾

Hetal Parmar, Head of Banking, Santander UK commented: “With many of us being mindful of the rising cost of household bills, groceries and travel, our Edge Current Account is specifically designed to pay cashback on these essential bills and spend.  For a limited time, we’re also offering £200 cashback to customers who switch their current account to Santander, putting even more money into people’s pockets.”

Santander Edge gives cashback on essential bills and spend
Launched in November 2022, the Santander Edge current account and exclusive Edge saver enables customers to earn up to £20 in cashback on their essential bills and spending and £13.10 in interest per month⁽⁴⁾, for a £3 monthly fee.  

The Santander Edge current account offers:

• 1% cashback (capped at £10 a month) on essential grocery shopping and transport-based debit card spending;⁽⁵⁾ 
• 1% cashback (capped at £10 a month) on household bills paid via Direct Debit covering council tax, gas and electricity, mobile, landline, broadband and paid-for TV packages; ⁽⁵⁾
• Access to the exclusive linked easy-access savings account, Santander Edge saver, which offers 4.00% AER / 3.93% gross (variable) interest on balances up to £4,000, including a 0.50% AER (variable) bonus rate for the first 12 months from opening; 
• Fee-free international and UK CHAPs transfers;
• Free use of Santander ATMs overseas and; 
• In-app money management insights through My Money Manager, which amongst other things, supports customers with managing their regular subscriptions.

    
Cashback on household bills and monthly interest with the 1I2I3 Current Account 
The Santander 1I2I3 Current Account is the only current account in the UK that offers customers both cashback on household bills and interest on in-credit balances. The account has a monthly fee of £4. 

The in-credit interest rate on the 1I2I3 is currently 1.75% AER/1.74% gross (variable) on balances up to £20,000, meaning customers can earn up to £347.22 in interest per year, in addition to receiving up to 3% cashback on selected household bills, capped at £5 each cashback tier every month.⁽⁷⁾ 
 
Get rewards with Santander Boosts
Current account customers are also able to access Santander’s new rewards platform Santander Boosts, which offers customers cashback, vouchers, discounts, prize draws, and giveaways all tailored to their individual interests. Customers can sign up for Santander Boosts through online and mobile banking.⁽⁶⁾ 

More information on Santander current accounts: Current accounts | Santander UK

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The information contained in our press releases is intended solely for journalists and should not be used by consumers to make financial decisions.

Notes to Editors 
1)    The £200 switching offer is for a limited time period and can be withdrawn at any time. Current Account Switch Service (CASS) makes switching simple, by transferring the existing current account balance, and all direct debits, standing orders and salary commitments, within seven days. Existing and new customers can switch in branch or online.  
2)    Santander current accounts that are eligible for the switch incentive are Edge, 123, Select, Private, and Everyday.  New and existing customers are required to meet all eligibility criteria and have not previously received or participated in any other incentive for switching to any of our accounts or any account with cahoot or Cater Allen, which are part of Santander UK plc. 
3)    We will assess eligibility on or shortly after 60 days and if the account meets the eligibility criteria at that point in time, then payment will be made within 30 days of this. The cashback payment will only be made once. Product eligibility applies. This is a limited offer which applies to requests to switch received from 23 January 2023 and can be withdrawn by Santander without notice. Anyone who has benefitted from a previous Santander switch offer will not be eligible.
4)    Based on a Santander Edge saver balance of £4,000, earning 4.00% AER / 3.93% gross (variable) in year one.  More information on Santander Edge saver: Santander Edge saver
5)    Spending categories that qualify for cashback are outlined in the table below. 
 

6)    To access Santander Boosts, customers require a Santander debit and/or credit card, 
to be signed up for Online and Mobile Banking, and be 18 years or over. old.

7)    Cashback on household bills is paid monthly via direct debit, capped at £5 in each of the following categories: 
1% cashback:   

• Council tax bills 
• Mobile and home phone bills, broadband and paid-for TV packages 
• Santander monthly mortgage payments 

2% cashback:   

• Gas and electricity bills 
• Santander Home Insurance premiums (policies administered and underwritten by Aviva Insurance Limited) 
• Santander Life Insurance premiums (policies administered and underwritten by Aviva Life & Pensions UK Limited) 

3% cashback:   

• Water bills