In a major move to attract new customers, Santander has launched a formidable £200 current account switch offer that financial experts are hailing as superior to competitors like Barclays and Lloyds.
The Santander Offer: Unpacking the £524 Potential
This new incentive, announced on Wednesday 12 November 2025, is available to both new and existing customers who switch to one of several Santander accounts: the Everyday, Edge, Edge Up, Edge Explorer, or Private account.
While the Everyday account is free, the paid accounts offer such significant perks that the overall value is compelling. Kate Steere, a specialist from the personal finance comparison site Finder, stated that the offer "blows the competition out of the water when you look at what you can earn over the course of the year."
She provided a detailed breakdown: "If you opt to switch to the Santander Edge account, which has a £3 monthly fee, you get access to its Santander Edge saver at 6% on balances up to £4,000. If you deposit the maximum amount, after a year, you'll have £240 in interest. You can also earn 1% cashback, up to £10 a month, a maximum of £120 over the year. Add that to the £200 switching bonus, and you stand to earn an impressive £524 overall, once you've subtracted the monthly fee."
Additionally, the bank is offering a 12-month Kid's Pass membership, worth £39.99, when customers open a new savings account or cash ISA.
Eligibility and How to Get the Bonus
To qualify for the £200 switching bonus, customers must meet several criteria. The switch must be completed using the Current Account Switch Service (CASS) and the external account must be closed within 60 days.
The key eligibility requirements include:
- You must be a UK resident switching from an external bank.
- You need to pay in at least £1,500 within the 60-day period.
- At least two active household direct debits must be set up.
- No one named on the account can have held a Santander current account on 1 January 2025.
- You must not have received a switch bonus from Santander before.
For the Kid's Pass, £100 must be paid into a new savings account or cash ISA within 30 days. Santander has confirmed that the £200 payment will be made directly into the eligible account within 30 days of meeting all conditions.
How the Competition Stacks Up
The battle for new current account customers is intensifying across the UK banking sector. Here is how some of Santander's key rivals are responding:
Barclays is offering £200 for switching to its Blue Rewards account, which requires a £5 monthly fee and a £2,000 deposit. For those with higher deposits, a £400 bonus is available for switching to a premier account, which requires a £75,000 annual income or £100,000 in savings.
Lloyds Bank provides a £200 switch incentive for its Club Lloyds account, which carries a £5 monthly fee (refunded if you pay in £2,000 monthly). This deal requires switching at least three active direct debits.
Other notable offers include £175 from NatWest, Nationwide, First Direct, and Royal Bank of Scotland, each with their own specific conditions regarding minimum pay-ins and direct debit requirements.
With Santander's potential total earnings of £524, it currently sets a high bar in the competitive landscape of UK bank switching deals.
