Santander launches £180 free cash offer and you don't have to bank online to get it

The bank will pay the free cash to those who deposit at least £1,500 within 60 days of making the switch and set up at least two active household Direct Debits within the same timeframe.

Customers can submit a switch request either online or in branch from May 29, 2025 and before the switcher offer is withdrawn to be eligible.

Customers must not have held a Santander current account on January 1, 2025 to qualify for the offer.

The switching incentive applies to the bank's Everyday, Edge, Edge Up, and Private current accounts when using the Current Account Switch Service.

Anthony Warrington, Head of Banking at Santander UK, said: "Summer is fast approaching, and many people will be saving up for the holidays - whether it be for that trip abroad, festival, or day out with the family.

"That's why we're pleased to be introducing our new £180 switcher incentive."

Eligible customers will receive their £180 payment within 90 days of starting the switch process.

He added: "The offer includes Santander's fee-free Everyday Current Account, which allows customers to withdraw cash abroad without charges."

Customers must submit their switch request either online or in branch from today and complete the full switch within 60 days, including closing their external account.

The required £1,500 deposit can be made through multiple payments within the 60-day window.

The Edge and Edge Up accounts are also eligible for the switching offer, though these come with monthly fees and minimum deposit requirements.

All switches must be completed using the Current Account Switch Service to qualify for the £180 incentive.

Customers not eligible for Santander's offer have alternative switching incentives available from competing banks.

Nationwide has launched a £200 incentive for existing customers, whilst First Direct and Co-op Bank are offering up to £175 for switchers.

TSB provides the highest cash incentive at £310, which includes a combination of cash, cashback and vouchers.

Alastair Douglas, TotallyMoney CEO, said: "If you're not eligible for the Santander account, and are willing to switch, then there's other options for you."

Douglas noted that loyalty doesn't pay but switching banks can be rewarding.

The switching process is automatic and straightforward, with almost all switches completed within a week and nine in ten customers satisfied with the experience.

Santander will remove one per cent cashback benefits on supermarkets and travel purchases from its Edge and Edge Up accounts from September 9, 2025.

Customers using their debit cards for these transactions will no longer earn the cashback reward after this date.

The accounts will continue to offer one per cent cashback on selected household bills, with Edge customers receiving up to £10 per month and Edge Up customers up to £15 monthly.

Both accounts will maintain fee-free transactions abroad following the September changes.

Douglas advised customers that switching banks can be beneficial, noting that the process is automatic and easy.

He said: "Just remember that loyalty doesn't pay, but switching who you bank with can. The banks will move your Direct Debits and close your old account automatically."