Santander launches new switch incentive which could save you £728 – but only weeks left to apply

This deal gives cardholders 33 per cent off train travel across England, Scotland and Wales as well as the London Underground if linked to an Oyster card.

An average 16-25 Railcard user saves £182 annually which means a potential average saving of £728 over a four-year period.

To be eligible for this railcard, customers must fill out an application to open either a new Everyday, Santander Edge or Santander Edge Up current account before April 30, 2024. The offer could be pulled before this date.

Furthermore, new customers to the bank must deposit at least £500 into the current account by May 14, 2024.

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Andrea Melville, the director of current accounts, savings and business banking at Santander, urged potential customers to take advantage of this offering before its too late.

She explained: “With the days becoming longer and promises of sunshine just around the corner, we’re all planning to make the most of spring.

“Whether that’s a staycation, a daytrip to somewhere different, or simply taking advantage of longer evenings with friends.

“Not only does the railcard give users a third off train travel to get where they want to go but paired with our Edge and Edge Up current accounts, customers can also benefit from cashback on their travel, as well as on their everyday spending and household bills.”

There are a limited number of railcards available as part of this deal, according to Santander.

On top of this, the bank has warned the offer may be withdrawn ahead of the April 30 deadline, depending on public demand.

From May 15, Santander will review which customers have met their eligibility criteria for the railcard deal.

Codes to redeem Santander Railcards will be sent to qualifying customers through the railcard website by July 31.

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Here is a breakdown of the benefits attached to each of Santander’s current accounts:

• Santander’s Edge Up – offers customers up to £30 a month from cashback on essential bills and spending with 3.5 per cent AER in credit interest (up to £25,000) on balances, and fee-free spending abroad
• Santander Edge – offers customers up to £20 a month from cashback on essential bills and spending, a linked seven per cent AER easy access saver, and fee-free spending abroad
• Santander Everyday - offers ordinary current account with no monthly fee with online banking services and free cash withdrawals.