New Santander £200 free cash ‘from today’ but it could end any time | Personal Finance | Finance
Santander UK has unveiled a new £200 current account switch offer, as the battle between providers intensifies. In addition to this, the bank is offering a 12-month Kids Pass membership, valued at £39.99, when customers open a Santander savings account or cash ISA.
The bank said that both new and existing customers could potentially receive £200 after switching their current account through the Current Account Switch Service (CASS) to a Santander Everyday, Edge, Edge Up, Edge Explorer or Private account. To qualify for the offer, customers must be a UK resident switching from an external provider (excluding Santander, cahoot or Cater Allen).
Customers will not be eligible if anyone named on the new account held a Santander current account on January 1, 2025, or has previously received a switch incentive from Santander. To be considered, they must submit a switch request on or after November 10, 2025, and before the switcher offer is withdrawn; complete a full switch (including closing their external account) within 60 days; deposit at least £1,500 into their eligible Santander account within that period (via one or more payments); and establish at least two active household direct debits (such as council tax, utilities, or broadband) on their new account.
Once eligibility is confirmed, the £200 payment will be directly deposited into the Santander account within 30 days, according to the bank. In addition to the switcher offer, customers who open any Santander savings account or cash ISA will receive a complimentary 12-month Kids Pass membership, providing discounts on days out, cinema trips, restaurants and holiday activities.
To qualify for the free 12-month Kids Pass membership, customers must deposit at least £100 into their new Santander savings account or cash ISA within 30 days of opening the account. They will then receive a unique code via online and/or mobile banking within 30 days of crediting their account.
Anthony Warrington, head of current accounts at Santander UK, said: “Christmas is fast approaching, and we know that this time of year can really stretch people’s finances, with shopping, social plans and rising household costs all adding up.”
The £200 switching offer is available for a “limited time” and may be withdrawn at any moment, warned Santander. The Kids Pass offer may also be withdrawn at any time and is limited to one code per customer, it added.
Other current account providers are also enticing customers with cash to switch. Barclays is offering £200 to individuals opening a Barclays Bank Account, or £400 when they open a Premier Current Account.
Lloyds is also offering £200 to people switching their current account. Nationwide Building Society, NatWest and First Direct are offering £175 to switch.
Terms and conditions apply to the switching offers. Lloyds has also introduced a “refer a friend” scheme, offering eligible Lloyds customers the opportunity to earn up to £250 by recommending friends or family who are not currently with Lloyds to open an account.
Customers can generate a referral link via the “apply” section in their Lloyds app. For each successful sign-up, both the existing and new customer will receive £50, according to Lloyds.
The referrer can earn money from their first five referrals, potentially receiving up to £250. The reward will be paid to both parties within 30 days of the new bank account opening, Lloyds confirmed.
