Santander offering customers monthly cashback on household bills | Personal Finance | Finance
New customers who open a Santander account could receive a cash boost to their balance. On top of that, the high street bank is offering to pay customers back when they use the account to handle their daily household bills.
At the time of writing, June 10, Martin Lewis’ MSE team say that this Santander offer is a “strong pick if you want upfront cash and ongoing bills cashback – especially for households”. The Santander Edge current account is available to millions of qualifying Brits.
Switching customers who meet the eligibility criteria can claim a one-off £180 cash boost to their bank balance. But, new account holders will get a long-term benefit of getting paid in cashback when paying selected household bills by Direct Debit.
Customers can earn 1% cashback (up to £10 a month) when automatically paying for their council tax, energy, water, mobile/home phone, broadband and TV bills.
Customers will also have access to Santander’s Edge Saver account, which offers 6.00% AER (annual equivalent rate) interest on balances up to £4,000. This rate includes an initial bonus rate of 2.50% AER for the first year that the account is open.
What do I need to do to switch and qualify for £180 bonus?
To start the process, new customers need to open a Santander Edge account online or via the Santander app. To apply, customers must be UK residents aged between 18 and 73.
Joint account applicants must live at the same address to have the account. Once set up, request a switch before the bank removes its offer.
As part of the Current Account Switch Guarantee, Santander will handle closing your old account and moving payments. Read more about how that works here.
To receive the £180 payment, new customers must meet several requirements. These include:
- Pay a £3 monthly fee to maintain the account
- Pay at least £500 into your account each month
- Have two active Direct Debits
- You’re over 18 and live in the UK permanently
Customers cannot qualify for the switch bonus if they had a Santander account on January 1, 2025, or if they previously received an incentive payment to switch to a Santander current account. Joint account holders will only be eligible for one payment into the Santander account.
A spokesperson said: “We’ll check your Santander account 60 days after the switch has been instructed. If you qualify, we’ll make the switcher an offer and pay you within 30 days.
“The payment will be made directly into your Santander account. No alternative payment is available.”
