New customers opening a Santander account could receive a welcome cash boost to their balance. On top of this, the high street bank is also offering cashback to reward customers who use the account to manage their everyday household bills.
As of June 10, Martin Lewis‘ MSE team describe this Santander offer as a “strong pick if you want upfront cash and ongoing bills cashback – especially for households”. The Santander Edge current account is accessible to millions of eligible Brits.
Switching customers who fulfil the eligibility requirements can pocket a one-off £180 cash bonus. And, new account holders will benefit long-term by earning cashback when paying selected household bills.
Customers can earn 1% cashback (up to £10 a month) when setting up Direct Debits for their monthly bills. Eligible expenses include council tax, energy, water, mobile/home phone, broadband and TV bills.
Over the course of a year, people who pocket the maximum amount of cashback could earn an extra £120. On the Santander website, customers can get an estimate of what they’ll earn by putting their typical bills into a calculator.
View 3 ImagesThe bank has not set a firm deadline on when this offer will end for new customers(Image: SOPA Images, SOPA Images/LightRocket via Getty Images)
Account holders will also gain access to open a Santander’s Edge Saver account, which provides 6.00% AER (annual equivalent rate) interest on balances up to £4,000. This rate includes an introductory bonus rate of 2.50% AER during the first year the account is active, reports the Express.
To get the ball rolling, new customers must open a Santander Edge account either online or through the Santander app. To be eligible, applicants must be UK residents aged between 18 and 73.
Joint account applicants must reside at the same address to be eligible. Once set up, request a switch before the bank withdraws its offer.
Under the Current Account Switch Guarantee, Santander will handle closing your previous account and transferring your payments. Find out more about how this process works here.
View 3 ImagesPeople could get up to £10 cashback per month from paying their usual household bills(Image: Caia Image via Getty Images)
- 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
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Customers will not be eligible for the switch bonus if they held 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 entitled to 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.”