Two major UK banks are currently offering cash incentives worth up to £180 for customers willing to switch their current account. Santander and Nationwide have both launched competitive deals aimed at attracting new customers, with added benefits that go beyond simple cash payments.
Bank switching incentives are a common strategy in the UK, but they usually come with specific conditions. Before switching, customers need to ensure they meet all eligibility requirements, including minimum deposits, direct debits, and account fees.
According to Money Saving Expert (MSE), founded by Martin Lewis, the current Santander and Nationwide deals are among the strongest on the market right now.
Switching Basics
Most current account switches are handled through the Current Account Switch Service. This process typically takes seven working days and automatically transfers balances, direct debits, and standing orders. The old account is then closed.
Applicants usually need to pass a basic credit check. Many switching offers also require at least two active direct debits to qualify for the cash bonus.
Santander
Santander is offering up to £180 in cash to customers who switch to the Santander Edge Explorer account. Alongside the cash incentive, the bank is also offering a £150 worldwide hotel voucher and access to 24 hour remote GP services for families.
Customers also receive cashback benefits, including:
- 1 percent cashback on household bills paid by direct debit, capped at £10 per month
- 1 percent cashback on supermarket and travel spending made with a debit card, capped at £10 per month
The account carries a £17 monthly fee. To qualify for the switching bonus, customers must deposit at least £1,500 within 60 days of opening the account.
The monthly fee includes a package of insurance and benefits:
| Benefit | Details |
|---|---|
| Travel insurance | Worldwide family cover up to age 75, including winter sports |
| Mobile phone cover | Up to four household handsets, excess up to £135 |
| Breakdown cover | UK and Europe, home start, onward travel, replacement vehicle |
| Other perks | 24 hour GP access, 6 percent interest on up to £4,000 savings for one year, 8 percent regular saver on up to £200 per month |
Nationwide
Nationwide is offering £175 in cash to customers who switch to its FlexPlus current account. MSE notes that while Santander currently offers a higher overall value, Nationwide’s main advantage is the lack of an upper age limit on its insurance cover. In some cases, pre-existing medical conditions may still be covered for an additional fee.
The FlexPlus account has a £18 monthly fee. To qualify for the bonus, customers must deposit at least £1,000 within 31 days, which can be done in instalments, and use the debit card at least once.
The FlexPlus fee covers the following benefits:
| Benefit | Details |
|---|---|
| Travel insurance | Worldwide family cover including winter sports, business and golf |
| Mobile phone cover | All household handsets, excess up to £100 |
| Breakdown cover | UK and Europe, home start, onward travel, replacement vehicle |
| Other perks | 6.5 percent variable regular saver on up to £200 per month for one year |
Comparing Costs
While both deals offer generous incentives, the monthly fees mean customers should consider how long they plan to keep the account. Over a year, Santander’s fee totals £204, while Nationwide’s comes to £216. The value depends on whether the included insurance and perks replace services customers already pay for elsewhere.
For customers who regularly travel, own multiple mobile phones, or pay separately for breakdown cover, these packaged accounts may offer better overall value than the cash bonus alone suggests.
What To Check
Before switching, customers should confirm:
- They meet the deposit and usage requirements
- They are comfortable paying the monthly fee
- The insurance benefits suit their personal needs
- Existing direct debits can be transferred smoothly
Failing to meet the criteria could mean missing out on the cash incentive.
Santander and Nationwide are both offering sizeable cash bonuses to attract switchers, with £180 and £175 available respectively. Each deal comes with monthly fees and bundled insurance benefits, making them potentially attractive for customers who can fully use the extras. As with any switching offer, the key is checking the small print to ensure the deal delivers real value over time.
FAQs
How much cash is Santander offering for switching?
Santander is offering up to £180 for switching.
What is Nationwide’s switching bonus?
Nationwide is offering £175 in free cash.
Do these accounts have monthly fees?
Yes, both accounts charge monthly fees.
Is a credit check required to switch?
Yes, a basic credit check is usually required.
