Santander UK has launched a new £200 switching bonus for customers who move their current accounts, as high street banks intensify their battle for new business.
The offer, which begins today, applies to both new and existing Santander customers who use the Current Account Switch Service to transfer to one of five eligible accounts — Everyday, Edge, Edge Up, Edge Explorer or Private.
Alongside the cash reward, the bank is offering a free Kids Pass membership worth £39.99 for those opening new savings accounts or cash ISAs.
The 12-month pass gives discounted access to family attractions, restaurants, cinemas and holiday activities.
Santander said the dual promotion reflects growing competition between banks as households face rising costs ahead of Christmas.
To qualify for the £200 payment, applicants must:
- live in the UK
- switch from a bank outside the Santander group (excluding cahoot and Cater Allen)
- not have held a Santander current account at the start of 2025 or previously received a switching reward
Switches must start from November 10 2025, and transfers need to complete within 60 days.
Santander UK is offering a £200 switching bonus to attract new current account customers amid intensifying competition among high street banks
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Customers must pay in at least £1,500 and set up two active direct debits, such as for council tax, energy or broadband bills.
Once these requirements are met, the £200 payment will arrive within 30 days.
To claim the Kids Pass, customers must deposit at least £100 into their new savings account or cash ISA within 30 days.
A redemption code will then appear in online or mobile banking within a month.
Anthony Warrington, Santander’s head of current accounts, 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The promotions are time-limited and may be withdrawn without notice.
Only one Kids Pass code is available per customer.
Barclays offers £200 for its standard Bank Account and £400 for its Premier option.
Lloyds Bank has matched Santander’s £200 switching bonus and introduced a referral scheme offering £50 each to the referrer and new customer, totalling up to £250
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GETTYLloyds matches Santander’s £200 reward and has launched a referral scheme offering £50 for both referrer and new customer, up to £250 in total.
Nationwide, NatWest and First Direct each provide £175 switching bonuses.
For new customers who don’t have a Santander current account, they can apply online or in branch.
They will ask during the usual application if they want to switch to Santander.
Just answer ‘Yes’ and fill out the application.