New and existing customers switching to the Santander Edge, 1|2|3, Select, Private or Everyday current account can net £200 when meeting the eligibility criteria.

However, the deal will end tonight as Santander said it has seen strong demand for the offer.

Switch requests will be accepted until 23:59 on Thursday 9 February 2023. Switches completing after the deadline but where the application was received in time will still be eligible for the £200 bonus.

It is currently one of the highest current account switch incentives on the market, together with TSB’s offering of £200, with both outpacing First Direct’s long-standing £175 switch offer.

To get the cash, you need to meet the following criteria within 60 days:

• Switch your account via CASS (Current Account Switch Service which transfers your existing balance, all direct debits, standing orders within seven days)
• Set up and maintain two active direct debits
• Deposit at least £1,000
• Log in to online or mobile banking.

Santander said the cashback will be paid directly into the qualifying current account within 30 days of meeting the qualifying criteria.

The terms and conditions explained that by existing customer, it means switching a personal account from another provider to an existing Santander current account, though you’ll need to visit a branch for this.

Santander also confirmed to YourMoney.com that customers of the 1|2|3 Lite account will be able to get the cashback, as long as they meet the rest of the criteria, and haven’t received an incentive before with Santander.

It came after Santander launched the ‘Edge’ current account in November, allowing customers to earn up to £30 a month in interest and cashback for a £3 a month fee as it axed the 1|2|3 Lite account for new applicants.

Earlier this week, Santander raised the interest rate on its 1|2|3 current accounts to 2% AER, allowing savers to earn up to £396.38 in interest each year, as well as cashback on household bills for a £4 a month fee.

Hetal Parmar, head of banking, Santander UK said: “With many of us being mindful of the rising cost of household bills, groceries and travel, our Edge Current Account is specifically designed to pay cashback on these essential bills and spend. For a limited time, we’re also offering £200 cashback to customers who switch their current account to Santander, putting even more money into people’s pockets.”