Santander to pay £150 into customers' bank accounts

Santander has told new customers it will pay £150 into their accounts. The banking giant is making the offer available to customers who join them from a rival and sign up to its Santander Edge account.

It's one of a number of cash switching offers currently on the market from the major banks as they compete for custom. As well as the £150 payment, the account also offers cashback on household bills.

Martin Lewis' Money Saving Expert (MSE) said it was ideal option to be used as a joint bills account. The £150 payment should be made by February 19 at the latest for those who switch now, they added:

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It's one of the top bank switching deals currently being highlighted by MSE as a way people can make some easy money. They explained: FREE £150, 6% easy-access savings, 1% bills cashback and a top overseas debit card.

"This is a strong option for those who have a specific (joint) bills account. The account costs £3/month, but pays two sets of cashback, each up to a max £10/month (so total £20/month).

"A unique 1% bills cashback on council tax, energy, broadband, phones, paid-for TV and water bills paid by it. 1% grocery and travel cashback on debit card spending at supermarkets and on fuel and trains and buses.

"It also has a linked easy-access saver paying 6% AER variable on up to £4,000 for the first 12 months (max it out for £240 interest at the end of one year). To get the free cash: switch from a different bank, pay in £1,500 and set up 2+ direct debits."