Martin Lewis says bank customers can get a free £235, including £200 cash, for switching to Santander now. The bank has launched a lucrative new cash-for-switching deal which is paying money to people directly and also gives cashback to customers each month on top – just for paying their bills.

Martin Lewis returned on Tuesday, December 2, with another batch of money advice on the latest episode of The Martin Lewis Money Show Live on ITV1. There, he took audiences through a new switching deal currently being offered by Santander. Its Santander Edge account charges a £3 a month fee but gives cashback up to £10 a month on monthly household bills like mortgages, energy bills and council tax, which will pay for the fee with more back on top.

What’s more, it’s giving customers between £200 and £235 up front for switching. 

The offer is open to customers of all other banks including Halifax, Lloyds, HSBC, Barclays and Natwest as well as Nationwide.

Speaking on the show, Martin Lewis said: “Santander Edge is currently giving £200 for switching but there’s an extra £25 Amazon voucher available at the moment.

“I’m hearing just before I’ve come on air that it’s £35 in some places that you can get.

“Now this is my top pick bank account for bills or paying joint bills because, while there’s a £3 a month fee, you get 1% cashback on bills you pay from it – households bills via Direct Debit.

“For most people that easily covers the fee and more on top so you make a net gain each year.

“It’s worth saying that the £25 voucher, you can’t get going direct to Santander, it’s only available on a wide range…lots of comparison sites have got it.

“That’s the way to get it. So if you’re looking to switch bank, it’ll probably be paid in March, so if you need some money in the new year and it’s good for bills or joint bills, that’s the one to go for.”

Bank switching must be done via the automatic bank switching service, which takes 7 working days (so 10 including weekends). This automatically moves your payments like Direct Debits and standing orders, and transfers any money in the account over to Santander as well.