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Santander has launched a new current account switching deal, with financial rewards potentially rising to over £500 in the first year.

From April 1 this year, customers can get a £180 cash boost when they open an eligible Santander account (including the Everyday Current Account, the Edge Current Account, the Edge Up Current Account, or Edge Explorer account), switch over using the Current Account Switch Service (CASS), and meet certain eligibility criteria.

Plus, if you opt for the Edge current account, you can access the Edge Saver, which has 6% AER for the first 12 months on balances up to £4,000. Depositing the maximum amount would give you £240 in interest after a year.

You can also earn 1% cashback with the Edge current account, up to £10 a month. That represents a maximum of £120 over 12 months.

It means that, despite the account's £3 monthly fee, savers can get returns of up to £504 in the first year, when you take into account the welcome bonus, maximum savings interest and monthly cashback.

Kate Steere, money expert at the personal finance comparison site Finder, said: "The best switching deal on the market is still Santander's £180 offer."

She noted that, while it doesn't offer the highest cash bonus on the market, "the Santander Edge account offers up to £120 in annual cashback and a 6% AER saver, bringing your potential total earnings to an impressive £504 over 12 months."

To qualify, people can't have claimed a Santander switcher incentive before or held a current account on January 1, 2025.

To get the signing-on cash, customers must switch within 60 days of their request, have at least 2 active selected household Direct Debits and pay in £1,500.

Santander will check that the criteria have been fulfilled after 90 days and transfer the £180.

The Spanish bank's deal is just one of the various deals launched recently by the high street banking giants as they compete for customers.

For example, NatWest has just launched a new £200 cash incentive to lure customers from rival banks-and a financial expert has revealed how the deal could actually net you £287.