Santander has introduced a new bank switching bonus, offering £240 to customers who move their banking. To qualify for the bonus, both a current account and a regular saver must be opened with the bank.
This offer is available to both new and existing Santander customers. Eligibility requires requesting a switch via the Current Account Switch Service before 7 October. Within 60 days of the switch request, customers must pay in at least £1,500, set up a minimum of two qualifying household direct debits, and fund a Santander Regular Saver with at least £200.
The cash bonus will be paid within 90 days of the initial switch request for those who meet the criteria. However, individuals who held a Santander current account on 1 January 2026 are not eligible for this particular offer.
Rachel Springall, a finance expert at Moneyfactscompare.co.uk, noted that the £240 offer could be appealing for those seeking a financial boost. While HSBC offers a higher total of £500 plus £290 cashback, that deal is restricted to higher earners or those with substantial savings, making Santander's offer the highest-paying for most customers.