Santander launches highly attractive £240 switching offer

The provider’s new current account switch offer is one of the most competitive deals on the market.

Santander is giving new and existing customers the opportunity to receive a £240 bonus when switching to its Everyday Current Account using the Current Account Switch Service (CASS) and opening a Santander Regular Saver. This new deal, available from today (1 September), enters the fray as one of the most competitive of its kind on the market and may be a welcome boost to many people’s pockets following the summer holidays. Customers must request the switch before 7 October 2026.

Commenting on Santander’s new switch deal, Springall remarked that it’s “ideal for those who want a simple, straightforward account for their everyday banking”.

How to qualify

To be eligible for the £240 bonus, customers must deposit a minimum of £1,500 into their Everyday Current Account within 60 days of the switch request. This can be done in one or more installments, and customers must additionally set up at least two household direct debits, such as for their mobile phone, water, gas or electricity bill.

Consumers must also fund a Santander Regular Saver account held in their own name with a minimum of £200. The Santander Regular Saver is one account paying a market-leading 8.00% AER on our regular saver chart, which includes a 5.00% bonus for 12 months.

“Unlike some other regular savers on the market that revert to a flexible saver earning a much poorer return, Santander’s account will continue for another year, paying 3% AER,” Springall said.

Note that the full switch must be completed within 60 days of the switch request, and, if customers have received a switch incentive from Santander before (or held a current account with Santander on 1 January 2026), they won’t qualify for this deal. While customers can switch from external providers, they can’t switch from Santander, cahoot or Cater Allen accounts.

Those eligible for the £240 will receive it 90 days after requesting the switch.

How does it compare?

Santander’s new current account switching deal is among the “highest free cash payments available on a fee-free account,” Springall stated.

Other providers offering highly attractive offers include HSBC, giving a slightly smaller £220 to switch to its Bank Account, and NatWest and Royal Bank of Scotland which are giving £200 to move to their Reward or Select Accounts. Elsewhere, Nationwide Building Society and first direct offer a £175 bonus to change to eligible accounts, while The Co-operative Bank is giving qualifying customers who switch to its Current Account or Everyday Extra £125. What’s more, The Co-operative Bank is also offering customers the chance to earn up to £25 per month for three months when meeting certain criteria with this deal.

While current account switch offers can be an attractive way to get some extra cash, it’s important to ensure that the account, and its features, will benefit you first.

“Switching cash offers can come and go throughout the year and can be pulled with little notice, yet customers must not feel rushed to switch. There is no real ‘one-size-fits-all’ current account, as many are tailored for different needs,” Springall commented.