Santander brings back £240 switching deal – who is eligible?

Santander’s bank switching offer is back on the market, offering new and existing customers £240 to move banks.

The offer had ended at the start of October, but it has been reintroduced for a limited time.

While it’s not the highest-paying offer on the market anymore, it’s still one of the best bank switching deals available right now.

Start your trial of MoneyWeek today

Get unparalleled financial insight, analysis and expert opinion you can profit from.

Start your trial

Sign up for MoneyWeek’s free twice-daily newsletter.

Join more than 165,000 subscribers and keep yourself informed with latest financial news, insights and expert analysis to help you understand what really matters when it comes to your finances.

Join more than 165,000 subscribers and keep yourself informed with latest financial news, insights and expert analysis to help you understand what really matters when it comes to your finances.

Sign up

In order to qualify, you will need to open both a current account and a regular saver with the bank.

Santander’s switching deal – what’s on offer?

Santander’s £240 bonus is available to new and existing customers. To be eligible, you must do the following:

• Request to switch to a Santander Everyday current account on or after 27 October using the Current Account Switch Service.
• Pay in at least £1,500, which can be done through one or more payments, within 60 days of requesting the switch.
• Set up at least two qualifying household direct debits.
• Fund a Santander Regular Saver with at least £200.

You must do this within 60 days of the initial switch request. You are not eligible if you held a Santander current account on 1 January 2026.

If you qualify, you will receive the cash bonus within 90 days of requesting the switch.

Is Santander’s switching deal worth it?

Jessica Sheldon, deputy digital editor, MoneyWeek, said: "Santander's current account switching offer is an attractive choice although you may be able to get more elsewhere. It's quick and easy to switch current account, so if you're not being rewarded for your loyalty, it can make sense to take advantage of a switching offer."

Currently, there are eight other bank switching deals on the market. Barclays is offering two market-leading deals — £600 for premier account customers and £300 for current account customers. After Barclays, Santander pays the most in ‘free cash’ to customers.

Santander’s regular saver pays the most on the market, a top rate of 8% that comes with a fixed 5% bonus for 12 months. You can save up to £200 each month, and the rate is variable.

You can also access Santander’s inflation-beating fixed-rate ISAs and its cashback credit card that gives you 3% cashback on eligible everyday spending in the first year.

Santander has also promised to keep its Santander and TSB bank branches open for at least two years, following a significant round of closures which took place earlier this year.

If your local branch is affected, another option is Nationwide Building Society, which is currently paying £175 to customers. While that doesn’t make it a market-leading deal, the building society has pledged not to close any more of its branches until at least 2030.

Plus, Nationwide ranks as one of the best current account providers in the country and is well-known for its £100 Fairer Share Payment that it has offered for four consecutive years.

Ultimately, you should pick a bank account that offers you more than just a switching bonus and can actually meet your current account needs.