Santander brings back £240 bank switching offer – here’s how to get the cash

Santander has brought back its £240 bank switching offer, giving customers another chance to earn some extra money by moving their current account.

The deal restarted on 27 October 2026, after the previous £240 offer ended earlier in the month.

But you won’t get the money just for switching banks.

You’ll also need to pay £1,500 into your new account, have two qualifying household Direct Debits and put £200 into a Santander savings account.

Here’s how it works, who can claim and what you need to watch out for.

How to get the £240 from Santander

The offer is available when you switch to Santander’s Everyday Current Account, which has no monthly fee.

You can open a new account or switch to an existing eligible Everyday Current Account.

To qualify, you need to complete four steps:

1. Switch your bank account. Move an account from another bank using the free Current Account Switch Service. Your switch must be requested on or after 27 October 2026 and completed within 60 days. Santander will arrange to move your money and regular payments, and your old account will close.
2. Pay in £1,500. Deposit at least £1,500 into your Santander Everyday Current Account within 60 days of requesting the switch. You can pay this in all at once or through several smaller payments. It doesn’t have to be your wages.
3. Have two qualifying Direct Debits. These must be for household bills, such as council tax, energy, water, broadband or mobile phones. They must be active when Santander checks your eligibility.
4. Save £200. Pay at least £200 into a Santander Regular Saver in your name within the same 60 days. You can open a new savings account or use one you already have.

You must also keep your Santander current account, Regular Saver and two qualifying Direct Debits active until the £240 bonus has been paid.

You can find the full details on Santander’s switching offer page.

Not all Direct Debits count

This is one condition worth checking before you switch.

Santander only accepts certain household Direct Debits.

For example, payments to Octopus Energy, British Gas, Sky and several mobile phone providers can qualify.

However, Direct Debits for things such as gym memberships, charity donations or subscriptions outside the approved household categories won’t count.

Even if you’re already paying two household bills by Direct Debit, it’s worth checking that both providers are accepted.

Santander has published a full list of qualifying Direct Debits.

If your payments aren’t on the list, you could complete the switch and still miss out on the £240.

Do you need £1,700 to get the bonus?

Not necessarily.

Although Santander asks you to pay £1,500 into your current account and £200 into a Regular Saver, you can use some of the same money to meet both requirements.

For example, you could pay £1,500 into your Santander current account, then move £200 from there into your Regular Saver.

The £200 isn’t a charge. It’s still your money, and Santander allows withdrawals from the savings account.

The Regular Saver currently pays 8% interest (AER, variable), including a bonus rate for the first 12 months.

You can save up to £200 each month, although you don’t have to keep paying in every month to qualify for the switching bonus.

You must keep the Regular Saver account open until Santander pays your £240.

You can read more about the Santander Regular Saver and how it works.

Who can’t get the £240?

There are some restrictions that could rule you out.

You won’t qualify if:

• You held a Santander current account on 1 January 2026, even if you’ve since closed it.
• You’ve previously received a Santander bank switching bonus.
• You’re switching from Santander, cahoot or Cater Allen.
• You’re not a UK resident.
• You’re switching to a Santander account other than the Everyday Current Account.

For joint accounts, the restrictions apply to everyone named on the Santander account.

And even if you both qualify, Santander will only pay one £240 bonus per joint account, rather than £240 each.

When will the £240 be paid?

Santander checks whether you’ve met the requirements 60 days after you first request your switch.

If everything is in order, the bank will pay the £240 directly into your Everyday Current Account within the following 30 days.

That means it could take up to 90 days from your original switch request for the cash to arrive.

If you think you’ve met all the conditions but haven’t received your payment after 90 days, you can contact Santander on 0330 9 123 123.

How does Santander compare with other bank switching offers?

Santander’s £240 deal is one of the larger switching bonuses currently available without a monthly account fee.

However, there are other offers worth comparing.

HSBC is offering £220 to eligible new customers who switch to its Bank Account. You’ll need to pay in £2,000, move two Direct Debits and spend £500 using your debit card, among other conditions.

Barclays is offering up to £300. However, only £150 is paid as the initial switching reward.

The remaining £150 is spread across five monthly payments of £30, and you’ll need to meet extra conditions each month, including receiving at least £2,000 in qualifying salary payments and making ten eligible debit card purchases.

With Santander, the full £240 is paid in one go once you’ve met its requirements.

Which offer is better will depend on how easily you can meet the conditions and whether the account suits you afterwards.

When does the Santander £240 offer end?

Santander hasn’t announced a closing date for the relaunched offer.

The bank says it can withdraw or change the deal at any time.

However, if you’ve already requested your switch while the offer is running, Santander says you’ll still qualify even if the offer closes before your switch finishes, provided you meet all the requirements.

You can check the latest terms and apply through Santander’s website.