High street bank Santander has laid out clear terms for a lucrative cash incentive, confirming which of its customers are in line to receive a free £200 payment in 2026. The offer is designed to attract new primary account holders through the official Current Account Switch Service.
Who is Eligible for the Santander Switching Bonus?
The promotion is specifically targeted at individuals who already bank with Santander but do not use it for their main day-to-day transactions. The bank has begun contacting these customers directly via email. To qualify, applicants must not have held a Santander current account on January 1, 2025. Furthermore, anyone who has previously received a switcher incentive from the bank is also excluded from this particular offer.
Eligible current accounts for this switch bonus include the Everyday Current Account, the various tiers of the Santander Edge account (Edge, Edge Up, and Edge Explorer), and the Private Current Account. Santander emphasises that this promotion could be withdrawn at any time, so acting promptly is advised.
The Step-by-Step Requirements to Secure the £200
Claiming the £200 is not automatic; customers must complete a specific set of actions. First, a switch request to an eligible account must be submitted before the promotion ends. Crucially, the full switch must be completed using the Current Account Switch Service (CASS) within 60 days of the initial application.
Once the account is active, two further conditions must be met: the account must have at least two active household Direct Debits, and a deposit of a minimum of £1,500 is required. Santander specifies that acceptable household Direct Debits cover essentials like council tax, utilities (gas, electricity, water), telecoms bills (mobile, landline, broadband), and paid TV subscriptions.
When and How the Payment is Made
For those who successfully meet all the criteria, the reward is straightforward. Santander has committed to transferring the £200 into the eligible account within 90 days of the request to switch via CASS. The bank promotes the ease of moving one's income and regular payments, alongside access to its award-winning mobile banking app, as key benefits of making the switch.
This move highlights the continuing competition among UK banks for primary customers, using substantial cash incentives to encourage switching. Potential applicants are urged to read all terms and conditions carefully to ensure they fully understand and can meet the requirements for this financial bonus.
