Santander is offering customers a free £240 switching bonus, but the deal expires at 2pm today. To qualify, you must start your switch before the deadline.
The account also comes with an 8% interest regular saver, allowing deposits of up to £200 a month. To be eligible, you must pay in £1,500 within the first 60 days and deposit £200 at least once into the linked saver.
Eligibility and payment details
You cannot have received a previous switch bonus or held a Santander current account on or after January 1, 2026. You also need to switch over at least two direct debits. The deal works with joint accounts, and the money will be paid by January 5, 2027.
Alternative offers from other banks
If you miss the 2pm deadline, other banks are offering similar cash incentives. HSBC is offering £220 to switchers, requiring a £500 spend within 60 days, plus a linked one-year 5% interest regular saver. Even if you've switched to HSBC before, you can get this deal as long as you're no longer a customer and your last cash bonus was before 2003.
First Direct is offering £210 plus a 7% regular saver, a 0% overdraft, and a fee-free card for overseas spending. Club Lloyds is giving customers £200 plus a choice of rewards such as Disney Plus, with a linked one-year 6.25% saver. To qualify for Club Lloyds, you must pay in at least £2,000 a month, and the cash will be paid by October 27.
How switching works
Switching is easy and automatic, according to Money Saving Expert. It reports: "Switching's usually quick and easy. To get the free cash (usually paid within three months), you need to use the bank's seven-working-day switch service (so roughly 10 real days). This closes your old account and moves all your money, Direct Debits and standing orders for you. All payments to the old account are auto-forwarded. You'll need to pass a not-too-harsh credit check."
Direct Debits and standing orders are moved for you, but recurring payments like Netflix or Disney+ where you give the long number on your debit card aren't moved and need to be done yourself. If you forget, they'll usually notify you that your payment card no longer works.
