Santander £240 Bank Switch Offer: What You Need to Do Before 7 October 2026

Last checked: 2 October 2026.

Santander is currently offering £240 to eligible customers who switch to its fee-free Everyday Current Account — but there is a hard deadline coming up: you need to request the switch by 7 October 2026.

This is a researched MMOnline guide rather than one of our first-hand tests. I have not personally completed this Santander switch offer, so below I am separating what Santander currently says from anything we have actually tested ourselves.

Santander £240 switch offer: the checklist

According to Santander's current offer terms, you need to do all of the following:

• Open a Santander Everyday Current Account.
• Request a full switch using the Current Account Switch Service (CASS) by 7 October 2026.
• Complete the full switch within 60 days of your request.
• Have at least two qualifying household Direct Debits on the Santander account.
• Pay at least £1,500 into the Everyday Current Account within 60 days.
• Fund a Santander Regular Saver in your name with at least £200 within 60 days.

If you meet the conditions, Santander says it will check eligibility after 60 days and pay the £240 within the following 30 days — so roughly 90 days from the original switch request.

The bit I would pay closest attention to: the Direct Debits

This offer is slightly more fiddly than “move any two Direct Debits”. Santander specifically refers to qualifying household Direct Debits.

Its published list includes household bills such as council tax, energy, water, broadband, mobile phone, home phone and paid-for TV services. That means I would not assume that two random charity donations, subscriptions or other small Direct Debits will qualify.

If I were doing this switch myself, this is the part I would check twice before starting. A £240 bonus is lovely. Missing it because the wrong Direct Debit moved over would be rather less lovely.

You also need to put £200 into the Regular Saver

There is another condition that is easy to skim past: you must fund a Santander Regular Saver with at least £200 within 60 days of requesting the switch.

Santander currently advertises the Regular Saver at 8.00% AER/gross variable, with savings of up to £200 a month. The rate can change, so do not treat that number as fixed forever.

The important point for the switch bonus is simpler: the £200 Regular Saver funding is part of the qualification process, not an optional extra if you want the £240.

Who cannot get the £240?

Santander says the offer is not available if you held a Santander current account on 1 January 2026, or if you have previously received a Santander switcher incentive.

You must also switch from an external provider rather than from Santander, cahoot or Cater Allen.

If you switch a joint account and qualify, Santander says there is one £240 payment for the account, not £240 each.

Does the Santander Everyday Current Account have a monthly fee?

No. Santander currently lists the Everyday Current Account as having no monthly account fee.

That makes the offer easier to assess than deals where you need to remember to subtract a monthly account charge from the headline bonus.

What happens to the bank account you switch from?

This is a full CASS switch. Your old account is closed and eligible payments are moved to the new Santander account as part of the switch process.

That is worth remembering if you are thinking of switching your main account. Some experienced switchers use a separate “burner” current account instead of moving the account they actually rely on every day, but whether that suits you depends on your own banking setup.

How does £240 compare with other live switch offers?

There are other switch incentives around at the moment, so Santander is not the only option.

• HSBC: currently advertises £220 for eligible new customers who complete a full switch with two Direct Debits, pay in £2,000 and spend £500 on the debit card within 60 days.
• Lloyds: currently advertises £200 for eligible customers switching to certain Club Lloyds or Premier accounts, with at least three active Direct Debits. Its current offer is due to run until 9 December 2026.

Those are different offers with different eligibility rules, so the headline cash amount is only one part of the decision. Always check the full terms for the account you are considering.

MMOnline view: worth looking at, but read the checklist first

The £240 headline is attractive, particularly because the Everyday Current Account itself has no monthly fee. But this is not quite a “switch and forget about it” deal.

You have several boxes to tick: the full switch, the £1,500 pay-in, the two qualifying household Direct Debits and the £200 Regular Saver funding.

So my takeaway is simple: if you are eligible and the conditions fit what you already do with your money, it is an offer worth investigating. If you would need to twist your finances into knots just to qualify, read the terms carefully before jumping in.

And remember the deadline: Santander says the switch request must be made by 7 October 2026.

Keep exploring MMOnline

If this kind of offer is your thing, have a look at our bank switching guide, our cashback guides and our saving tips. The whole point is to squeeze more value out of ordinary money decisions without pretending there is a magic-money button.

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Sources checked

• Santander — current account switching offer
• Santander — Everyday Current Account
• Santander — Regular Saver
• HSBC — Bank Account switch offer
• Lloyds — current account switch offer
• MoneySavingExpert — current bank switch offers

Offers, rates and eligibility can change. Always check the provider's current terms before applying. MMOnline has not personally tested this Santander switch offer at the time of writing.