Who can take advantage of Santander's £240 switching offer?

Santander has introduced a new bank switching offer that leads the market

We examine who qualifies and how to receive the free money.

At the moment, Santander's new bank switching bonus is the highest-paying offer available.

The high-street lender is giving both new and current customers 240 to switch banks, but in order to be eligible, you must open a current account and a regular saver with the bank.

For non-Premier accounts, Santanders' offer is the highest-paying of the six bank switching deals currently available.

What is available for Santanders to switch?

Both new and current customers are eligible for the Santanders 240 bonus. You need to do the following in order to qualify.

Use the Current Account Switch Service to request an account switch before October 7th. Within 60 days of requesting the switch, pay in a minimum of 1,500, which can be made in one or more installments. Establish a minimum of two eligible household direct debits. Put at least 200 in a Santander Regular Saver. If you already have an account, you can fund it or open a new one. This needs to be completed within 60 days of the original switch request. If you had a Santander current account on January 1, 2026, you are not qualified.

You will get the cash bonus within 90 days of making the switch request if you are eligible.

Is Santanders' decision to switch worthwhile?

"Santanders' new current account switching offer of 240 could be an enticing choice for customers who might need a financial boost after the summer holidays," says Rachel Springall, a finance expert at Moneyfactscompare . co . uk. It is one of the biggest free cash payments on a fee-free account, making it perfect for people who want an easy-to-use account for regular banking."

Six bank switching deals are available at the moment.

Only those with a salary of £100,000 or more or those with at least £100,000 in investments or savings are eligible for HSBC's switch offer, which pays £500 plus an additional £290 in cashback. For the majority of consumers, Santander thus provides the best value.

With a top rate of 8% and a fixed 5% bonus for a full year, Santanders' regular saver offers the highest payout on the market. The monthly savings are variable and can reach up to £200. Springall continues, "Santander's account will continue for another year, paying 3 percent AER, in contrast to some other regular savers on the market who revert to a flexible saver earning a much poorer return."

Santander's inflation-beating fixed-rate ISAs and its new cashback credit card, which offers a 3% first-year return on qualifying daily expenses, are also available to you.

After a major round of closures earlier this year, Santander has also pledged to keep its Santander and TSB bank branches open for at least two years.

Another choice if your local branch is impacted is Nationwide Building Society, which currently pays clients 175. The building society has promised not to close any more of its branches until 2030, even though that does not make it a market-leading deal.

Additionally, Nationwide is regarded as one of the top current account providers in the nation and is well-known for its 100 Fairer Share Payment, which it has provided for four years running.

In the end, you should choose a bank account that can truly satisfy your current account requirements and offers you more than just a switching bonus.

Learn More About the Nationwide Building Society of Santander UK.