Santander has confirmed a new £240 current account switching offer for new and existing customers, available from Tuesday, September 1, 2026. The offer requires customers to pay at least £1,500 into the Everyday Current Account, set up two household Direct Debits, and open Santander's Regular Saver account, which pays 8 per cent AER for the first 12 months. The switch must be requested before October 7, 2026, using the Current Account Switch Service.
How to qualify for the £240 bonus
Customers must ensure the details they provide are correct and match those at their old bank. If any details need updating, this should be done before switching. The Everyday Current Account comes with a contactless debit card, allowing fast, secure payments by tapping the card on contactless-enabled terminals. This feature is included with all Santander bank accounts, making everyday spending quicker and easier.
Santander, which has branches in Birmingham, faces competition from NatWest, HSBC UK, Lloyds, Barclays, Nationwide, and other banks. The offer is designed to attract customers seeking a fee-free account with a substantial cash incentive.
Expert view on Santander's offer
Rachel Springall, Finance Expert at Moneyfactscompare.co.uk, commented: "Santander's new current account switching offer of £240 could be an enticing choice for customers who might need a financial boost after the summer holidays." She added: "It is one of the highest free cash payments available on a fee-free account, ideal for those who want a simple, straightforward account for their everyday banking."
Ms Springall also highlighted the Regular Saver's post-promotional rate: "Unlike some other regular savers on the market that revert to a flexible saver earning a much poorer return, Santander's account will continue for another year, paying 3% AER." This means the account remains a competitive option beyond the initial 12-month period.
Additional benefits and international withdrawals
There is no monthly account fee for the Everyday Current Account. Existing customers can switch their current account to the Everyday Current Account online, with their account number, card, and PIN remaining unchanged. Santander also confirmed that no charges apply when using the Everyday Current Account debit card to make withdrawals at Santander cash machines abroad, located in Spain, Germany, Poland, Portugal, Argentina, Brazil, Chile, Mexico, Puerto Rico, Uruguay, and the USA.
Customers are advised to choose to pay in the local currency when withdrawing abroad to avoid other fees. The bank directs customers to its travel support page for further assistance while travelling. The £240 bonus is a notable addition to the switching market, and the October 7 deadline provides a clear timeframe for interested customers to act.
