Santander offers customers £240 if they switch current account and open a savings pot at 8% interest

Santander is offering a huge £240 to switch your banking, but you must open both a current account and a regular saver account to qualify.

This is one of the highest bribes we’ve seen recently, so this extra condition could be worth considering.

There are other rules such as paying in at least £1,500 within 60 days, which we explain below. 

You don’t have to be a new Santander customer, but the deal requires you not to have held a Santander current account on 1 January 2026. 

The regular savings account pays 8 per cent variable interest, which includes a 5 per cent bonus for 12 months.

You can squirrel away £200 a month into the account. Doing so would give you £104 in interest after the year, for a balance of £2,504. At this point you might want to switch it to a savings account paying higher interest.

Unlike some other regular savings accounts, Santander lets you withdraw your money to your current account whenever you like.

It’s a great time for bank switch deals, with offers from six banks available. If Santander doesn’t suit, you might still find a good offer elsewhere.

How can you qualify for Santander’s incentive?

The way you qualify will be familiar to anyone who’s ever gone for a switch deal. 

First, you must open a Santander current account and switch using the Current Account Switch Service (Cass).

Then within 60 days you have to:

• Complete the full switch including closing your old account (this should be dealt with by the Cass).
• Pay in at least £1,500, which you can do in one or several payments.
• Have at least two active direct debits (these must be for a qualifying payment such as your council tax or bills)
• Fund a regular savings account with at least £200.

The deal applies to accounts opened on or after September 1 and it closes on October 7.

Despite this, customers shouldn’t feel rushed to switch, said Rachel Springall, finance expert at rates scrutineer Moneyfacts.

‘There is no real ‘one-size-fits-all’ current account, as many are tailored for different needs,’ she added.

With the range of switch deals now on the table, it’s worth comparing accounts to see which one might suit you best in the long run.

Some accounts come with good interest-free overdrafts, cashback on spending, interest on your balance and other perks, so you should think about which will give you the most value.

> Read more: The best current accounts – how to pick the right one

Which switch offers are available?

Here are the other banks currently offering bribes to switch:

• HSBC – Bank Account – £220
• NatWest and RBS – Reward and Select Account – £200
• Nationwide Building Society – FlexAccount, FlexDirect and FlexPlus – £175
• first direct – 1st Account – £175
• The Co-operative Bank – Current Account and Everyday Extra – £125 (plus £25 a month for three months when actively using your account)

Starling Bank has an unusual incentive – it will give those who switch by October 11 a free Suri Pro 2.0 toothbrush.

Zopa Bank recently updated its incentives to give you a choice of three – a boosted 2.75 per cent interest on your balance, 3 per cent cashback on bills, or 3 per cent cashback on eating out. These don’t require a full switch, however.

Keep in mind switching incentives are usually only available to new customers and those who haven’t had one from the bank before.