£240 for Switching Banks? Santander’s Deadline Is Nearly Here 💷

I do like free money, oh fluff yes!

I like it even more when it comes from a bank rather than somebody on X promising me £8,000 a week for clicking three buttons from my sofa. 😂

Santander currently has a £240 bank-switching offer — but there is a fairly important date attached to it:

7 October 2026

That is the deadline for requesting the switch.

And, as usual with bank bonuses, there are a few hoops to jump through before Santander hands over the cash.

This is a researched MMOnline post rather than a first-hand test. I haven't personally completed this Santander switch, so I'm separating the actual published conditions from things I've personally tested.

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So... what do you actually have to do?

The basic checklist is:

✅ Open a Santander Everyday Current Account

✅ Request a full Current Account Switch Service (CASS) switch by 7 October

✅ Complete the switch within 60 days

✅ Move at least two qualifying household Direct Debits

✅ Pay at least £1,500 into the account within 60 days

✅ Put at least £200 into a Santander Regular Saver within the same 60-day period

Miss one of those and suddenly your lovely £240 starts looking considerably less lovely.

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⚠️ Mind those Direct Debits

This is one of the bits I would pay particular attention to.

Santander doesn't simply say ... “Move any two Direct Debits.”

It specifies qualifying household Direct Debits.

Examples include things like council tax, energy, water, broadband, mobile phone and paid-for TV.

So I would not automatically assume that two random £1 charity payments or forgotten subscriptions will do the job.

Imagine doing all the work and then discovering your Direct Debit for Monthly Alpaca Appreciation Club wasn't what Santander had in mind. 😁

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And don't forget the £200

This condition is quite easy to skim past... or forget to do...

Within 60 days of requesting the switch, you also need to fund a Santander Regular Saver with at least £200.

The Regular Saver is currently paying 8.00% AER/gross variable for the first 12 months, and allows up to £200 a month to be saved.

But for the purposes of getting the switching bonus, the important bit is...

Put at least £200 into it within the 60 days.

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When would you actually get the £240?

Santander says it checks whether you've met the conditions 60 days after the initial switch request.

If you qualify, the £240 should then be paid within the following 30 days.

So you're looking at roughly...

Up to 90 days from your original switch request.

Not quite instant beer money 🍺

But £240 is still £240!!

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Who can't get it?

A couple of important exclusions:

❌ You can't have held a Santander current account on 1 January 2026

❌ You can't have previously received a Santander switching incentive

And this needs to be a proper switch from another provider using CASS.

A full CASS switch also means your old account gets closed, so don't accidentally sacrifice an account you wanted to keep just because £240 started waving at you.

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The MMOnline take

The headline figure is certainly attractive.

£240 for changing bank accounts is not insignificant.

The Everyday Current Account itself has no monthly account fee, which also helps.

But this isn't quite:

“Open account. Receive £240. Spend £240.”

You've got several hoops to jump through...

The Direct Debits matter.

The £1,500 pay-in matters.

And that £200 Regular Saver condition is very easy to miss if you've only read the headline.

So my simple rule would be:

Read the bloody checklist first. 😂

If the conditions fit your existing finances, this is definitely one to investigate before 7 October.

If you'd have to start moving money around like you're trying to solve a Crystal Maze puzzle just to qualify, slow down and read the full terms first.

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Want the full details?

I've put the more detailed version on MakeMoneyOnline.live, including the full checklist, eligibility rules and current account conditions.

👉 Full MMOnline guide: Santander £240 Bank Switch Offer
And this is exactly the sort of thing I'm going to keep covering on MMOnline:

💷 Bank-switch bonuses
💰 Cashback boosts
🤑 Money-making ideas
🎁 Freebies and offers
🧪 And, where possible, stuff I actually test with my own money

No “get rich by Tuesday” nonsense.

Just things worth knowing about.

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Sources checked

• Santander – current account switching offer
• Santander – Everyday Current Account
• Santander – Regular Saver

Rates, offers and eligibility conditions can change, so always check Santander's current terms before applying.

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MMOnline

Real tests. Real money. No get-rich-quick nonsense.