Major high street bank launches bumper £240 free cash for switchers – here’s how to unlock the deal

MoneyTips *If you click on a link in this article, we will earn affiliate revenue. Credit: agrobacter SANTANDER is handing out a market-leading £240 cash boost plus a mega 8% interest rate – to customers switching their bank account. From today (September 1), both new and existing customers can nab the free cash by moving to a Santander Everyday current account via the Current Account Switch Service (CASS). Switch your current account today and get FREE cash Credit: REUTERS Switch today and get £240 To qualify, switchers must also open Santander’s Regular Saver account, which pays 8% AER/gross (variable) interest rate. Sign up for the Money newsletter Thank you! This includes a 5% bonus for the first 12 months. How to claim the £240 To snap up the switcher offer, you must start your switch on or after September 1 and hit these steps within 60 days: Fund the 8% saver: Open and put at least £200 into a Santander Regular Saver account in your name. Pay in cash: Deposit at least £1,500 into your new current account (this can be done in one go or across multiple payments). Set up Direct Debits: Have at least two active household direct debits running (such as council tax, mobile, broadband, TV packages, or energy and water bills). Ditch the old account: Complete the full switch and close your old external account using CASS, which moves your balance and payments over in seven days. Who is eligible? The account has no monthly fee, but you must meet a few key rules to claim the bonus: You must be a UK resident switching from a non-Santander group bank (excluding Santander, cahoot, and Cater Allen). You cannot have held a Santander current account on 1 January 2026. You cannot have received a switch cash bonus from Santander in the past. When do you get paid? Santander checks if you’ve met all the criteria 60 days after you request the switch. Most read in Money If you qualify, the £240 will land directly in your account within 30 days of that check – meaning you’ll get the payout inside 90 days total. The deal is currently set to end on October 7 but it could be pulled beforehand, so anyone looking for a post-holiday financial boost will need to act fast. Rachel Springall, finance expert at Moneyfactscompare.co.uk, said: “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. “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.” The Santander offer isn’t the only switching cash offer available, but it’s the top deal that isn’t limited to higher earners only. For example, HSBC is offering £220 cash to customers who switch, while NatWest and Barclays both offer £200. Before you make the switch, it’s important to check that it’s the right one for you – and not only make the move for the bonus.