Santander’s bank switch offer: Get £140

Another brand new switching offer, and it’s open to existing customers too.

Another week, another bank switching offer for 2022, and this time from Santander – a bank that only started offering incentives in late 2021.

Here’s what you need to know in order to get the free cash, and my analysis of how it compares to the other options available right now.

How much can you get for switching to Santander?

This offer is a hefty £140, up from the £130 offered when it launched last year. It’s not the highest paying right now, but when you factor in account cashback it’s easily worth £180 to £200 in year one.

You can only get one £140 bonus per person, so there’s no trick to double this with extra accounts or joint accounts. There’s also only one payment per joint account, so I’d suggest couples open up two separate accounts to maximise the cash they get.

Who can get the Santander switch bonus?

It’s available to new and existing customers on the following accounts:

If you don’t have one of these accounts you’ll need to open one. If you already have it, you can switch directly into it.

You have to use the Current Account Switch Service to transfer in from a bank account held at another bank. This old account will be closed.

You can’t get the money if you’ve ever had a switching bonus from Santander. I checked and this includes the £50 refer-a-friend offer that used to run. This includes offers for Cahoot or Carter Allen banks which are part of Santander.

What are the requirements for the Santander switching offer?

There’s quite a bit you need to do with this switch, though you’ll find that these are also requirements for some of the accounts – including my pick of the Santander 123 Lite (more on these option below).

Two active Direct Debits

First the account you switch into needs to have two Direct Debits active when they run their eligibility checks (around 60 days after starting the switch).

These can be set up after the switch if you don’t have them on the old account you’re switching from.

If you are an existing account holder and already have Direct Debits on there then you don’t need to set up new ones. I’ve had confirmation from the Santander press office on this.

A £1,000 deposit

You must pay into the account at least £1,000 in the first 60 days. This can be a single payment, or multiple deposits. The money doesn’t have to stay in the account. You can spend it or transfer it out to a different account.

Check online banking

Finally, make sure you log in to your online or app banking at least once in this first 60 days.

When does the offer end?

Santander hasn’t published an end date for this offer, so it could be any time.

*UPDATE 14/3/22 – The offer has ended. I’ll update here if it returns*

Switching as an existing customer

This is a bit annoying – to switch to an existing Santander account you need to visit the branch. This might require an appointment.

You can get around this by opening up an additional account online. This is what I did last time. I already had a 123 Lite account, but applied for an Everyday account, and switched into that.

When will the money be paid?

The bank will check you’ve met the conditions 60 days after you’ve started the switch, and pay the money within 30 days of this. So you’re looking at three months at most to get the cash.

However it could be earlier. I got my cash in eight weeks last year.

Which Santander account should I choose?

From the available options my top pick for most people is the Santander 123 Lite account. For a monthly fee you’ll get cashback on most of your household bills. As long as your company is covered (most are) you’re looking at £40 to £60 profit each year.

I’d 100% go for this version over the full 123 account. Here’s my comparison of the two 123 options with more details.

However, this account only makes sense once per household as you’re only paying one set of bills. So if the person you live with already has this or you’ve a joint version of this account, I’d look instead at the free accounts.

The Everyday current account does all the basics you need from a current account but there’s no fee or monthly requirements to be met.

Is it worth switching to Santander?

Andy’s analysis

I’m a big fan of the Santander 123 Lite account for anyone who pays bills, so this £140 on top is a winner in my eyes.

Personally I’d keep this as a separate account just for your bills. This helps with budgeting and also allows you to take advantage of better banking experiences from the likes of Monzo and Starling.

Though there’s a 90-day window before you get the cash, I think this is a great account to keep rather than switch again for a different deal.

Are there better switching offers?

With six different banks offering an incentive to switch, you might need to be picky. So how do you pick?

The fact that many people are unlikely to have nabbed free cash from Santander before means lots of you reading will be able to get it – whether you’re a serial switcher or a newbie. That’s a definite plus.

You’ve got to remember there’s set end date to get this one, so if you know you want the account it could be worth prioritising it over others.

But there are decent alternatives. The HSBC £150 offer and the Nationwide switch of up to £125 both pay quite fast (within 30 days of switching), so you might be able to get one (or both) of those and then pick up Santander too.

A quick note though that if you are opening new accounts (rather than switching into existing accounts) you will be credit checked on each application.

Previous Santander bank switch offers

  • September to December 2021 – £130

20 thoughts on “Santander’s bank switch offer: Get £140

  1. Once you have recieved reward can you switch to another account provider or do you have to give money back then . Think the santander app is quite poor and don’t like the set up of it !

  2. Hi Andy, I made a switch to a santander 123 lite account on March 13th, I got a message that I have to wait for a decision about two days, on March 14th they wrote that they would open an account, I know now that the 13th was the last day, do you think I will get a bonus?

    1. I’d hope so… it’s worth putting in a complaint if not

  3. Hi Andy, Switched my Tsb spend and save current account to Santander 123 & Tsb current account to Santander everyday, (both sole accounts) switch service completed the same day all criteria followed there’s nothing to say in the T’s & C’s that I cannot receive £140 for each switch over !! Regards paul

  4. Hi Andy, When does this £140 Santander Switch offer end?

    1. There’s no published end date, so it could be tomorrow, it could be next year!

  5. Hi Andy, l opened a Santander 123 Lite account a few months ago and am happy with it. However with these new accounts paying attractive bonuses, is it possible to open a new account with another bank so soon after my recent opening of the 123 account? Thanks very much.

    1. Yep, you can do that. Just be aware that each account you open will be hard credit checked

  6. Hi Andy,

    I have a everyday account with Santander but it’s not a billing account could I still open another account with Santander if I use an outside account eg Halifax and still qualify for the incentive

    1. Yes, you absolutely can. You can even switch into your existing account.

  7. Hi Andy, Re. 123 LITE – once I’ve paid in the required £1000 to open a new account do I still need to pay in £500 per month?

    1. Yes, that’s an ongoing requirement. But if you have direct debits set up there for the bills that will likely count for much of that amount

  8. Just a little bit of feedback about this offer.
    I switched to Santander on October 6th with all the conditions met for direct debits, depositing the £1,000 and logging in to the mobile app and Santander paid me the switch bonus of £130 today, November 22nd which was a very pleasant surprise as i wasn’t expecting to receive it until the new year at the earliest.

    1. Thanks for sharing this. Same for me!

  9. Hi Andy, When I switch into my existing Santander 123 a sum of Approx £5000 will this count as depositing a £1000 in 60 days ?

    1. Hmm, not sure on that one. To be safe maybe transfer £1,000 to another account and then put it back

  10. Dear Andy
    If I open the Santander account and get the £130 after 3 months or so, do I have to keep the account open or can I move the account to another bank?

    1. Hi Ian, once you have the cash you can close the account or switch away!

  11. Dear Andy,

    Thanks for this! I have one question. Suppose you are an existing Santander customer with a current account. Must you switch your non-Santander account to your existing current account to get the cash? Or can you create a new account and switch there?

    1. Hi Paul yes you can open a new account

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