Santander’s bank switch offer: Get £200

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

Another new bank switching offer for 2023, and this time from Santander. 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.


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How much can you get for switching to Santander?

This offer is a hefty £200, increased from the £175 offer that ran last year. It’s also the equal highest paying right now, and when you factor in account cashback it’s easily worth £230 or more in year one.

You can only get one £200 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 also 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 to earn ongoing cashback.

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. Here are some ideas for new Direct Debits you can set up, however with the Edge or 123 you’ll want to move your bill payments over to earn the cashback.

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 the first 60 days.

When does the offer end?

Santander didn’t publish an end date for this offer at the start, however it’s announced it will now end at 23:59 on Thursday 9 February 2023.

At just 17 days a significantly shorter run time that previous instances of this offer.

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 to that. It also meant I had a spare “dummy” account to use for future switching deals.

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 a few years ago.

Which Santander account should I choose?

If you don’t already have a Santander 123 Lite account (sadly no longer available to new customers), then it’s worth looking at either the 123 or Edge accounts to earn cashback on your bills. Bear in mind though that both have monthly fees and other conditions. Here’s my comparison of the two options with more details.

However, if you don’t pay the bills or already have one of the accounts, I’d look instead at the free account.

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

If you are going to earn cashback on bills via on of the accounts I’d keep this as an account just for those payments rather than making it your main account.

This separation helps with budgeting and also allows you to take advantage of better banking experiences from the likes of Starling or earn money on spending from Chase.

I also think this it’s worth keeping the account going to earn that money back on bills, rather than switch again for a different deal.

Switch offer summary

£200 Santander switch offer

Switching bonus£200
Bonus paidAround 90 days after requesting the switch
Open to existing customersYes
RequirementsOpen a new or hold an existing 123, Edge, Everyday, Select or Private current account
Set up two Direct Debits after the switch
Deposit £1,000
Log into app or online banking
Switch using the Current Account Switch Service and close your old account within 60 days of starting the switch
The old account must be from a different bank
Not have received a bonus already
Offer endsUnknown

Other switching offers

A number of banks are also offering an incentive to switch, so do look at the list below before deciding which to go for – you might be able to get one of those in before the Santander switch.

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.

Latest bank switch offers (A-Z)

As of 15/2/24

Click the links for further details and analysis

Previous Santander bank switch offers

  • September to December 2021 – £130
  • January to March 2022 – £140
  • August to September 2022 – £160, then £175

35 thoughts on “Santander’s bank switch offer: Get £200

  1. Hi Andy.

    I have an existing Santander 123 current account , can I switch this account to one that qualifies for the bonus and would I receive the switching bonus? I have never received switching bonus from Santander. Also would I need to close the 123 current account if I do the switch?
    Many thanks

  2. Hello Andy,

    Thanks for all the information you provide in your emails.

    In your email 9th February you gave information on switching to the Santander Edge current account.
    You mention that an initial deposit of £1000 is required, but I do not see this mentioned on the Santander website. Is that because the deadline has past? I did opened 8.2.23, just in time!

  3. Hi Andy.

    Would you know if I would qualify for the switching bonus in this circumstance?
    I have an existing Santander Choice current account that already has DD and monthly deposit, can I switch this account to one that qualifies for the bonus and would I receive the switching bonus?
    Many thanks.

  4. Hi Andy,

    Does teh £1000 need to come in from a non santander account or canI use my exisiitng 123 Lite Account and Transfer to the everyday account im switching to.

  5. Hi! Are payroll/salary payments considered qualifying deposits for the switch bonus? It’s not specified anywhere. Thanks

  6. Hi

    I switched my current account to santander last year and received the bonus

    I also have a joint account with my partner at another bank. Can we switch this and get the bonus? Or will it not work as I have another account in my name?


  7. “You can’t get the money if you’ve ever had a switching bonus from Santander.”

    I just checked in my local Santander branch because I had a switching bonus 7-8 years ago and was told I could reapply again and receive it. The person even double checked ‘in the system’ and confirmed this but did say it probably would not work if I had a bonus from them within the last 2-3 years.

  8. Hi, if I create a new bank account today lets say on Monzo. How long after will I be able to use the Monzo account to use as a switch?

  9. Hi there
    I’ve just switched to santander and transferred two direct debits from my old account. Will this meet the criteria for the reward or do I have to set up new ones? If so can I cancel existing ones and set them up again?
    Kind regards

    1. I would like to know this also?

      1. I ave a santander everyday current account can I get the £200. Because am switching from lloyds to santander

  10. Hi Andy, when depositing the required £1000 how long must it stay in the new account for? Thanks

    1. I want to know this also! Can’t find anything in the t&c’s ..

  11. Hi Andy,

    Just wondering if you knew what Santander meant by in one of their clauses in their T&C for the switcher cashback.

    In clause 3.4 they said “ We reserve the right to not make any Cashback Payment where we suspect or are made aware that the Switcher Offer is being abused, for example, by closing an Old Account to switch back to us to receive the Cashback Payment.”

    Does this mean if I have previously switched out of Santander but have never received a switch bonus from them that I am now ineligible for their switching offer? If this is the case, is this message true amongst other banks too?

  12. Hi Andy, thanks for this. I have done the Virgin switch and have a linked savings account. Do I need to close that before doing the current account switch or can I leave savings account and just the current account will be switched? Thanks.

  13. 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 !

  14. 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

  15. 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

  16. 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!

  17. 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

  18. 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.

  19. 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

  20. 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!

  21. 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

  22. 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!

  23. 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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