Santander is giving new customers £200 for switching – but will you get the cash in time for Christmas?

Products featured in this article are independently selected by This is Money’s specialist journalists. If you open an account using links which have an asterisk, This is Money will earn an affiliate commission. We do not allow this to affect our editorial independence.

Santander is the latest bank to hand out a £200 cash bribe for switching your current account, joining existing incentives from Barclays, First Direct and Lloyds.

You need to open an eligible Santander current account, use the current account switching service (Cass) and move across two direct debits to get the reward.

In an ideal world, the £200 would provide a nice boost for Christmas – but switchers could be waiting a while to receive the loot.

Santander says it will check that switchers are eligible for the reward 60 days after the initial switch submission, with the cash paid within 30 days after that. 

This means it might take up to 90 days to get the bonus, so even if someone applied today it may not land until February. 

That being said, the cash should give your finances a welcome bump in the new year. We explore whether other switch incentives will pay out quicker below.

New year boost: Santander will take a while to pay out the cash 

How to get the Santander bonus

The offer’s available from 10 November 2025. Those who held a current account with Santander on 1 January 2025 or have previously received a switching incentive from the bank won’t be eligible.

Firstly you need to open an eligible current account (more on these below). Then within 60 days of requesting to switch you need to complete these steps:

• Complete the switch using Cass, closing your old account
• Switch two active household direct debits (be careful here, because there’s a select list of eligible direct debits)
• Pay in at least £1,500

Will any banks pay the boost quicker than Santander?

There are a number of switching deals currently available. 

Each of these require you to use the current account switch service (Cass), move a number of direct debits and pay in a set amount. Make sure you read the full terms when going ahead.

• Lloyds: £200 – Lloyds will pay ‘within 10 working days of the switch completing’
• Barclays: £200 (must join Blue Rewards, which costs £5 a month) – Barclays will pay ‘within 28 working days of you meeting the eligibility requirements’ 
• First Direct: £175 – First Direct will pay ‘by the 20th of the following month in which all criteria has been met’
• Nationwide: £175 – Nationwide will pay ‘within 10 days of you meeting all the requirements’
• NatWest: £175 – NatWest will pay within 30 days after you meet the conditions

How do Santander’s bank accounts compare?  

Here’s an overview of the Santander accounts you can open as part of the incentive:

Everyday Current Account: No fee. A regular bank account with optional arranged overdraft.

Santander Edge: £3 monthly fee. Get up to £10 cashback a month on selected household bills, an exclusive savings rate, and you can use your card abroad with no fee. You must pay in £500 a month and have two active direct debits.

Santander Edge Up: £5 monthly fee. Get up to £15 cashback a month on selected household bills, earn interest on your balance up to £25,000, and use your card abroad with no fee. You must pay in £1,500 a month and have two active direct debits.

Santander Edge Explorer: £17 monthly fee, but you get worldwide family travel insurance, remote access to GP 24/7, UK and European breakdown cover, and family mobile phone insurance. Get cashback on selected household bills, supermarkets, and travel costs. There’s an exclusive savings rate and no fee to use your debit card abroad.

> Read more: The best UK bank accounts

SAVE MONEY, MAKE MONEY

Sipp cashback

Sipp cashback

£200 when you deposit or transfer £15,000

4.56% cash Isa

4.56% cash Isa

Trading 212: 0.71% fixed 12-month bonus

£20 off motoring

£20 off motoring

This is Money Motoring Club voucher

Free shares bundle

Free shares bundle

Get free UK shares worth up to £200

4.45% Isa with bonus

4.45% Isa with bonus

Now with no penalty for withdrawals

Affiliate links: If you take out a product This is Money may earn a commission. These deals are chosen by our editorial team, as we think they are worth highlighting. This does not affect our editorial independence. Terms and conditions apply on all offers.