Santander confirms £240 bonus payments for customers with October 7 deadline
Santander offers £240 bonus for switching to its Everyday Current Account by October 7, 2026. Customers must deposit £1,500 and set up two Direct Debits. The bank's Regular Saver account pays 8% AER for the first year, then 3% AER. Rachel Springall of Moneyfactscompare.co.uk notes it's one of the highest cash payments available on a fee-free account.
How this was made
The 30-second read
Why it matters
The bonus aims to attract deposits and increase account numbers, but the modest amount limits market impact.
Market read
Retail banking promotion with limited trading relevance.
What to watch
Potential regulatory scrutiny on bonus conditions and impact on net interest margin.
Background
Santander competes with other UK banks on current‑account switching incentives.
Ticker impact
Santander launched a £240 current‑account switching bonus requiring a £1,500 deposit and two Direct Debits.
Small upside pressure if uptake exceeds expectations, otherwise negligible.
The promotion is modest in size and targeted at retail customers; market reaction typically muted.
Market effects
May slightly boost UK banking retail deposit competition.
Limited to UK market; negligible global effect.
Low
Counterpoint
Customers may prefer higher‑interest savings products over a one‑time bonus.
Key entities
- BankSantander
UK retail bank offering the £240 bonus.




