UK bank customers can get £200 for switching their accounts. Banks regularly offer rewards for switching accounts, such as higher savings interest rates and one-off deposits. One of the current offers sees a high street bank offering £200 who make a switch to their banking services. It comes from Santander, and it’s available for new and existing customers. However, there are, as always, a few criteria to meet to secure the £200 reward. 

The £200 reward is available for customers who switch to one of Santander’s eligible accounts, which are the Everyday, Edge, Edge Up, Edge Explorer or Private, using the Current Account Switch Service (CASS). The offer has been on the table for a few months now, having been launched back in November 2025. However, the bank can withdraw it at any time, and those who are confident that the switch would be beneficial for them are advised not to wait too long to complete it. Customers must submit their application to switch before it is withdrawn to get the bonus offer.

Once you have submitted your request, you have 60 days to complete the full switch, which includes closure of your existing bank account. Additionally, you must pay at least £1,500 into your Santander account. This can be done in one or several payments.

Customers should also have at least two active Household Direct Debits in place on their Santander account. These Direct Debits must be active at the point the bank assesses their eligibility. However, these cannot include any Direct Debits set up to fund a savings account customers have with Santander, Cahoot or Cater Allen.

Once all of the conditions are met, the £200 will be paid within 90 days. You will also need to be currently with a bank that facilitates CASS.

While the bonus is available to customers who have other Santander products, such as a mortgage or savings account, they must be switching from a current account presently held with another bank.

Plus, you will not qualify for the switch if you are a UK resident, if you, or anyone named on the Santander account, held a current account with Santander on 1 January 2025, or if anyone named on the Santander account has previously received an incentive payment to switch to a Santander current account.

As long as you qualify for the payment, you will receive £200 into your Santander current account. No other payment option is available.

Santander is not the only bank to offer rewards for switching. For example, The Co-operative Bank is offering £175 to customers who switch their current account, as well as access to a market-leading regular saver.

Nationwide is offering £175 for switchers, as is First Direct.