MoneyMartin LewisSantander has launched a new current account switching perk to try to entice people to switch provider10:51, 02 Sep 2026Martin Lewis has hailed a “huge” free cash perk amid a current account switching war between banks.‌Banks and building societies know how hard it is to prise people away from their existing current account provider - it’s why they offer free cash to try to tempt us.‌Many of us loyally stick with the same provider we’ve been with for decades, often for little more than peace of mind. Yet knowing who our money is with counts for an awful lot.‌Santander has upped the ante by launching an offer of £240 bonus for those signing-up for its Everyday current account. Mr Lewis’s Moneysavingexpert.com described it as “huge” and the “biggest free cash bonus of 2026 on a fee-free bank account.”Santander’s offer is available for both new and existing customers when switching to Santander’s Everyday current account1 using the Current Account Switch Service .‌Customers that switch to a Santander Everyday current account and open a Santander Regular Saver account paying 8% interest3 in their name can qualify for the offer.To get the £240, you will need to pay in a total £1,500 in within 60 days - you can pay in different amounts and then take it out if needed - and put at least £200 into a linked saving account with a healthy, though variable, interest rate of 8%.‌You also need to set up at least two active household direct debits within 60 days of the initial switch request, and the offer excludes those who have held a Santander current account on January 1 this year. Eligible customers will receive their payment within 90 days of starting the switch process.‌Gail Russell, head of everyday banking at Santander UK, said: “As summer draws to a close, we’re offering a £240 boost when new and existing customers switch to our Everyday current account."With no monthly fee and the opportunity to earn 8% interest with our Regular Saver, the offer provides even more value for customers looking to beat the post-holiday blues.”Moneysavingexpert.com insists switching current account is easy and quick: “To get the bonuses, you need to use the bank’s seven-working-day switch service.Article continues below"It’ll close your old account for you, move your money over, and shift Direct Debits and standing orders. Payments to the old account are auto-forwarded too. The vast majority find it a piece of cake, though you’ll need to pass a not-too-harsh credit check.”Choose Daily Mirror as a 'Preferred Source' on Google News for quick access to the news you value.‌Martin LewisBanksCurrent accountsInterest ratesSavings