Martin Lewis has revealed that millions of people could secure an extra £240 before Christmas by switching banks promptly. The MoneySavingExpert founder highlighted several bank switching deals offering cash bonuses, with Santander's Everyday account providing the most lucrative incentive for eligible customers.
Santander's £240 bonus offer details
Writing on his MoneySavingExpert website, Martin explained: "Some of the most lucrative deals of the year are on right now, and starting the switch now means you'll have the cash in plenty of time to pump up your Christmas coffers. So, unless your bank is treating you royally, why not make a bit of cash by moving?"
The MSE team describes the Santander promotion as "the biggest free cash bonus of 2026 on a fee-free bank account". The Everyday account carries no fees and features a competitive 8% variable regular saver on deposits up to £200 monthly for 12 months.
Eligibility and key requirements
Anyone who held a Santander current account from January 2026 will automatically be ineligible. People will also be unable to claim the £240 if they previously earned a Santander switch bonus or are coming over from a Cahoot or Cater Allen account.
The £240 incentive is transferred within 90 days of initiating the switch, provided all requirements are satisfied. Those considering the move should note that the offer concludes on October 7, though the maximum 90-day payment window would extend beyond December 25.
Switching process and credit file impact
The prospect of physically switching accounts shouldn't deter people, as virtually everything is managed automatically by the new provider via the Current Account Switch Service (CASS). This service transfers your balance, Direct Debits and standing orders, while closing your previous account. Customers simply need to manually update any recurring card payments, such as subscriptions.
However, there is one key consideration before proceeding. Every time you submit an application for a new account, a verification is conducted, creating a 'hard search' on your credit file that typically remains visible for several months. MSE's Chris Collier said: "Switching banks regularly can affect your ability to get credit in future, as the applications will show on your file, and could indicate a lack of stability. Done sensibly, it's not usually a big deal, yet multiple applications in a short time can look odd."
He advised that anyone with significant credit plans, such as a mortgage application, should avoid switching for at least six months prior.
