The advice comes as Christmas spending returns to focus with fewer than 100 days remaining before 25 December. According to research cited by The Independent, the average cost of Christmas for a UK family is expected to reach £1,681, more than £100 higher than two years ago, while inflation rose to 3.1 per cent in August.
How the £240 Santander Switching Offer Works
Lewis said customers could receive £240 by switching to Santander’s Everyday account, provided they meet the bank’s eligibility rules. The process requires applicants to pass a credit check and use the bank’s seven-working-day switching service. That service closes the old current account and transfers the existing balance, standing orders and direct debits to the new bank. Payments sent to the old account are also redirected after the switch.
According to MoneySavingExpert, customers seeking the £240 payment must pay a total of £1,500 into the Santander account within 60 days. The money does not have to remain there and can be paid in through several deposits rather than as a single amount.
Customers must also fund the linked 8 per cent regular savings account with at least £200. That money can also be withdrawn. MoneySavingExpert said the switching payment should be made by 15 December for someone completing the process within the timetable it outlined.
Lewis described current switching deals as among the more lucrative available during the year and said starting early could mean receiving the money before Christmas. The £240 payment is not automatic, though, and depends on customers satisfying all of the offer’s conditions.
Other Banks Are Also Offering Switching Payments
Santander is not the only bank offering cash to customers who move their current account. Several other switching incentives were highlighted by Lewis and the MoneySavingExpert team, with different requirements and payment dates.
According to the MoneySavingExpert newsletter, HSBC is offering £220 to qualifying customers who pay in a total of £2,000 and spend at least £500 on their debit card within 60 days. The money can be withdrawn after being paid in, while the switching bonus was expected to be paid by 22 November.
First Direct is offering £210 to customers who pay in £1,000, make at least five debit-card payments and log into online banking within 45 days. Its payment was expected by 20 October. NatWest’s Reward account was listed with a £200 switching incentive. Customers are required to pay in £1,250 per month and log into the mobile app within 60 days, with the payment expected by 23 October.
Nationwide’s FlexDirect account was also included, offering £175 to customers who pay in £1,000 and make one debit-card payment within 31 days. MoneySavingExpert said that payment was expected by 3 October.
Lewis also advised households to prepare for Christmas spending earlier rather than relying heavily on December income. His wider guidance included spreading costs across September, October and November, watching early toy sales and being cautious with gift cards and vouchers, which can carry expiry dates or become worthless if a retailer fails.
