Santander has outlined which customers will receive £200 for free in 2026.

The high street banking institution has said that account holders who complete specific requirements will receive the payment within 90 days.

The international banking giant has emailed individuals who bank with Santander but don’t hold their main current account there.

Messages read: “It’s never been easier to move your income, Direct Debits, and standing orders from your old bank to us. Plus, when you get a current account with us, you can make use of our award-winning Mobile Banking app.”

Santander confirmed it will “transfer £200 into your eligible account within 90 days of your request to switch when you use the Current Account Switch Service [CASS].”

To qualify for the payment, individuals must make a switch request to an eligible current account before the promotion ends.

Within 60 days of submitting the original application, customers must also finalise the complete switch via the CASS, maintain two active household Direct Debits on the account, and deposit a minimum of £1,500.

Household Direct Debits encompass council tax payments, mobile and landline telephone charges, broadband and subscription television services, gas and electricity accounts, and water rates, according to Santander.

However anyone who had a current account with Santander on January 1, 2025, or has previously claimed a Santander switching incentive, will be ineligible for the switching bonus.

The bonus is applicable to the Everyday Current Account, Santander Edge current account, Santander Edge Up current account, Santander Edge Explorer current account and Private Current Account.

Santander said it may withdraw the offer at any time. Terms and conditions apply.