Martin Lewis claims that people could bag themselves a bit of extra cash in time for Christmas if they act soon. Millions of people could be eligible for £240 if they meet certain requirements.

Posting on his MoneySavingExpert website, Martin said: "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?"

Most banks offer some form of switching incentive to tempt customers away from their current provider, and some offer more than others at any given time. One of the deals highlighted by Martin and his team includes the Santander Everyday account.

Starting the switch soon would give new account holders plenty of time to pocket the £240 cash on offer in time for last-minute Christmas shopping in December.

What do I need to do?

The MSE team claims that this Santander offer is "the biggest free cash bonus of 2026 on a fee-free bank account". The Everyday account is fee-free and comes with a top 8% variable regular saver on up to £200 a month for a year.

Anyone who held a Santander current account from January 2026 will be automatically 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.

• Open the account & start a switch from a non-Santander, Cahoot or Cater Allen account by October 7
• Within 60 days: complete the switch, pay in £1,500+ and have at least two household Direct Debits (such as bills for energy, water, Council Tax, broadband, mobile & home phone and paid-for TV – see full list, link opens PDF)
• You must also fund its linked regular saver with £200+ within 60 days (can be an existing account or you can open a new one)

The £240 is paid within 90 days of starting your switch, if all criteria are met. Customers need to consider switching no later than October 7, when the offer ends, but that would leave the 90-day maximum past December 25.

How easy is it to switch?

The idea of physically switching should not put people off this incentive, as almost everything is handled automatically by the new provider through the Current Account Switch Service (CASS). This service moves your balance, Direct Debits and standing orders across, and closes your old account.

People just need to remember to update anything that comes out on a recurring card payment (like subscriptions) manually. There is only one real 'warning' before switching.

Each time you apply for a new account, a check is run, leaving a 'hard search' on your file that tends to last for 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.