Switch Bonus Not Paid: What to Do

A switch bonus is a one-off payment a bank makes when you move your current account to it using the Current Account Switch Service. Some banks also offer hotel discounts, gift vouchers or travel cards instead of cash¹. When the money does not arrive, the cause is almost always one condition in the offer that was not met, or was met outside the time allowed.

The two live offers at the time of writing are Santander's £240 Switch and Save offer, which ends on 7 October 2026, and Lloyds' £200 offer, which ends on 9 December 2026². Both require a full switch using the Current Account Switch Service, and both have eligibility rules that exclude many people.

If you believe you met every condition and the bonus has not been paid, you can complain to the bank. If it does not resolve the complaint within eight weeks, or you are unhappy with its final answer, you can take the case to the Financial Ombudsman Service, which is free and whose decisions bind the bank⁴.

Why a switch bonus might not be paid

The most common reason is that a condition was not met within the time allowed. In one case the Financial Ombudsman Service looked at, a customer did not qualify for a £175 payment because she had not met all the terms within 30 days of opening her new current account⁹. The conditions in switch offers are strict and the bank checks them on a set date.

Eligibility exclusions catch many people. Santander's £240 offer is not available if you held a Santander current account on 1 January 2026, or if you have previously received a Santander switcher incentive². NatWest and RBS exclude anyone who has previously received a switching incentive from NatWest Group, including NatWest, RBS or Ulster Bank, and you cannot switch from another NatWest Group bank¹⁰.

The type of switch matters too. A partial switch does not transfer your money across and is not covered by the Current Account Switch Service Guarantee¹¹. Most bonuses require a full switch. If your old bank is not part of the Current Account Switch Service, you will not be eligible for switching incentives at all¹².

Finally, some offers require you to keep the account open and meet ongoing conditions on the date the bonus is paid. If you close the account or stop meeting a condition before that date, the bank may not pay.

Offer deadlines: Santander £240 ends 7 October, Lloyds £200 ends 9 December

Both current offers have hard deadlines, and the date that matters is usually when you start the switch, not when it completes.

Santander's £240 Switch and Save offer runs from 1 September to 7 October 2026¹⁰. You need to switch to the Everyday Current Account and fund a Santander Regular Saver with at least £200 within 60 days of your switch request¹⁰. The offer ends on 7 October 2026².

Lloyds' £200 offer applies to a new Club Lloyds, Club Lloyds Silver, Club Lloyds Platinum or Premier account, switched using the Current Account Switch Service³. The offer ends on 9 December 2026⁷. Switches must be started via the Current Account Switch Service by that date to qualify³.

If you started your switch before the deadline but it has not completed, you may still qualify. Santander states that if it stops the offer before your switch is complete, you will still get the £240 as long as you are eligible².

Checking you met the offer conditions

Go through the offer terms line by line and check each condition against what you actually did. The common conditions are:

• A full switch using the Current Account Switch Service, not a partial switch¹¹
• Switching from an account held with a different bank³
• Meeting any minimum funding requirement, such as paying in a set amount
• Setting up a required number of active direct debits
• Opening any linked product, such as a regular saver, within the stated time¹⁰
• Keeping the account open and meeting conditions on the date the bonus is paid
• Not having held an account with the bank, or received a bonus from it, in an excluded period²

If you held a Santander current account on 1 January 2026, or have previously received a Santander switcher incentive, you will not qualify for the £240 offer². If you previously received a switching incentive from NatWest Group, you will not qualify for its offers¹⁰.

Check the date you opened the account and the date you completed each condition. In the ombudsman case, the customer missed the 30-day window for meeting the terms⁹. If any condition was met late, the bank is likely to refuse the bonus.

What to do if the bonus has not arrived

Start by checking the offer terms for the payment date. Some offers state when the bonus will be paid, such as within 30 days of opening the account⁹. If that date has passed, contact the bank.

When you contact the bank, ask it to confirm whether you qualified and, if not, which condition you failed to meet. Ask for this in writing or by email so you have a record. If the bank says you did not qualify, check its explanation against the offer terms.

If you believe the bank is wrong, make a formal complaint. Give the bank at least eight weeks to try to resolve it⁵. The bank should then send a final decision letter telling you how to contact the Financial Ombudsman Service⁵.

Keep copies of everything: the offer terms as they were when you switched, your switch confirmation, statements showing you met the conditions, and all correspondence with the bank.

Where to complain if the bank will not pay

If the bank has had at least eight weeks and you are not satisfied with its response, or it has not sent a final decision letter, you can contact the Financial Ombudsman Service⁵. The ombudsman handles complaints about problems with switching services, account closures, disputed transactions and IT failures⁴.

The service is free to use and its decisions are binding on the bank. You can contact it for a complaints form if you have not received a final letter within eight weeks and do not want to give the bank more time⁵.

The ombudsman looks at whether the bank followed its own terms and treated you fairly. In the case of the customer who missed the 30-day window, the ombudsman found she had not met the conditions, so the bank was entitled to refuse the £175 payment⁹. This shows the importance of meeting every condition within the stated time.

If your complaint is about a different banking problem, such as a disputed transaction, the ombudsman can also help⁴. For free, impartial guidance on choosing a bank account or understanding your options, MoneyHelper is available⁸.