Cost of living: Santander will give you £200 for free if you do this simple bank account task

Banks like Santander, Lloyds and First Direct can give you free money for a simple switch to their services.

Customers might be eligible to earn £200 from Santander for taking part in a new offer by the Spanish bank. This is the latest in a number of campaigns and offers from high street banks in the UK, with similar offers being available at First Direct and Lloyds Bank.

The offer is available for new or existing customers who swap to a Santander Edge, 123, Select, Private and Everyday account using the Current Account Switch Service (Cass). Customers who swap to one of the current accounts within 60 days, set up two direct debits and deposit at least £500 a month into the account qualify for the new campaign.

Santander launched their new account Edge in November 2022, and allows customers to get a £20 cashback on bills and a 4% interest rate on savings for £3 a month. Customers who have recently received a similar incentive while switching to a Santander account will not qualify for the £200 payment.

Lloyds bank does also have an incentive where people switching to them can qualify for a £200 payment, ending on March 20. First Direct will pay £175 for switching to their 1st Account.

Customers might be eligible to earn £200 from Santander for taking part in a new offer by the Spanish bank.

As the cost of living increases in the UK and tightens its grip around millions of people’s wallets, multiple banks have been competing for new customers with offers like this one. One of them, Nationwide, recently ended its campaign where customers switching to them would get a one time £400 payment.