With households across the UK trying to make pounds stretch further, a banking giant has now said it will give new customers £200 for free.
Santander UK has launched a switching offer in a sign that the battle to attract current account customers is heating up. The offer is open to new and existing customers when they switch to a Santander Edge, 123 Current Account or other eligible current account using the Current Account Switch Service (Cass).
To qualify, customers need to complete the switch using Cass and, within 60 days, set up and maintain two active direct debits, deposit at least £500 a month, and log in to online or mobile banking.
READ MORE: Martin Lewis says debit cards are now 'danger cards' in new warning
The cashback will then be paid into their qualifying Santander account within 30 days. The £200 offer is for a limited time and can be withdrawn at any time, the bank said.
To qualify, as well as meeting eligibility criteria, new and existing customers must have not previously received or participated in any other incentive for switching to any of Santander's accounts or any account with Cahoot or Cater Allen, which are part of Santander UK.
The eligible Santander accounts are Edge, 123, Select, Private and Everyday. Santander Edge was launched in November, enabling customers to earn up to £20 cashback on essential bills and spending, plus 4% interest on savings, for a £3 monthly fee.
The new current account offers 1% cashback, capped at £10 a month, on grocery shopping and transport-based debit card spending.
It also offers 1% cashback, capped at £10 per month, on household bills paid by direct debit, including council tax, gas and electricity, mobile, landline, broadband and paid-for TV packages.
There is also a linked easy access savings account called the Santander Edge saver, offering 4% AER (annual equivalent rate) interest on balances up to £4,000, which includes a 0.5% bonus rate from the first 12 months of the account being opened.
The Santander 123 Current Account has a monthly fee of £4 and offers 1.75% annual interest on balances up to £20,000 as well as cashback on bills.
Receive newsletters with the latest news, sport and what's on updates from the Liverpool ECHO by signing up here
READ NEXT:
Primark's 'amazing' £38 coat shoppers are saying is identical to North Face's £290 version
Dancing On Ice under fire as feature sparks 'sickened' viewers to switch off
Mum let son, 12, do the Asda big shop and here's what he bought
B&M shoppers 'highly recommend' £18 clothes airer that's 'better than a dryer'
This Morning viewers urge Peter Andre to 'wash mouth out' after explicit remark
