Santander is giving out £200 to new and existing customers if they switch to one of its current accounts.

It’s the latest in a series of tempting offers coming from high street banks in the face of stiff online competition.

Lloyds will also pay customers £200 as a switching incentive until March 20, while First Direct will pay £175 if you switch to its 1st Account.

Santander’s offer is only available for those switching to an Edge, 123, Select, Private and Everyday accounts, using the Current Account Switch Service (Cass).

To qualify, customers need to complete the switch 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.

The cashback will then be paid into their qualifying Santander account within 30 days.

However, the £200 offer is for a limited time only and can be withdrawn. Customers will also not be eligible if they’ve previously received incentives for switching to other Santander accounts.

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.

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