Get £200 for bank switch

SANTANDER is offering £200 to lure in current account switchers.

The reward is for those who switch to either its 123, Everyday, Edge or Select accounts using the Current Account Switching Service (CASS).

November was the busiest month for switching on record, with 157,376 people moving bank account, CASS told Money Mail. That was up 33 pc on October — the previous record month. The account offering the most interest for big savers is its 123 version. It offers 1.75 pc interest on balances up to £20,000. At that level, you’d earn £350, plus the £200 to switch — which would mean a £502 gain after deducting the monthly £4 fee.

Last week, Lloyds launched a £ 200 offer — but only on its paid-for packaged accounts, which start at £10 per month.