State pensioners who bank with Santander, NatWest, Nationwide waking up to free £200

State pensioners who bank with Santander, Lloyds, Natwest or Nationwide are being handed free money after losing the Winter Fuel Payment. Under new eligibility from the Labour Party government and the Department for Work and Pensions ( DWP ), state pensioners have lost their £300 entitlements.

But a number of banks have free cash offers for those who switch. Lloyds has confirmed that customers who switch to its Club Lloyds account can get £200. Both new and existing customers can take advantage of the free cash offer available for those who switch between October 2 and December 10.

Those who switch to the Club Lloyds account can expect the £200 to be paid within three days of the switch completion. Nationwide Building Society has launched a new offer of £175 to switch to its FlexDirect, FlexPlus or FlexAccount current accounts, too.

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You'll need to have at least two direct debits coming out of the account and pay in at least £1,000 within 31 days of making the switch.You'll also need to pay for something with your debit card, but there are some transactions like gambling that won't count.

With Santander, you have to switch to either a Santander Edge, Santander Edge Up, Everyday, or Private (v2) current account to get the free money. To qualify you do need to fulfil the criteria as well. You must submit a switch request on or after November 4, and before the switcher offer is withdrawn.

The full switch needs to be completed within 60 days, including closing their previous account. Andrea Melville, director of current accounts, savings and business banking at Santander, said: “We’re excited to roll out our latest switching incentive, giving customers a quick boost to their finances and yet another reason to bank with us.

“Our £150 offer rewards both new and existing customers for making the switch, while our current accounts continue to deliver cashback and competitive rates on savings.” NatWest has a £180 switch offer, too.