Experts at Go.Compare are encouraging people to do an important check as you could get up to £175 in free cash.
The price comparison site is urging individuals to check up on their finances going into the new year, as you could ‘make a bit of cash’ by switching banks.
At present, several banks offer free cash to those moving over to them, including Nationwide offering £175, Santander giving away £150 and First Direct featuring a £175 incentive.
Matt Sanders, money spokesperson at Go.Compare, said: “Switching your bank could make you a bit of cash. Some banks and building societies offer an incentive to move your account to them and with the Current Account Switch Service, it’s easier than it has been before.”
By switching with the Current Account Switch Service, your direct debits and other regular payments are automatically moved over to your new account.
It’s important to read up on the other conditions to get the switch offer. For example, when switching to Santander, you need to open a Santander Edge, Edge Up, Everyday or Private (v2) current account and to pay in at least £1,500 into your account, to get the £150 payment.
Another consideration is it’s worth acting sooner rather than later if you are interested in an offer, as they can suddenly be withdrawn, such as the £200 switch offer from Lloyds that recently ended.
When Nationwide was recently asked about when its £175 offer would be taken off the market, the building society warned that the offer would only be available “for a limited time”.
Mr Sanders, from Go.Compare, shared some other money-saving tips. He recommended trying cashback sites as these can help you “make a little bit of money back” when doing your shopping.
He explained: “From fashion to beauty, holidays and takeaways it’s a great way to put a bit of extra cash back in your pocket.”
The expert also urged people to see if they can reduce your energy bills in 2025 by switching supplier. The energy price cap is increasing from January 1, and other household bills are also increasing next year.
Guidance on the Go.Compare website explains that if you find a cheaper tariff, you could even present to your current provider to see if they can match it.
Another good practice when it comes to your bank account is to regularly check it to see what funds you have coming and what is going out.
Liz Hunter, director at Money Expert, spoke about the importance of this habit. She said: “It means you can stop problems in their tracks; whether that be fraudulent charges or simply being a little too close to your overdraft (and the fees that come along with it) than you’d like.
“So throughout 2025, make checking your accounts a priority. This might be a weekly sit-down session where you review what you’ve spent and what you’ve got left to spend – or, if it feels more achievable – a quick balance check once per day.”
