UK banking customers could get up to £200 in free cash by making a simple switch. Banks and building societies are keen to manage your money, offering incentives to entice you.
Often, this comes in the form of a switching bonus – where customers who transfer their accounts receive a cash reward for doing so. Several major UK banks are currently providing these to eligible customers.
Barclays and Lloyds are eager to give switchers £200, while Nationwide and NatWest are dishing out complimentary £175 payments.
Experts suggest that switching bank accounts is an easy way to earn some extra dosh, and the process is typically straightforward through the Current Account Switch Service (CASS). However, it’s always worth doing your homework about different bank accounts as some come with monthly fees, so you should weigh up whether it’s worth paying these fees to receive the cash incentives.
So which banks are handing out free cash – and who qualifies?
Nationwide
The world’s largest building society, Nationwide, is offering a £175 incentive to banking customers who switch from a non-Nationwide bank account to a new or existing FlexDirect, FlexAccount or FlexPlus with them.
To qualify for this offer, you’ll need to transfer two existing Direct Debits from your old account and initiate a full switch using the Current Account Switch Service (CASS).
The switch must be completed within 28 days, which includes closing your old account. After applying, you’re required to deposit at least £1,000 and make one debit card payment within 31 days of opening the account, or applying to switch into an existing account.
Nationwide has stated that it will then deposit the £175 into the switched account within ten days of all the requirements being fulfilled.
You cannot get this offer if you’ve had a Nationwide current account online switch offer since 2021, unless you had the offer on a sole account, and now you’re switching into a joint account that hasn’t had an offer before, or vice versa.
Barclays
Eligible customers who switch to Barclays using the Current Account Switch Service (CASS) and join the bank’s ‘Blue Rewards’ scheme, which costs £5 per month, will receive £200.
New customers will also be gifted an Apple TV+ subscription worth £9.99 a month, cashback on their Barclays Visa debit card and improved savings rates.
However, if you already have an open Barclays current account as of October 7, you won’t qualify for this offer. Additionally, those who have previously received switch cash from Barclays are not eligible.
Lloyds Bank
Lloyds Bank is offering a £200 bonus to both new and existing customers who switch to a Club Lloyds account. The cash incentive will be paid within three days to anyone who switches to either a Club Lloyds, Club Lloyds Platinum or Club Lloyds Silver account.
To switch your accounts to Lloyds, you must utilise the CASS, which will close your previous account. To be eligible for the £200 bonus, you must transfer a minimum of three active direct debits to the new account.
New direct debits, existing standing orders or recurring card payments won’t be taken into account. However, there’s a snag as Club Lloyds accounts come with a monthly fee.
This is £3 for Club Lloyds, an additional £11.50 (on top of the £3 Club Lloyds fee) for Club Lloyds Silver, and £22.50 (on top of the £3 Club Lloyds fee) for Club Lloyds Platinum. But, the £3 Club Lloyds fee is waived each month you deposit at least £2,000 into the account.
Club Lloyds accounts also offer various perks, such as Disney+ or cinema tickets, as well as superior travel money rates, breakdown cover, and more – depending on which account you choose.
First Direct
First Direct has announced that it will offer switchers to its 1st Account a £175 welcome bonus, as well as a £250 interest-free overdraft, subject to status, and access to its 7% AER Regular Saver account. There are also no debit card fees when spending abroad.
To qualify, customers will need to switch using CASS, including at least two Direct Debits within 45 days. During this time period, you’ll also need to pay in £1,000, make at least five debit card payments, and log on to digital banking.
However, this offer is only available to new customers who have never previously held a First Direct product. Additionally, anyone who has opened an HSBC current account on or after January 1 2018 is not eligible for this deal.
