Brits have the opportunity to gain up to £200 for free by switching banks this January. Money Saving Expert (MSE) has highlighted how Santander, First Direct and Nationwide are offering up to £200 in addition to overdrafts, attractive savings rates and cashback reward incentives.
The New Year is an opportune moment to reassess your financial circumstances and contemplate whether a change in your regular banking services could be beneficial.
As noted by the Daily Record, three banks are presently offering cash rewards for switching to their services.
Detailed information on the most recent bank switch offers, top savings rates and leading ISA accounts can be accessed on the MSE website.
Below are three of these offers to consider.
Santander – £200 free cash
Switching to the Santander Edge account grants a complimentary £200 plus 1% cashback on household bills (paid by Direct Debit) and a 6% easy-access savings account.
The Edge account carries a monthly fee of £3. To qualify, you need to deposit £1,500 just once, likely from your monthly salary.
The associated Edge Saver account offers 6% on up to £4,000 for the first year – equating to roughly £240 annual interest.
To receive the interest and cashback, you must deposit £500 or more each month and have at least two Direct Debits set up.
First Direct – £175 free cash
Switching to the First Direct 1st Account provides a complimentary £175, along with a £250 0% overdraft and a 7% regular saver account.
To qualify for this offer, you must not have previously held any product with First Direct, including having opened an HSBC current account since January 2018.
A monthly deposit of £1,000 or more is required, along with the establishment of at least two Direct Debits, and making five or more debit card payments within 45 days.
MSE also highlighted that the £175 will be credited by the 20th of the following month after meeting the switch bonus criteria.
Nationwide – £175 free cash
Switching to the Nationwide FlexDirect Account provides a complimentary £175, plus a £50 overdraft with 0% interest and a 6.5% regular savings account.
To be eligible for this deal, a minimum monthly deposit of £1,500 is necessary, and at least two Direct Debits need to be set up within 28 days.
MSE further pointed out that the £175 is paid within 10 days of meeting all the requirements. It’s important to remember that all these offers necessitate completion via the Current Account Switch Service (CASS), which protects your funds – both incoming and outgoing from the old account – and typically completes within seven working days.
