Grabbing extra cash by switching bank accounts can help a lot at any time – but with Christmas in full swing, shoppers will be grateful for any extra help towards their holiday plans.
Brits looking to grab a festive cash boost will need to act fast if they want their payout before December 25, though. Only two switching deals offer a cash injection before the big day.
Nationwide – £175 (10 days)
Nationwide offers £175 when you switch to a FlexDirect, FlexAccount, or FlexPlus account via the Current Account Switch Service (CASS).
Requirements:
- Transfer at least two active Direct Debits;
- Complete the switch within 28 days;
- Pay in £1,000 of new money within 31 days;
- Make at least one debit card payment.
The cash is paid within 10 days of meeting all requirements.
This offer can be withdrawn at any time, and is not available if you received a Nationwide switching bonus since 2021.
Lloyds Bank – £200 (10 working days)
Lloyds is offering £200 to new customers who switch to a Club Lloyds, Club Lloyds Silver, Club Lloyds Platinum, or Lloyds Premier account using the CASS.
To qualify:
- Open an eligible account online or via the Lloyds app;
- Switch using CASS;
- Transfer at least three active Direct Debits (standing orders or recurring card payments don’t count)
You cannot have received a Lloyds/Bank of Scotland/Halifax switching bonus since April 2020.
The £200 is paid within 10 working days of your switch completing. Offer ends on December 17, 2025.
Monthly fees:
- Club Lloyds: £5 (waived if you deposit £1,500/month)
- Club Lloyds Silver: £11.50
- Lloyds Premier: £15
- Club Lloyds Platinum: £22.50
Other switching deals offer free cash although switchers will have to wait longer to collect the windfall.
Santander – £200 (up to 90 days after switching)
Santander offers £200 when you switch to an eligible Everyday, Edge, Edge Up, Edge Explorer account using CASS.
Requirements:
- Complete a full switch (closing your old account);
- Set up two active Direct Debits;
- Pay in at least £1,500 within 60 days.
Accounts carry monthly fees of £3 to £17, in exchange for perks like cashback on bills and travel insurance.
This bonus may take up to 90 days to arrive, so if you switch now it might not land until March. You won’t qualify if you held a Santander account on January 1, 2025 or have previously received a switching incentive.
First Direct – £175 (20th of following month)
First Direct offers £175 when you switch to its 1st Account using CASS.
Requirements:
- Switch your old account using CASS;
- Transfer at least two Direct Debits or standing orders;
- Pay in £1,000 and make five debit card payments;
- Log into digital banking within 45 days
Must be a new First Direct customer, and not have opened an HSBC account on or after January 1, 2018.
Bonus is paid by the 20th of the month following when all conditions are met.
