With the Christmas period fast approaching, most people would be grateful for extra cash in the bank. Switching bank accounts is one of the easiest ways to get that little bit of extra income, and, if you time it right, it could be yours before Christmas arrives.
In fact, just one bank is currently offering a switching deal that could see £200 land in your bank account in time for Christmas – the rest are more realistically going to arrive in the New Year. For those customers willing to leave their current account, Lloyds is offering new customers who open a Club Lloyds, Club Lloyds Silver, Club Lloyds Platinum or Lloyds Premier account an impressive £200. These accounts come with a monthly fee ranging from £5 to £22.50 per month in exchange for a range of perks, including free cinema tickets and online healthcare appointments.
To open one of the eligible Lloyds accounts, you must do so online or via the bank’s app. During this process, you will be asked if you would like to switch your account through the Current Account Switch Service, which you must do. Customers are required to transfer at least three active direct debits from their old account as part of the switch process.
Direct debits set up after the switch has been started, and other types of automated payments, such as standing orders and recurring card payments, will not count. Additionally, you will not be able to receive the switching cash if you have received a switching offer since April 2020 for switching to any Lloyds, Bank of Scotland or Halifax bank account.
The cash will be paid into your account within 10 working days of your switch completing. The deadline for this cash offer is December 17, 2025.
Customers making the move should also be aware that they ensure they use the full range of perks to warrant the accounts’ monthly fees. A Club Lloyds account costs £5 a month, but this is waived if you deposit £1,500 a month in the account. A Club Lloyds Platinum account comes with a £22.50 monthly fee, a Club Lloyds Silver account comes with a £11.50 monthly fee and a Lloyds Premier account has a £15 monthly fee.
The only other bank offering free money in time for Christmas is Nationwide, but at a lower £175. This can be done by switching to a Nationwide FlexDirect, FlexAccount, or FlexPlus account through the Current Account Switch Service and transferring at least two direct debits.
Customers should be aware that standing orders and recurring card payments do not count and the switch must be completed within 28 days of opening an account. Within 31 days of opening the account, you need to pay in at least £1,000. This must be new money, as funds transferred as part of the switch from your old account will not be counted.
You must also make at least one payment using your Nationwide debit card. If you meet all the requirements, the £175 cash will be paid within 10 days.
The cash offer can be withdrawn by Nationwide at any time, but you cannot get this offer if you have received a Nationwide switching offer since 2021.
Santander is also offering customers £200, but this will not be obtainable before Christmas. To get Santander’s deal you need to open an eligible Santander current account, use the Cass and move across two direct debits.
After opening a Santander Everyday account, Edge, Edge Up or Edge Explorer account need to close your old account through the Cass, switch two active household direct debits and pay in at least £1,500 within 60 days of requesting to switch. These accounts come with a monthly fee ranging from £3 a month to £17 a month in exchange for perks including cashback on your bills, current account and worldwide travel insurance.
Customers will receive the money up to 90 days after they make the switch, meaning that if you apply today, the bonus may not be received until March. The cash offer can be withdrawn by Santander at any time. Those who held a current account with Santander as of January 1, 2025 or have previously received a switching incentive from the bank, are not eligible.
