Natwest and Lloyds among full list of banks offering free cash for switching

Brits looking to put by some extra cash for Christmas this year have been urged to consider switching to certain banks offering free money worth up to £200 a go.

(MSE), the site founded by Martin Lewis, revealed the six banks that are currently providing the most lucrative switch bonuses.

In an update, MSE explained: “Banks sometimes offer bonuses – free cash, boosted savings rates or other perks – to new customers who switch in an existing current account to a new current account with them.

“Essentially, banks want your custom and switch bribes are a double win for banks – you not only join them, but you leave one of their rivals.”

All the banks offering the switch deals are listed below as well as the details on how to claim the money.

Natwest

Natwest is offering a free switching bonus of £180 as well as £36-a-year cashback if you open a NatWest Reward account. This account comes with a £2 a month fee, but you get £5 a month cashback when you pay in £1,250, pay out two or more direct debits of and log into its mobile banking app each month. So the net gain is £3 a month or £36 a year.

You also get access to NatWest’s Digital Regular Saver which allows you to save up to £150 a month, and pays 6.17 percent variable interest on up to £5,000.

However, to qualify you can’t have ever received a switch bonus from NatWest, RBS or Ulster Bank before

How to get the £180 bonus:

• Have a NatWest Reward account – either open a new NatWest Reward account or be an existing NatWest Reward account holder
• Request and complete a full switch from a non-NatWest, RBS or Ulster Bank account online or via the mobile app
• Within 60 days of the switch completing: pay in £1,250 or more and log in to the mobile banking app
• The £180 is paid within seven days of meeting the above criteria.

Lloyds

Lloyds is offering £200 free cash, plus choice of perks and 6.25 percent AER interest linked regular saver. As well as the upfront switch cash, with Club Lloyds you can choose a reward each year including: 12 months’ Disney+, six cinema tickets, a Coffee Club & Gourmet Society membership, or a subscription to a magazine.

But it’s important to note there’s a £3 a month fee unless you pay in £2,000 or more a month. You also get access to a linked regular saver paying 6.25 percent fixed interest for a year on up to £400 a month.

To be eligible you can’t have had switch cash from Lloyds, Bank of Scotland or Halifax since April 2020.

How to get the £200 bonus:

• Open the account online, by phone or in branch.
• Switch in an account from a different bank, including three or more direct debits. The switch must be started by December 10
• The £200 is paid within 10 working days of the switch starting.

First Direct

First Direct is offering £175 for switching as well as seven percent interest on its regular saver, fee-free overseas spending and a £250 zero percent overdraft. To qualify you can’t have ever had any account with First Direct (such as a current account, credit card or ) and you can’t have opened a current account with sister bank HSBC since January 2018.

How to get the £175 bonus:

• Open the account in-app (or online for joint accounts)
• Switch in an account from a different bank including two or more direct debits or standing orders within 45 days
• Also pay in £1,000 plus and make five or more debit card payments within 45 days
• The £175 is paid by the 20th of the following month after you meet the switch bonus criteria.

Nationwide

Nationwide will provide a switch deal of £175 cash for its FlexDirect account. As well as the £175 free cash, there’s five percent AER interest on current account balances up to £1,500 for a year (maxed out that’s £75), one percent cashback for 12 months up to £5 a month, plus a 0 percent overdraft on up to £50.

You also get access to a linked regular saver paying 6.5 percent variable interest for a year on up to £200 a month (maxed out, it’s £85 a year interest). To be eligible you can’t have switched into a Nationwide account, or have received switch cash from Nationwide, since August 18 2021.

How to get the £175 bonus:

• Open the account online or via app (you can also switch into an existing FlexDirect account, though you won’t get the five percent interest or one percent cashback perks
• Switch in an account from a different bank including two or mroe Direct Debits within 28 days
• Within 31 days of requesting the switch, pay in £1,000 or more and make at least one payment using the debit card
• The £175 is paid within 10 days of meeting all the criteria.

Santander 

Santander is offering a free £150 to those switching to the Santander Edge account. As well as the cash, for a £3 a month fee you can net you a total of £20 a month cashback:

• One percent back on energy, council tax, broadband, TV, mobile & water bills (max £10 a month)
• One percent on supermarket, fuel and train spending (max £10 a month).

There’s also a linked saver that pays six percent on up to £4,000 for the first year – maxed out, this pays around £240 a year interest. Or if you’d rather a no-frills, fee-free account you can switch to the Everyday account.

To be eligible you can’t have ever had a switch bonus from Santander since September 2021, and you must be switching from a non-Santander, Cahoot or Cater Allen account.

How to get the £150 bonus:

• Open an account online or in branch (you can also switch into an existing Santander Edge, Edge Up or Everyday current account)
• Within 60 days, switch in an account from a different bank, have two or more direct debits and pay in £1,500 or more
• The £150 will be paid between 60 and 90 days after starting the switch.

The Co-operative Bank

The Co-operative Bank is offering £75 to switch, plus £25 a month for three months – therefore totalling £150 if you stay for three months. The offer is open to both new and existing customers but you can’t have had switch cash from Co-op Bank since November 1, 2022.

How to get the £75 switch bonus:

• Open a new account and request to switch in an account from a different bank within two weeks (or switch into an existing account)
• Complete a full switch within eight weeks
• Within 30 days of the switch completing: deposit £1,000 plus, have two or more direct debits, register for digital banking, add the debit card to a digital wallet (for example, Apple/Google Pay) and make 10 or more transactions using the debit card (including via digital wallets)
• The £75 will be paid within seven days of meeting all the above criteria.