Nationwide, First Direct and Lloyds: The banks offering up to ?200 to …
A number of banks are offering hundreds of pounds to those who switch, in an attempt to attract new customers. Making this move tends to be pretty easy, requiring you to pass a basic credit check.
It may lead to additional perks, as well - such as favourable savings account rates, subscription services and cinema tickets. The new offers of money to switch may not hang around long, as banks often change or withdraw them.
These are the banks currently offering new customers free cash when they switch, according to MoneySavingExpert.[1]
Nationwide FlexDirect: The building society is offering you £200 and you'll get access to a regular savings account paying 8% interest on up to £200 a month, a year's 0% overdraft on up to £1,500 (credit check dependent) and, if you pay in £1,000 or more each month, the current account pays 5% interest on up to £1,500 for a year.
There is no minimum pay-in. To get the money, open an account online or in-app and switch in an account from a different bank, and you'll get the money within 10 days. You can't have claimed a switch bonus from Nationwide since August 18, 2021.
First Direct 1st Account: This switch gives you a free £175 and a £250 0% overdraft, as well as access to a linked regular saver which pays 7% on up to £300 a month. You can't have had any First Direct accounts or have opened a current account with sister bank HSBC since January 2020.
There is no minimum pay-in and you can get the bonus by opening the account online or in a branch. You must pay in £1,000 within three months and you should get your £175 within 28 days of opening.
TSB Spend and Save: With this offer you'll get £150 in switch cash, plus £10 cashback each month you spend on your debit card 20+ times for the first six months. You can't have had a switch bonus from TSB since October 1, 2022. You can get it by opening the account online, in-app or in branch.
By October 31 you must switch in an account from a different bank, have two or more monthly direct debits, spend using the debit card and log on to mobile banking. The £150 will then be paid by November 30.
First Direct 1st Account: This switch gives you a free £175 and a £250 0% overdraft, as well as access to a linked regular saver which pays 7% on up to £300 a month. You can't have had any First Direct accounts or have opened a current account with sister bank HSBC since January 2020.
There is no minimum pay-in and you can get the bonus by opening the account online or in a branch. You must pay in £1,000 within three months and you should get your £175 within 28 days of opening.
Club Lloyds: Lloyds offers you £175 upfront in cash but unlike some of the other offers, which have no minimum pay-in, there is a minimum pay-in of £2,000 a month - otherwise there is a £3 monthly fee. There are additional perks with this offer which could see you choose a reward from 12 months of Disney+, six cinema tickets, a Coffee Club and Gourmet Society membership or a magazine subscription.
You can't have been given switch cash from Lloyds or Halifax since April 2020 and you can open the account online, by phone or in a branch. You must switch in an account from a different bank by November 14 and you will get your money within three working days.
References
- ^ according to MoneySavingExpert. (www.moneysavingexpert.com)