Five major UK banks are offering customers a free cash boost of up to £200 just in time for Christmas.
It’s a time of year when household budgets are tight, what with pricey heating bills and mountains of presents and festive food to buy, so any opportunity to bag some extra cash is a bonus.
NatWest, Lloyds, First Direct, Nationwide and Santander are all offering free cash incentives right now to customers who switch accounts – and if you make the switch in time, you’ll get some extra money before Christmas.
Lloyds is offering the biggest reward at £200 for customers who switch to its Club Lloyds account. To get the bonus you need to open the account online, by phone or in branch and switch in an account from a different bank, including three Direct Debits.
The switch must have been started by December 10 to qualify for and you can’t have had a switching bonus from Lloyds, Bank of Scotland or Halifax since April 2020. The £200 will then be paid into your account within 10 working days of the switch starting.
Lloyds says as well as the upfront £200 switch cash, the Club Lloyds account allows you to choose a reward each year including 12 months’ Disney+ (with ads), six cinema tickets, a Coffee Club & Gourmet Society membership, or a subscription to a magazine. But customers should note there’s a £3/month fee unless you pay in £2,000 plus a month.
You can also get the free switch cash with some other Lloyds accounts too, including the Club Lloyds Silver account.
NatWest is offering £180 to anyone who switches into one of its Reward accounts and will issue the cash within just seven days.
If you already have an account with Natwest, then you simply need to switch to an eligible Reward account, including NatWest Reward, Reward Silver, Reward Platinum, Premier Reward, or Premier Reward black account.
If you’re not already a customer then you need to request and complete a switch of a current account that isn’t with NatWest, RBS or Ulster Bank to your eligible account using the Current Account Switch Service online or via the mobile app.
To qualify, the switch must include closing your current account that is held elsewhere and moving any payment instructions to your eligible account.
Both First Direct and Nationwide are offering a free £175 boost to customers who switch to a qualifying account.
First Direct will give the freebie to those who switch to its 1st Account, which has a linked seven percent AER fixed regular saving you can put £300 per month in for one year. To get the £175, you must switch in an account with two Direct Debits, pay in a total of £1,000 plus, and make five debit card payments within 45 days.
As for Nationwide, you’ll get the free £175 if you switch to its FlexDirect account, which as a linked 6.5 percent AEP variable regular saving you can put £200 per month in for one year. To qualify for the freebie you need to switch two Direct Debits across, then pay in £1,000 and spend once on the debit card within 31 days of requesting the switch.
Finally, Santander is offering a switching bonus of £150 for customers who move to its Edge account. The account offers six percent easy-access savings, plus one percent bills cashback on Council Tax, energy, broadband, phones, paid-for TV and water bills. To get the cash you need to switch from a different bank, pay in £1,500 and set up two Direct Debits.
