MAJOR banks are offering to pay up to £175 free cash direct into your bank account before Christmas.
The big banks frequently offer cash payments to entice customers to move their current accounts.
Banks frequently offer cash payments for those switching accounts[/caption]
To claim the cash you need to switch your current account using something known as the Current Account Switching Service (CASS).
There are also frequently additional requirements, like setting up a certain number of direct debits, or paying in a set amount of money, though this will depend on each offer and varies from one bank to the next.
Current account holders who switch to Lloyds’ Club Lloyds account can receive a whopping £200, the largest bonus on offer right now.
Switching bank accounts has never been easier thanks to the Current Account Switch Service (CASS), which will move you withing seven days and handles most of it for you (see more on how it works below).
Make sure to check all the terms of the switch and full eligibility criteria so you don’t miss out on the bonus, including the payment terms if you’re hoping to receive the cash before Christmas.
Plus you’ll want to check that the account suits your needs, for example if you need an overdraft that it offers one, or that the bank has a nearby branch if you prefer to do your banking in person.
Lloyds – £200
Lloyds has confirmed that customers who switch to its Club Lloyds account can get £200.
Both new and existing customers can take advantage of the free cash offer available for those who switch between October 2 and December 10.
Those who switch to the Club Lloyds account can expect the £200 to be paid within three days of the switch completing.
Though this is the highest bonus being paid now, be aware that the account comes with a £3-a-month fee unless you pay in £2,000 a month.
To switch, customers can either scan the QR code available on the bank’s website or use the mobile app.
New customers can get the bonus, and so can existing Lloyds customers if they don’t already have a Club Lloyds account.
But, those who received a switch bonus from Lloyds, Halifax or Bank of Scotland (all part of the same group) since April 2020 won’t be eligible.
Club Lloyds also offers a range of perks, including a 12-month Disney+ subscription, a choice of Vue or Odeon cinema tickets, a magazine subscription, or a Coffee Club and Gourmet Society membership.
But remember you pay a fee for the extras, so work out if it’s worth paying the fee to get these.
Here are the details and costs of the Lloyds’ account.
- £3 monthly fee, waived each month that you pay in £2,000 or more.
- Earn credit interest on balances up to £5,000, when you pay out two different direct debits each month.
- Choose a yearly benefit from: 12 months of Disney+, six x cinema tickets at ODEON or Vue cinemas, An annual Coffee Club and Gourmet Society membership, An annual magazine subscription.
The same bonus is also available when switching to the Club Lloyds Platinum Account and Club Lloyds Silver Account but these come with a £22.50 and £11.50 a month fee, respectively, on top of the £3.
NatWest – £180
NatWest is offering £180 in free cash to any new or existing customer who switches their main current account to the bank’s reward account.
The offer from NatWest lasts for a limited time only – so those eyeing up the extra cash for Christmas should act fast.
To be eligible, customers must pay £1,250 into their new Reward Account – through either single or multiple payments.
This must remain in the account for 24 hours.
Customers must also have the latest version of the NatWest mobile banking app.
If these conditions are met, £180 will be paid into the account within seven days.
Customers should be aware that the account does charge a £2 monthly fee.
But for that it also offers customers rewards worth up to £60 a year as well as money off at a range of retailers.
Nationwide – £175
Nationwide Building Society is offering £175 to switch to its FlexDirect, FlexPlus or FlexAccount current accounts.
To get the free money, you must switch through the Current Account Switch Service (CASS).
It’s worth noting that the FlexPlus account does charge a monthly fee in return for benefits such as insurance and breakdown cover.
Currently it’s £13 but that will increase to £18 per month from December.
Once again it’s worth checking that these are worth paying for.
You’ll need to have at least two direct debits coming out of the account and pay in at least £1,000 within 31 days of making the switch.
You’ll also need to pay for something with your debit card, but there are some transactions like gambling that won’t count.
First Direct – £175
First Direct has relaunched its popular cash switch incentive for anyone who opens a 1st Account.
Customers can receive a payment of up to £175 by using the Current Account Switch Service (CASS).
Users have to switch at least two direct debits or standing orders within 30 days of opening the account to qualify for the cash.
Switchers also need to put at least £1,000 into the account, register and log on to internet banking and use the debit card at least five times within 30 days of opening the account.
Customers who meet the criteria should expect the free bonus in their accounts by the 20th of the following month.
You won’t qualify for the switching incentive if you have previously held a First Direct product or opened an HSBC current account on or after January 1, 2018.
Santander
Santander is offering a £150 switching incentive to new and existing customers.
The offer is open to those using the Current Account Switch Service (CASS), to to switch to either a Santander Edge, Santander Edge Up, Everyday, or Private (v2) current account.
The full switch needs to be completed within 60 days, including closing your previous account.
New customers also need to pay in at least £1,500, within 60 days of the switch request.
This can be made through one or more payments.
At least two active Direct Debits need to be set up on the new account within 60 days of the switch request.
Those eligible for the payment will get paid within 90 days of starting the switch process.
Santander has said the offer could be withdrawn at any time.
Co-operative Bank
Customers have just thee days to take advantage of the Co-operative Bank‘s switching offer and receive up to £150.
The offer will close on November 24 2024.
The sum is paid in several parts. The first £75 is given when a customer completes a switch to the bank.
Then, the bank is offering three monthly instalments of £25 – another £75 – to make up the £150.
Both new and existing customers can apply to switch to a current account to make themselves eligible for the payment.
Like any good offer, there are a few boxes to tick off before the big payment comes in.
Customers must apply for a Standard Current Account or Everyday Extra Account.
To be eligible, customers must not have benefited from a switch incentive at The Co-operative Bank since November 1, 2022.
And to receive the first £75, customers need to follow a series of rules.
They are:
- Deposit a minimum of £1,000 into their new account (this includes balances transferred as part of the switch).
- Have 2 active Direct Debits.
- Make a minimum of 10 debit card or digital wallet transactions (pending payments will not count toward the fulfilment of this criteria).
- Register for our online and/or mobile banking service.
- Set up the debit card in a digital wallet (Apple Pay, Samsung Wallet or Google Pay).
That leaves the three £25 instalments – and there are some rules to claim them too.
Bankers need to deposit at least £1,000 into their account, have two direct debits and make a minimum of 10 debit card transactions.
How do I switch bank accounts?
SWITCHING bank accounts is a simple process and can usually be done through the Current Account Switch Service (CASS).
Dozens of high street banks and building societies are signed up – there’s a full list on CASS’ website.
Under the switching service, swapping banks should take seven working days.
You don’t have to remember to move direct debits across when moving, as this is done for you.
All you have to do is apply for the new account you want, and the new bank will tell your existing one you’re moving.
There are a few things you can do before switching though, including choosing your switch date and transferring any old bank statements to your new account.
You should get in touch with your existing bank for any old statements.
When switching current accounts, consider what other perks might come with joining a specific bank or building society.
Some banks offer 0% overdrafts up to a certain limit, and others might offer better rates on savings accounts.
And some banks offer free travel or mobile phone insurance with their current accounts – but these accounts might come with a monthly fee.
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