But you could be charged a monthly fee
Two leading banks are offering eligible customers up to £180 in free cash. The money is available to those who switch to one of these accounts.
Banks regularly offer switching incentives as a means of growing their customer base. However, before making the move it’s crucial to verify you meet all the necessary criteria.
On the Money Saving Expert (MSE) website, founded by Martin Lewis, the team compiled a list of current switching deals. These include an offer from Santander providing £180 for switching, and one from Nationwide worth £175.
MSE explained: “Switching’s usually quick and easy. Use the bank’s seven (working) day switch service. It closes your old account and moves all your money, direct debits and standing orders for you. You’ll need to pass a not-too-harsh credit check, and most require you to have two or more direct debits to get the cash.”
Here’s what you should know about the offers.
Santander
By switching to the Santander Edge Explorer you can receive £180 free cash. Additionally, you can also obtain a £150 worldwide hotel voucher, plus 24/7 remote family GP access.
You’ll also receive one per cent cashback on most household bills paid by direct debit (maximum £10/month) and one per cent supermarket and travel cashback on debit card spending (maximum £10/month).
However, this account comes with a £17 monthly fee. You’ll also need to deposit a total of £1,500 or more within 60 days.
The £17 monthly fee includes:
- Travel Insurance: World, family up to 75th birthday, incl winter sports
- Mobile phone cover: Up to four household handsets (excess up to £135)
- Breakdown cover: UK and Europe, including home start, onward travel, replacement vehicle. Recovery to nearest garage/home as a driver or passenger
- Other perks: Family remote 24/7 GP access, six per cent interest on up to £4,000 savings for one year, eight per cent variable regular saver interest on up to £200/month for one year
Nationwide FlexPlus
MSE said: “Free £175 cash. This has long been a top player but is currently outpowered by the financial benefits of Santander. Its big strength is there’s no max age limit on the insurance (if you have pre-existing conditions, sometimes it will allow cover for an extra fee).”
This account, however, requires a monthly fee of £18. You’ll also need to deposit a total of £1,000 or more within 31 days (this can be done in instalments), plus use the debit card at least once.
For the £18 monthly fee, you receive:
- Travel Insurance: World, family, including winter sports, business and golf cover
- Mobile phone cover: All household handsets (excess up to £100)
- Breakdown cover: UK and Europe, home start, onward travel, replacement vehicle. Recovery to nearest garage/home as a driver or passenger
- Other perks: 6.5 per cent variable regular saver interest on up to £200/month for one year
For further details, visit the Money Saving Expert website here.
