A number of UK banking giants have confirmed eligible customers will receive payouts
UK banking customers could receive up to £200 in free cash for making one simple move. Banks and building societies want to hold your money, and so will offer incentives to get you to use them.
Sometimes this takes the form of a switching bonus – where customers who move their accounts over receive a cash payout for doing so. And many major UK banks are currently offering these to those who are eligible. Barclays and Lloyds currently want to give switching customers £200, while Nationwide and NatWest are offering free £175 payments.
Experts say switching bank accounts is a simple way to earn some extra cash, and the process is typically straightforward through the Current Account Switch Service (CASS). However, it’s always worth doing your homework about different bank accounts as some come with monthly fees, so you should consider whether it’s worth paying these fees to receive the cash incentives.
So which banks are offering free cash – and who is eligible?
Nationwide
The world’s largest building society, Nationwide, is offering a £175 incentive to banking customers who switch from a non-Nationwide bank account to a new or existing FlexDirect, FlexAccount or FlexPlus with them. To qualify for this offer, you’ll need to transfer two existing Direct Debits from your old account and initiate a full switch using the Current Account Switch Service (CASS).
The switch must be completed within 28 days, which includes closing your old account. After applying, you’re required to deposit at least £1,000 and make one debit card payment within 31 days of opening the account, or applying to switch into an existing account.
Nationwide has stated that it will then deposit the £175 into the switched account within ten days of all the requirements being fulfilled. You cannot get this offer if you’ve had a Nationwide current account online switch offer since 2021, unless you had the offer on a sole account, and now you’re switching into a joint account that hasn’t had an offer before, or vice versa.
Barclays
Eligible customers who switch to Barclays using the Current Account Switch Service (CASS) and join the bank’s ‘Blue Rewards’ scheme, which costs £5 per month, will receive a generous £200. New customers will also be gifted an Apple TV+ subscription worth £9.99 a month, cashback on their Barclays Visa debit card and improved savings rates.
However, if you already have an open Barclays current account as of October 7, you won’t qualify for this offer. Additionally, those who have previously received switch cash from Barclays are not eligible.
Lloyds Bank
Lloyds Bank is offering a £200 bonus to both new and existing customers who switch to a Club Lloyds account. The cash incentive will be paid within three days to anyone who switches to either a Club Lloyds, Club Lloyds Platinum or Club Lloyds Silver account.
Those transferring their accounts to Lloyds must use the CASS, which will close your previous account. To qualify for the £200 bonus, you’ll need to transfer at least three active direct debits to the new account.
New direct debits, existing standing orders or recurring card payments will not be considered. However, there’s a catch, as Club Lloyds accounts come with a monthly fee.
This is £3 for Club Lloyds, an additional £11.50 (on top of the £3 Club Lloyds fee) for Club Lloyds Silver, and £22.50 (on top of the £3 Club Lloyds fee) for Club Lloyds Platinum. But, the £3 Club Lloyds fee is waived each month you deposit at least £2,000 into the account.
Club Lloyds accounts also come with various benefits, such as Disney+ or cinema tickets, as well as better travel money rates, breakdown cover, and more – depending on which account you opt for.
First Direct
First Direct said it will give switchers to its 1st Account a £175 welcome bonus, as well as a £250 interest-free overdraft, subject to status, and access to its 7% AER Regular Saver account. There’s also no debit card fees when spending abroad.
To be eligible, customers will need to switch using CASS, including at least two Direct Debits within 45 days. During this time period, you’ll also need to pay in £1,000, make at least five debit card payments, and log on to digital banking.
However, only new customers who have never previously held a First Direct product can get this offer. It’s also not available to anyone who has opened an HSBC current account on or after January 1, 2018.
