Five UK banks are offering up to £200 in cash bonuses for switching current accounts, with deals from Lloyds, NatWest, First Direct, Nationwide and Co-op Bank
Five UK banks are currently offering a generous cash incentive to new customers, with switchers potentially pocketing up to £200 simply by changing their bank account.
It’s fairly commonplace for banks to roll out switching deals when looking to grow their customer base. Typically, you’ll be rewarded with a lump sum upon opening an account and transferring some of your direct debits across.
Some banks may have additional criteria to fulfil, whilst others offer further perks such as access to high-interest savings accounts or cashback rewards. Ultimately, it’s down to you to weigh up whether making the switch is worthwhile.
According to Money Saving Expert (MSE), the website founded by Martin Lewis, five UK banks are presently offering cash incentives for switching. These are Lloyds, First Direct, Nationwide, NatWest, and Co-op Bank.
Here’s everything you need to know about the deals and their eligibility requirements.
Lloyds
By switching to the Club Lloyds account you can get £200 for free, plus access to a 6.25 per cent regular saver, fee-free spending overseas, and a choice of reward. To qualify you can’t have had switch cash from Lloyds, Bank of Scotland or Halifax since 1 January 2023.
How to get the £200 bonus:
- Open the account online, by phone or in branch by 30 April
- Switch in an account from a different bank (not Halifax or Bank of Scotland), including three or more Direct Debits (the switch must be started by 30 April)
- Spend £100 or more on your debit card within 35 days of opening your account
The £200 is paid within 45 days of the account opening.
First Direct
You can get a free £175 for switching to First Direct’s 1st Account. This also gives you access to a seven per cent regular saver, no fees from First Direct for overseas spending and a £250 0 per cent overdraft for many.
But you can’t have ever had any product with First Direct and you can’t have opened an HSBC current account since January 2018.
How to get the £175 bonus:
- Open the account in-app (online for joint accounts)
- Switch in an account from a different bank including two or more Direct Debits or standing orders within 45 days
- Pay in £1,000 or more and make 5+ debit card payments within 45 days
The £175 is paid by the 20th of the following month after you meet the switch bonus criteria.
Nationwide
Switching to the Nationwide FlexDirect account could get you a free £175 plus five per cent interest on up to £1,500, one per cent cashback for 12 months, 6.5 per cent regular saver, and 0 per cent overdraft on up to £50.
You can’t have switched into a Nationwide account, or have received switch cash from Nationwide. But if you’ve previously received a bonus by switching into a sole account, and you’re now switching into a joint account, you will still qualify (and vice versa).
How to get the £175 bonus:
- Open the account online (or switch into an existing FlexDirect account)
- Switch over an account from a different bank, including two or more Direct Debits, within 28 days
- Within 31 days of requesting the switch, pay in £1,000 or more and make at least one payment using the debit card
The £175 is paid within 10 days of meeting all the criteria.
NatWest
Customers can get £150 upfront, plus £36 a year cashback and seven per cent interest linked regular saver by switching to the NatWest Reward account. However, it comes with a £2 a month fee, but you get £5 a month cashback when you pay in £1,250, pay out two or more Direct Debits of £2 plus and log into its mobile banking app each month.
You can’t have held an existing NatWest current account as of 17 February and you can’t have ever received a switch bonus from NatWest, RBS or Ulster Bank before.
How to get the £150 bonus:
- Open a new NatWest Reward or Select account by 28 May
- Complete a switch in from a non-NatWest, RBS or Ulster Bank account online or via the mobile app by 16 June.
- Pay in £1,250 or more and log in to mobile banking within 60 days
The £150 is paid within 30 days of meeting the above criteria.
Co-op Bank
You can get a free £100, plus £25 a month for three months and seven per cent interest linked regular saver, by switching to the Co-op Bank Current Account.
You can’t have had switch cash from Co-op Bank since November 2022. How to get the £100 switch bonus:
- Open a new account and request to switch in an account from a different bank within two weeks. You can also switch a current account held with a different bank to an existing Co-operative Bank account before the offer expires
- Complete a full switch within eight weeks
- Within 30 days of the switch completing: deposit £1,000 or more, have two or more Direct Debits, register for online banking or its mobile app, and make 10 or more transactions using the debit card
The £100 will be paid within seven days of meeting all criteria.
How to get the £25/month for three months:
- Qualify for and receive the £100 bonus above
- Each month thereafter: deposit £1,000 or more, make 10 or more transactions using the debit card and have 2+ Direct Debits. Month one begins the day after you receive the £100 bonus
- Each £25 is paid within seven days of ‘your’ month ending
For more information, visit the MSE website here.
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