Yahoo News Banks now offering up to £200 free cash for switching, including Nationwide, TSB and First Direct
High street banks are once again ramping up their switch offers in an attempt to lure new customers, with incentives of up to £200. Switch deals for current accounts were scarce in April this year, but they're making a comeback with five options currently available. Nationwide is leading the pack with an offer of £200, but this is exclusively for existing customers.
For newcomers, Santander and First Direct are both offering £175. To qualify for these bank switch bonuses, you'll typically need to meet certain terms and conditions. These might include depositing a specific amount each month or setting up multiple direct debits.
In some instances, you'll need to be a new customer or not have had an account with that bank for a specified period, reports the Mirror. Before switching, always ensure you read the eligibility criteria thoroughly. The process of transferring your account usually needs to be done online via the free Current Account Switch Service or in-branch.
Read more:
Essential DWP travel advice for PIP and Universal Credit claimants visiting Spain, Turkey or France
Calculator works out how much you will pay as price cap changes
However, if you're planning on applying for a large credit product soon, such as a mortgage, it may be wise to avoid multiple switches. This is because each switch application will appear on your credit file.
Martin Lewis' MoneySavingExpert.com advises against any bank switches at least six months prior to taking out credit.
Nationwide
Nationwide is offering a £200 switch bonus, but there's a catch - you must already be a customer. To bag this cash, you'll need to move a non-Nationwide current account into a new or existing FlexPlus, FlexDirect or FlexAccount, including two direct debits.
You must have been a Nationwide member on March 31, 2024, to qualify, and the switch must be completed within 28 days of request. The money will then land in your account within ten days. However, if you've already had a switch offer since August 18, 2021, you won't be eligible.
Santander
Santander is offering a £175 switch bonus. This deal is open to both new and existing customers who switch to either a Santander Edge, Santander Edge Up or Private current account.
To secure the £175 payment, customers must complete the full switch within 60 days and deposit at least £1,500. You'll also need to set up two active direct debits and continue to hold the qualifying current account on the day the payment is made.
The £175 will be paid within 90 days of initiating the switch process. Unfortunately, if you've previously had a switch offer from Santander, you won't be eligible.
First Direct
First Direct is also offering a £175 switch bonus. To qualify for this, you must transfer a balance of £1,000 into the account, switch at least two regular payments, and use your debit card a minimum of five times within 30 days of opening the account.
The £175 will then be paid by the 20th of the next month. To qualify for the incentive, customers must not have previously held a First Direct product or opened an HSBC current account on or after 1 January 2018.
TSB
TSB's switch deal offers new customers a £100 bonus and £60 in cashback. The offer is available to those who switch to a TSB Spend and Save or Spend and Save Plus current account.
To receive the £100, customers must make a minimum of five payments using their debit card or contactless, and log into the TSB Mobile Banking app at least once, by July 5.
TSB will pay the £100 between July 17, 2024 and July 31, 2024. TSB is also offering double cashback for six months, from £5 to £10 a month, for those who choose the Spend and Save account.
This means new customers can earn a total of £60 over those six months. If you choose the Spend and Save Plus, the same £10 a month cashback is available for the first six months, and it will then revert to £5 cashback a month.
This means customers can receive a total of £90 in the first 12 months, however, this account does come with a £3 monthly fee - so this takes your cashback down to £54 over the first 12 months. To earn the cashback, customers must make 20 debit card payments each month.
Virgin Money
Those who switch to the Virgin Money M Plus account will receive a bonus 10.47 percent AER fixed interest on top of its standard 2.02 percent AER variable interest. This allows you to save up to £1,000, which could be worth around £120 if you kept the £1,000 saved in the account for a full year.
The bonus is applicable for a whole year from July 1, 2024 to June 30, 2025. The new deal is available to those switching to the M Account, M Plus Account or Club M Account by May 31 and who transfer two direct debits by June 26. The interest is paid between July 1, 24 and June 30, 25.
