How to claim free £150 if you're with Santander, Barclays, Lloyds, Nationwide and NatWest

Tom Kershaw, Alex Evans & Jamie Brassington
·3-min read
High street banks are offering free cash to new customers
-Credit: (Image: GVision)


Money Saving Expert Martin Lewis has explained that customers of four major high street banks can receive free money in time for the festive season. He disclosed the exact dates when the cash will be available, worth at least £150.

Five high street banks, including NatWest, Nationwide and Santander, are currently offering free money to encourage people to switch over to their current accounts. But according to Martin Lewis, only four of these banks will hand out the money before Christmas, reports ExaminerLive.

During his ITV programme, The Martin Lewis Money Show Live, he chatted with a woman who had been with her bank for 42 years. He warned that such loyalty is rarely financially beneficial and instead advised viewers to secure 'free cash in time for Christmas' by switching banks.

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Martin explained: "Loyalty can pay in many things; in relationships, in love and all of that, but when it comes to financial services products you need to make them pay for your loyalty and if you've been with them 42 years I doubt they are.

"If you love your bank and it gives you great customer service and great facilities and it will massage your shoulders whenever you're feeling a bit tired then stick with it. I wouldn't tell you to leave.

"If not, then so many banks are willing to pay you that it is a good idea to do. And I'd absolutely look at it. It is so easy. I always do this this time of year because it's a good way to make free cash and get it in time for Christmas.

"These are newbies free cash switch bonuses all of which unless I said are fee-free bank accounts. There are five banks willing to pay newbies to switch to them, all of which are giving at least £150 worth of cash."

Currently, First Direct, Club Lloyds, NatWest and Nationwide are all offering cash payments in the region of between £150 and £200 in time for Christmas. The automatic bank switching service ensures that all direct debits and standing orders are transferred within 7 days.

Natwest is offering customers £180 up front plus an additional £36 a year cashback, Club Lloyds is paying £200, but requires a monthly deposit of £2,000, First Direct is providing £175 with a linked 7 percent savings account, and Nationwide is offering £175 with a linked 6.5 percent regular saver. Santander Edge is offering £150, but it won't arrive in time for Christmas.

Martin added: "When will you get the free cash [from your bank]? " "I have calculated this. If you switch tomorrow and fulfil all the criteria as quickly as you can do, what is the date they guarantee to give you the money by?"

Martin showed a graphic confirming the payment dates:

  • Club Lloyds - December 4

  • NatWest - December 6

  • Nationwide - December 8

  • First Direct - December 20

  • Santander - February 19

"As you can see, these four will all get it you in time for Christmas, with Santander Edge you would have to wait, you wouldn't get it in time for Christmas."

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