Customers can pick one of four banks to switch to get up to £175

-Credit: (Image: Getty Images)
-Credit: (Image: Getty Images)


Several high street banks are currently offering up to £175 in free cash simply for opening a new account.

Additional benefits can be obtained through the Current Account Switch Service, which allows customers to easily switch their accounts while maintaining all their direct debits and standing orders on the new account.

At present, four high street banks are providing free cash and other incentives to individuals who utilise the service.

Read more: £80 payment, HMRC letter and full benefit rate change... the DWP and money changes coming in June

First Direct

First Direct is offering £175 with its 1st Account that provides access to a connected regular saver. This saving account itself provides 7 per cent interest on £300 a month maximum alongside a 0 per cent overdraft of £250 for some. In order to qualify for this switch, customers must have never had any kind of account with First Direct or have a current account with HSBC since January 2018.

In order to claim the £175 in cash, customers must open the account through the online app and switch in an account from a different bank, including two or more direct debit or standing orders. Once this has been completed, you need to pay in at least £1,000 within 30 days of opening the account then- use the debit card at least five times.

Following this, you need to long into the online banking. After all of this has been completed, you will receive the £175 by the 20th of the following month.

Nationwide

Nationwide is offering £200 to customers but there is a catch. In order to qualify, you must already have a Nationwide current account, savings account, or mortgage by March 31, 2024. If you meet these terms, and haven't already received a bonus from Nationwide, you can switch a non-nationwide account into a new or existing FlexDiret, FlexPlus, or Flex Account.

This must be done by requesting the switch online or in app, with the switch needing to be completed within 28 days of the request. Once this is done, £200 will be paid within 10 days of the switch being completed.

Santander

Santander is another bank offering £175 for customers who switch to a Santander Edge or Edge Up account. The Edge account requires a £3 a month fee but also offers 1 per cent cashback on household bills such as council tax and broadband.

The Edge Up account is similar but has a higher £5 a month fee and offers potentially more cashback. Meanwhile, the Everyday account is a regular current account without a fee.

The bonus cash is only available for people who haven't previously had a switch bonus from Santander before. Once you open a qualifying account, you must switch in an account from a different bank within 60 days, including at least two direct debits and pay at least £1,500.

Once this is done, £175 will be paid between 60 and 90 days after the switch process has begun.

TSB

TSB is offering £100 upfront for customers open a TSB Spend & Save. This account, which also provides £10 a month cashback for six months, can get you some extra money after you open the account either online, in-app, or in a branch.

Once you have the account, you must spend the debit card at least five times and log into the mobile app by July 5. Once this is completed, you will be paid £100 between July 17 and 31.