Nationwide, Santander and TSB offering switch bonuses - how to get up to £200

Several high street banks are upping their switch offers to attract new customers. Some are paying up to £200 for switching accounts.

Switch deals on current accounts are beginning to return after all but drying up in April 2024. There are now five to choose from.

Nationwide is currently offering the highest sum, a princely £200, but only for existing customers. For new customers, First Direct and Santander are currently paying £175, reports The Mirror.

You normally need to meet terms and conditions to qualify for bank switch bonuses. For example, sometimes you’ll need to pay in a certain amount each month, or have multiple direct debits. In some cases, you’ll need to be a new customer or not have held an account with that bank for a certain number of years.

Always read the eligibility criteria carefully before you switch. The process of moving your account normally needs to be done online through the free Current Account Switch Service or in branch.

However, if you’re going to be putting in a big credit application soon, such as a mortgage, you may want to hold off on doing multiple switches. This is because each application to switch will show on your credit file. Martin Lewis ’ MoneySavingExpert.com website recommends not completing any bank switches for at least six months before you plan on taking out the credit.

Nationwide - £200

Nationwide is offering a £200 switch bonus - but only if you're already a customer. In order to claim this cash, you need to move a non-Nationwide current account into a new or existing a FlexPlus, FlexDirect or FlexAccount. This includes two direct debits.

You must have been a Nationwide member on March 31, 2024, in order to be eligible, and the switch must be completed within 28 days of it being requested. The money will then be sent within ten days. You won't qualify for the switch cash if you've already had a switch offer since August 18, 2021.

Santander - £175

To get £175 from Santander, you can be either a new or existing customer. The offer is available to those who switch to either a Santander Edge, Santander Edge Up or Private current account. To qualify for the £175 payment, customers must complete the full switch within 60 days and pay in at least £1,500.

You must also 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 starting the switch process. Sadly, you won't be eligible if you've previously had a switch offer from Santander.

First Direct - £175

To qualify for the £175 from First Direct, you must transfer a balance of £1,000 into the account, switch at least two regular payments, and using 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 be eligible 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 - £160

The switch deal from TSB sees new customers get a £100 bonus and £60 in cashback. The offer is available to those who switch to a TSB Spend & Save or Spend & 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 & Save account. This means new customers can earn a total of £60 over those six months. If you choose the Spend & 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 - bonus 12.68% AER interest (worth £120)

Those who switch to the Virgin Money M Plus account get a bonus 10.47% AER fixed interest added on top of its standard 2.02% AER variable interest. You can save up to £1,000, which means this would be worth around £120 if you kept the £1,000 saved in the account for a full year

The bonus applies for a whole year from July 1, 2024 to June 30, 2025. The new deal is available to people switching to the M Account, M Plus Account or Club M Account by May 31 and who move across two direct debits by June 26. The interest is paid between July 1, 24 and June 30, 25.

If you're on the lookout for local news, we have you covered with our FREE email newsletter - sign up in the box at the top of this story or click here.