Santander, Lloyds, Nationwide, TSB paying customers free cash worth £885

A string of high street banks are paying customers free payments worth £885. Nationwide, Lloyds, Santander and more are moving to entice new customers amid rising competition, by launching a string of free cash offers to try and persuade new joiners.

As well as the free cash offers, which are detailed below, those who switch to the Virgin Money M Plus account will receive a bonus 10.47% AER fixed interest on top of its standard 2.02% 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.

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Nationwide- £200

Nationwide's switching deal is open to those already with the building society - maybe with a mortgage, an ISA or if they want to move to a different account type. To be eligible for the bonus this time round, you need to be a Nationwide customer (and were a customer on 31 March), complete a full switch to a Nationwide current account using the banks switch service and have a minimum of two active direct debits coming out of your Nationwide account.

You also need to open a Nationwide current account using the Nationwide website or through its mobile banking app and complete the switch within 28 days of requesting it.

Lloyds - £175

Lloyds has re-launched its £175 switching offer after pulling its deal in February. The offer will be available from 28 May and customers will have to move to a new Club Lloyds current account. To be eligible, you must switch your bank account to a new Club Lloyds current account, use the bank's switch service and open a Club Lloyds Account (£3 monthly fee), Club Lloyds Silver Account ( £13 monthly fee) or Club Lloyds Platinum Account (£24 monthly fee).

You must also have a minimum of three active direct debits from your old account. This excludes standing orders and recurring card payments and make the switch before 30 July.

First Direct - £175

First Direct is also offering a £175 switch bonus. To qualify, 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 - £160

TSB has launched a new switching offer and updated its cashback deal which could put an extra £160 in peoples’ bank accounts. New customers can benefit from the Banks switcher offer worth up to £160, plus choice of reward.

From today, new customers who switch can receive £100, and £60 - £90 in cashback in the first year of account opening, plus the choice of one of three rewards. To qualify, customers must be switching to a TSB Spend & Save or Spend & Save Plus current account.

Customers are warned the offer may be withdrawn so they should switch as soon as they can. New customers must switch to TSB using the Current Account Switch Service from 23 May 2024 and before the offer is withdrawn.

Santander - £175

Santander has launched a £175 switching bonus if you sign up to one of three accounts. New and existing customers can benefit by switching to a Santander Edge, Edge Up or Private current account. To qualify for the bonus, you must apply using the Current Account Switching Service online, over the phone or in branch.

Your old account will be closed and any balances and direct debits will be automatically moved over to the new account. To get the bonus, you'll need to set up two active direct debits and pay in at least £1,500 within the first 60 days.