Banks launch huge free cash war in new battle for customers – how to get £200 in just five minutes
Watch our video above on how to claim the cash
BANKS are locked in a cash switch bonus war as they battle it out to bring in more business.
Five banks and a building society are now running incentive offers if you transfer across to one of their current accounts.
Nationwide’s offer is the most lucrative, with switchers being offered £200 in free cash.
But there’s five other deals on the market that could be worth looking into, depending on your circumstances. Here’s a breakdown.
Co-operative Bank
The Co-operative Bank has launched a new free cash offer worth up to £150.
The offer includes £75 paid up front for the switch, then a further £15 per month for five months to anyone who also opens a Regular Saver account – worth another £75.
Anyone who makes the switch will be credited the £75 free cash within seven days of meeting all the qualifying criteria.
The criteria includes opening a Co-operative Bank Standard Current Account or Everyday Extra account.
Then within 30 days of switching you have to set up two direct debits, deposit a minimum of £1,000 and register for online or mobile banking.
You also have to make a minimum 10 card transactions in the first 30 days of the switch.
You won’t qualify if you have switched to the Co-operative Bank since November 1, 2022.
To qualify for the additional £75 paid over five months, you have to have received the £75 initial up front cash payment.
You then have to open a Regular Saver account before the last day of the same month you receive the £75 cash switching incentive.
You also have to deposit £50 into the savers account in the same month you receive the £75 switching incentive.
That means if you receive the £75 switching bonus in July, you have to have completed the two actions above before the end of July.
Santander – £175
Anyone switching to an eligible Santander account can gain an extra £175 through the bank’s switching offer.
How do I switch bank accounts?
SWITCHING bank accounts is a simple process and can usually be done through the Current Account Switch Service (CASS).
Dozens of high street banks and building societies are signed up – there’s a full list on CASS’ website.
Under the switching service, swapping banks should take seven working days.
You don’t have to remember to move direct debits across when moving, as this is done for you.
All you have to do is apply for the new account you want, and the new bank will tell your existing one you’re moving.
There are a few things you can do before switching though, including choosing your switch date and transferring any old bank statements to your new account.
You should get in touch with your existing bank for any old statements.
When switching current accounts, consider what other perks might come with joining a specific bank or building society.
Some banks offer 0% overdrafts up to a certain limit, and others might offer better rates on savings accounts.
And some banks offer free travel or mobile phone insurance with their current accounts – but these accounts might come with a monthly fee.
The deal applies to both new and existing Santander customers.
To qualify for the £175 payment, you must complete the full switch within 60 days of requesting the switch process.
You also have to pay in at last £1,500 within 60 days of requesting the switch process. This does not need to be in one payment.
In the same 60-day period you also have to set up two direct debits.
The £175 bonus will be paid out within 90 days of the account being opened.
Switchers can choose to transfer to one of three current accounts – Santander Edge, Santander Edge Up and the Santander Private Current Account.
Bear in mind, the three accounts come with a £3, £5 and £5 monthly fee respectively.
Nationwide – £200
Three million Nationwide customers will start receiving a £100 Fairer Share payment within days.
But the building society has also launched £200 switcher offer for existing customers.
You qualify if you had a Nationwide current account, savings account or mortgage on March 31 and switch from a non-Nationwide current account to a Nationwide one.
You also have to transfer across two direct debits from your existing current account to the Nationwide one.
You won’t qualify if you have received a switching incentive from Nationwide since August 18, 2021.
You have to complete the switch within 28 days of applying and the £200 will land in your account within 10 calendar days, which includes weekend days.
There are three current accounts you can switch to: FlexPlus, FlexDirect or the FlexAccount.
The FlexDirect and FlexAccount both have no monthly fee to maintain the accounts, while the FlexPlus has a £13 monthly fee.
Lloyds – £175
Lloyds is offering switchers £175 if they move across to one of three of its current accounts: Club Lloyds, Club Lloyds Silver or Club Lloyds Platinum.
You just have to open an account online, by phone or in-branch, then switch in an account from a different bank including three direct debits by July 30.
The £175 will then be paid within 10 working days of the switch starting.
You can’t have had a switching cash bonus from Lloyds, Bank of Scotland or Halifax since April 2020.
As well as the up front £175 cash, people switching to Lloyds can pick up a host of additional perks including free cinema tickets and a Disney+ subscription.
All three qualifying current accounts come with a monthly fee worth up to £21 which is waived when you pay in £2,000 or more each month.
TSB – £160
New customers switching to TSB can get up to £100 up front, then for the first six months after £10 a month in cashback.
To get the £100, you have to open a Spend & Save or Spend and Save Plus account by July 5.
You also have to make at least five payments using the debit card or contactless and log into the TSB mobile banking app at least once by the same date.
Once you’ve done this the £100 should be paid into your account by July 17 and July 31.
New customers who meet these requirements will also be offered a reward to choose from in December, including two Odeon cinema tickets.
To get the £10 cashback bonus each month you’ll have to make 20 debit card payments each month.
After the first six months, cashback is worth £5 a month.
The Spend and Save account has no monthly fee to maintain it, while the Spend and Save Plus account comes with a £3 monthly fee.
The Spend and Save Plus account does let you set up a £100 overdraft interest free though.
First Direct – £175
First Direct is offering switchers £175 in free cash if they move their current account across to its 1st Account.
You have to switch at least two direct debits or standing orders within 30 days of opening the account to qualify for the cash.
Plus, you need to add at least £1,000 into the account, register and log on to internet banking and use the debit card at least five times within 30 days of opening the account.
You won’t qualify for the switching incentive if you have previously held a First Direct product or opened a HSBC current account on or after January 1, 2018.
Anyone signing up for the account will also open up a 7% regular savers account and 0% overdraft on the first £250.
Do you have a money problem that needs sorting? Get in touch by emailing money-sm@news.co.uk.
Plus, you can join our Facebook group to share your tips and stories