Customers have been urged to act quickly to secure any payments
Customers with Nationwide, NatWest and Lloyds Bank could be in for some bonus cash before Christmas comes around. Many banks are currently offering bonus payments to try to entice customers to switch to them. These switch incentives can range are often worth several hundreds of pounds. Barclays will currently pay you between £200 to £900 to move over to them.
You can also get £200 for switching to Lloyds Bank or £180 if you’ll sign up with TSB, while both Nationwide Building Society and NatWest will pay you £175 if you join them. Aaron Peake, personal finance expert at free credit score service CredAbility, spoke about whether we could see more of these switching deals in the build up to Christmas.
He said: “When it comes to whether we’ll see more bank switch offers before Christmas, I’d say it’s possible but not guaranteed. This time of year is when banks like to attract new customers, especially as many people are tightening their belts ahead of the festive season.
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“We often see deals pop up from banks such as Nationwide, NatWest, or Lloyds offering similar incentives. But, they don’t always stick around for long, and some may only be open to existing customers or have stricter criteria.” Nick Robinson, managing director at Yorkshire Accountancy, encouraged people keep an eye out for any new switch incentives.
He said: “Banks often introduce new switching deals before Christmas, giving proactive savers the opportunity to make the most of multiple offers and boost their overall returns.” Mr Robinson said it’s a good idea to take advantage of these switch offers sooner rather than later.
He explained: “Acting early reduces the risk of missed payments or delays that might affect your bonus and gives you the space to review everything carefully before the festive period, when banks and customer service teams tend to be busier. Preparing in advance also allows you to double-check that all payments and transfers are set up correctly, ensuring the switch is finalised without complications.”
The savings expert also shared some tips for how to best use the extra cash. He said: “Once the bonus is paid, make sure it works for you. Adding the funds to a high-interest savings account, topping up your emergency fund, or reducing short-term debt can provide lasting financial benefits.”
Mr Peake also shared some ideas about how to use the funds. He said: “You could put it straight into an emergency savings pot to build a small safety net. A lot of people in the UK don’t have even £100 set aside for unexpected costs, so a switch bonus can give you a great head start.
“Another good option is to use the money to pay off part of your credit card balance or overdraft. Reducing your debt can save you money in interest and can help improve your credit score too, especially if it brings down your overall credit utilisation.
“If you’re already on top of your bills, you could consider using it to cover the extra heating costs that come with winter or even put it towards Christmas shopping to take the edge off seasonal spending.”