Bank account ‘bribes’ are back, with five major lenders offering rewards in return for your custom – here is everything you need to know
UK banks are paying up to £200 for you to switch to them – and you’ll get the cash in time for Christmas.
Bank account “bribes” are back, with five major lenders offering rewards in return for your custom. Of course, you shouldn’t switch bank accounts just for the free cash – make sure it is the right account for you before making the move.
You can use the free Current Account Switch Service (CASS) to complete your switch. This moves over your balance, along with your standing orders and direct debits, and deals with the closure of your old account.
Lloyds – £200
Lloyds is currently offering £200 when you switch to its Club Lloyds account. Club Lloyds is a type of packaged bank account that gives you extra perks, including one free lifestyle a year.
You can choose between a Disney+ subscription, six cinema tickets, a magazine subscription, or 25% off certain food and drink brands. You also get access to the Club Lloyds Monthly Saver which pays 6.25% gross/AER on up to £400 a month, and up to 15% cashback at selected retailers.
But it does come with a monthly £5 fee, which is wiped if you pay in at least £2,000 a month. To qualify for the £200 switch cash, you can’t have had switch cash from Lloyds, Bank of Scotland or Halifax since April 2020.
You get the £200 when you switch to Club Lloyds from any bank that isn’t Lloyds, Halifax or Bank of Scotland, then move across at least three direct debits. The £200 is paid within ten working days.
First Direct – £175
First Direct is paying customers £175 if they switch their everyday banking to its 1st Account. This account gives you access to a 7% regular saver, where you can deposit up to £300 a month. Many customers are also approved for an ongoing £250 0% overdraft.
To get the £175, you must pay at least £1,000 and open two direct debits or standing orders from the account within 45 days of opening it.
You must also register and log onto digital banking, within 45 days of the account opening and spend on your debit card five times.
Sadly, you won’t qualify for the £175 if you’ve been a previous customer of First Direct, or if you have opened a HSBC current account since January 2018. The £175 is paid by the 20th of the following month.
Nationwide – £175
Nationwide has just relaunched its £175 switch offer for people moving to its FlexDirect account. With this account, most people will get 5% interest fixed for the first 12 months on their account balance, up to £1,500.
You also get 1% cashback for 12 months, up to £5 a month, when you pay in £1,000 a month, plus there is access to a linked regular saver paying 6.5% variable interest for a year, on deposits of up to £200 a month. Nationwide also offers many customers a £50 0% overdraft
To get the £175, you can’t have switched into a Nationwide account, or have received switch cash from Nationwide before – unless you received a bonus from a solo account and you’re switching into a joint account, or vice versa.
You must move over at least two direct debits within 28 days, pay in at least £1,000 within 31 days, and make at least one payment using your debit card. The £175 is paid within ten days.
Nationwide is also paying the switch cash for people moving to its FlexPlus packaged account or its fee-free FlexAccount but these don’t come with the 5% interest or cashback.
NatWest – £175
NatWest is offering £175 switch cash to newbies when you move to its Reward account. You get £5 a month cashback with this account, when you pay in £1,250, pay out at least two direct debits and log into its mobile banking app each month.
There is also access to its regular saver that pays 5.5% variable interest on up to £150 a month. The NatWest Reward account does come with a £2 fee, but this can be offset if you make the most of its cashback feature, which would still leave you £3 a month better off.
To get the £175, you must switch from an account that isn’t NatWest, RBS or Ulster Bank, then pay in at least £1,250 and log into your mobile banking within 60 days. The £175 is paid within 30 days.
But you won’t be eligible if you’ve previously held a NatWest current account as of September 16, or if you have ever received a switch bonus from NatWest, RBS or Ulster Bank before.
The switch cash is also available to those moving to the standard Select Account, which is fee-free, but doesn’t come with any cashback.
Co-op Bank – £100
Co-operative Bank is giving you £100 upfront to switch, then another £75 if you stick around. This applies to its Standard Current Account, Current Account Plus, Privilege, Privilege Premier or Everyday Extra account.
Co-op Bank gives you access to its linked regular saver which pays 7% variable interest for 12 months on deposits of up to £250 a month.
New customers will get £100 completing a bank switch to Co-op, and £25 each month for three months, giving a total of £175. To receive the first £100 payment, you need to deposit a minimum of £1,000 into your accounts within 30 days. This can include balances transferred as part of the switch.
You must also transfer two active direct debits and make a minimum of ten card transactions, plus register for online or mobile banking service.
To get the extra £75 – so three payments worth £25 a month – you must deposit a minimum of £1,000 into your account each month, have two active direct debits, and make a minimum of ten debit card or digital wallet transactions.
If you have received a switching incentive from the Co-operative Bank since November 2022, you will not be eligible for the bonus.