Overview of Current Bank Switching Offers
Several UK banks are currently offering attractive cash incentives to new customers who switch their accounts. These deals can provide up to £200 in rewards, making them a compelling option for those looking to change their banking provider. The offers vary between banks, with some requiring specific conditions to be met in order to qualify for the bonuses.
Key Banks Offering Switching Deals
According to Money Saving Expert (MSE), several major UK banks are running these promotions. The banks involved include Lloyds, First Direct, Nationwide, NatWest, and Co-op Bank. Each of these institutions has its own set of requirements and benefits associated with switching.
Lloyds Bank
Switching to the Club Lloyds account can earn you £200, along with access to a 6.25% regular saver account, fee-free spending overseas, and a choice of reward. To qualify, you must not have previously received a switch cash bonus from Lloyds, Bank of Scotland, or Halifax since January 1, 2023.
How to get the £200 bonus:
– Open the account online, by phone, or in branch by 30 April.
– Switch an account from a different bank (not Halifax or Bank of Scotland), including three or more Direct Debits (the switch must be started by 30 April).
– Spend £100 or more on your debit card within 35 days of opening your account.
– The £200 will be paid within 45 days of the account opening.
First Direct
First Direct’s 1st Account offers a £175 bonus for switching, along with a seven per cent regular saver, no fees for overseas spending, and a £250 0 per cent overdraft for many customers. However, you cannot have had any product with First Direct or opened an HSBC current account since January 2018.
How to get the £175 bonus:
– Open the account in-app (online for joint accounts).
– Switch an account from a different bank, including two or more Direct Debits or standing orders, within 45 days.
– Pay in £1,000 or more and make five or more debit card payments within 45 days.
– The £175 is paid by the 20th of the following month after meeting the criteria.
Nationwide
Switching to the Nationwide FlexDirect account could get you £175, plus five per cent interest on up to £1,500, one per cent cashback for 12 months, a 6.5% regular saver, and 0 per cent overdraft on up to £50. You must not have switched into a Nationwide account or received a switch cash bonus from Nationwide. However, if you previously received a bonus for a sole account and are now switching to a joint account, you still qualify.
How to get the £175 bonus:
– Open the account online (or switch into an existing FlexDirect account).
– Switch an account from a different bank, including two or more Direct Debits, within 28 days.
– Within 31 days of requesting the switch, pay in £1,000 or more and make at least one payment using the debit card.
– The £175 is paid within 10 days of meeting all the criteria.
NatWest
NatWest’s Reward account offers a £150 upfront bonus, plus £36 a year in cashback and seven per cent interest linked to a regular saver. However, there is a £2 monthly fee, but you receive £5 monthly cashback when you pay in £1,250, pay out two or more Direct Debits of £2, and log into the mobile banking app each month.
How to get the £150 bonus:
– Open a new NatWest Reward or Select account by 28 May.
– Complete a switch from a non-NatWest, RBS, or Ulster Bank account online or via the mobile app by 16 June.
– Pay in £1,250 or more and log into mobile banking within 60 days.
– The £150 is paid within 30 days of meeting the above criteria.
Co-op Bank
Switching to the Co-op Bank Current Account can earn you £100, plus £25 a month for three months and a seven per cent interest linked regular saver. You must not have received a switch cash bonus from Co-op Bank since November 2022.
How to get the £100 switch bonus:
– Open a new account and request to switch an account from a different bank within two weeks. You can also switch a current account held with a different bank to an existing Co-operative Bank account before the offer expires.
– Complete a full switch within eight weeks.
– Within 30 days of the switch completing: deposit £1,000 or more, have two or more Direct Debits, register for online banking or its mobile app, and make 10 or more transactions using the debit card.
– The £100 will be paid within seven days of meeting all criteria.
How to get the £25/month for three months:
– Qualify for and receive the £100 bonus above.
– Each month thereafter: deposit £1,000 or more, make 10 or more transactions using the debit card, and have 2+ Direct Debits. Month one begins the day after you receive the £100 bonus.
– Each £25 is paid within seven days of ‘your’ month ending.
For more information, visit the MSE website.
