Thousands of UK bank account holders are expected to receive a few hundred pounds for free as high-street banks compete for clients. Switch promotions for current accounts provide incentives of up to £200.
It indicates a significant change: switches were few in April of this year, but they’re making a comeback, with five possibilities now available. Nationwide leads the pack with a £200 deal, but only for existing customers.
UK Bank Account Holders Eligible for Up to £200 Cash Bonus
To be eligible for these bank switch bonuses, you must normally meet certain requirements. These could include depositing a fixed amount every month or setting up numerous direct debits.
According to the Mirror, in some cases, you must be a new customer or have not had an account with that bank for a certain number of years.
Before making the transition, make sure you read the qualification requirements thoroughly. Transferring your account is normally done online using the free Current Account Switch Service or in-branch.
However, if you intend to make a major loan application soon, it may be best to prevent several swaps. This is mainly because each switch application will be recorded on your credit file.
The banks that offer enticing switch incentives include:
Nationwide
Nationwide is giving a £200 switch bonus, with one condition: applicants must be existing clients. To receive this cash, you must transfer a non-Nationwide current account into a new or existing FlexPlus, FlexDirect, or FlexAccount, which entails setting up two direct debits.
To qualify, you must have been a Nationwide member as of March 31, 2024, and the move must be accomplished within 28 days following the request. The funds will then be transferred within ten days.
However, if you have previously received a switch offer since August 18, 2021, you will not be eligible for the switch cash.
Santander
Santander is providing a £175 switching bonus. This offer is available to new and existing clients who switch to a Santander Edge, Edge Up, or Private existing account.
In order to be eligible for the £175 reward, clients must complete the entire move within 60 days and spend at least £1,500. You must also set up two active direct debits and maintain the qualifying current account on the day the transaction is made.
The £175 will be granted within 90 days after beginning the switching process. Unfortunately, if you have previously received a switch offer from Santander, you will not be eligible.
First Direct
First Direct also offers a £175 switch bonus. To qualify for the £175 First Direct offer, you must transfer the equivalent of £1,000 into the account, switch at least two recurring payments, and use your debit card at least five times within 30 days of creating the account.
The £175 will be paid by the 20th of the next month.
To be eligible for the incentive, clients must not have previously held a First Direct product or established an HSBC current account on or after January 1, 2018.
TSB
TSB’s switch deal provides new clients with a £100 incentive and £60 in rewards. Switching to a TSB Spend and Save or Spend and Save Plus current account entitles you to the deal.
To receive the £100, clients must make a minimum of five debit card or contactless payments and register into the TSB Mobile Banking app at least once before July 5.
TSB will pay the £100 between July 17th and July 31st, 2024. TSB is also giving double cashback for six months, ranging from £5 to £10 per month, to customers who pick the Spend and Save account.
This implies that new clients can earn a total of £60 within six months. If you choose Spend and Save Plus, you will receive the same £10 payback per month for the first six months, after which it will revert to £5 per month.
This implies consumers can collect a total of £90 in the first 12 months; however, this account has a £3 monthly fee, bringing your cashback down to £54 during the first 12 months. To qualify for the reward, consumers must make 20 debit card payments per month.
Virgin Money
Virgin Money is providing a bonus of 12.68% AER interest (worth £120).
Those who move to the Virgin Money M Plus account will earn a bonus of 10.47% AER fixed interest in addition to the usual 2.02% AER variable interest. This allows you to save up to £1,000, which may be worth approximately £120 if left in the account for a full year.
The bonus is valid for an entire year, from July 1, 2024 to June 30, 2025. The new promotion is accessible to individuals who move to the M Account, M Plus Account, or Club M Account by May 31 and transfer two direct debits by June 26.
The interest is distributed between July 1-24 and June 30, 25
