Two major UK banks offering customers up to £180 for switching | Personal Finance | Finance

Two major banks are offering up to £180 free cash to Brits. The money is available to eligible customers who switch to one of these accounts.

Banks routinely offer switch deals as a way of expanding their customer base. However, before making the switch it is important to check that you meet all the criteria needed.

On the Money Saving Expert (MSE) website, which was founded by Martin Lewis, the team listed some switch deals that are currently out there. These include one from Santander offering £180 to move, and one from Nationwide worth £175.

MSE said: “Switching’s usually quick and easy. Use the bank’s seven (working) day switch service. It closes your old account and moves all your money, direct debits and standing orders for you. You’ll need to pass a not-too-harsh credit check, and most require you to have two or more direct debits to get the cash.”

Here’s what you need to know about the deals

Santander

By switching to the Santander Edge Explorer you can get free £180 cash. On top of this you can also get a £150 worldwide hotel voucher, and 24/7 remote family GP access.

You also get 1% cashback on most household bills paid by direct debit (max £10/month) and 1% supermarket and travel cashback on debit card spend (max £10/month).

However, with this account you will need to pay a £17 a month fee. You also need to deposit a total of £1,500 or more within 60 days.

With the £17 a month fee you get:

Nationwide FlexPlus

MSE said: “Free £175 cash. This has long been a top player but is currently outpowered by the financial benefits of Santander. Its big strength is there’s no max age limit on the insurance (if you have pre-existing conditions, sometimes it will allow cover for an extra fee).”

With this account however, you need to pay an £18-a-month fee. You also need to deposit a total of £1,000 or more, within 31 days (can be in dribs & drabs), plus use the debit card once.

For the £18 a month fee, you get:

• Travel Insurance: World, family, including winter sports, business and golf cover
• Mobile phone cover: All household handsets (excess up to £100)
• Breakdown cover: UK and Europe, home start, onward travel, replacement vehicle. Recovery to nearest garage/home as a driver or passenger
• Other perks: 6.5% variable regular saver interest on up to £200/month for one year

For more information, visit the Money Saving Expert website here.