Lloyds, NatWest, Nationwide and Santander all dishing out £150 to £200 to new customers | Personal Finance | Finance

New Nationwide, Lloyds, NatWest, and Santander customers are being offered the chance to pocket a free £175 before Christmas.

The building society and banks are incentivising customers to switch and bank with them, in return for the cash bonus.

Offering the largest current account switch bonus paying £200 is Lloyds Bank, which is also offering a choice of rewards and access to a linked regular saver paying 6.25 percent fixed interest for a year. NatWest is offering a £180 switching bonus, along with a £3 a month cashback and 6.17 percent AER interest linked regular saver.

Nationwide customers can enjoy a free £175 bonus, as well as five percent interest on current account balances of up to £1,500 and a one percent cashback for 12 months. Meanwhile, new Santander customers can benefit from a free £150 bonus, along with a 6 percent easy-access savings account, 1 percent cashback on bills and an overseas debit card.

However, customers must meet certain criteria to qualify for each deal.

Lloyds Bank – £200 current account switch deal

The offer is available until December 10, to people who switch their current account from another bank to a Club Lloyds account.

People must use the Current Account Switch Service (CASS) to complete the transfer and they must shift a minimum of three direct debits to the new account. There is a £3 monthly fee to maintain the Club Lloyds account, waived each month when £2,000 or more is paid in.

In addition to a £200 bonus for moving accounts, people can choose from a number of rewards, such as a free 12 months of Disney+, cinema tickets, a magazine subscription, or discounts on coffee and restaurants.

The bank said existing customers can also qualify for the switching offer as long as they open one of the Club Lloyds accounts and meet all of the conditions.

The switch deal is also available for customers opening a Club Lloyds Platinum and Club Lloyds Silver account, which come with £22.50 and £11.50 monthly fees, respectively. Both accounts come with additional perks, such as travel and mobile phone insurance as well as varying AA breakdown cover.

Customers can also take advantage of “Everyday Offers”, which provide cashback when shopping at select retailers, as well as the “Save the Change” scheme when using a debit card.

The service works by rounding the spend to the nearest pound and transferring the change to a nominated savings account.

Club Lloyds account holders can also earn up to £90 in credit interest each year when qualifying criteria are met.

However, people will not qualify if they have received cash from a switching deal from Lloyds, Bank of Scotland or Halifax since April 2020.

NatWest – £180 current account switch deal

To benefit from the deal, people must open a new NatWest Reward account or hold an existing one.

Next, start a full switch from a non-NatWest, RBS, or Ulster Bank account, either online or through the NatWest mobile app.

After the switch completes, pay in at least £1,250 and log in to the mobile app within 60 days. While Direct Debits aren’t required for the bonus, having two Direct Debits of £2 or more is part of the NatWest Reward account’s terms.

The £180 will be paid within seven days of completing these steps.

The NatWest Reward account carries a £2 monthly fee, but users can earn £5 in cashback each month by depositing at least £1,250, setting up two Direct Debits of £2 or more, and logging into the mobile banking app monthly, resulting in a £3 net gain.

Account holders also have access to NatWest’s Digital Regular Saver, which permits deposits of up to £150 per month and offers a variable interest rate of 6.17 percent on balances up to £5,000.

To qualify, people can’t have ever received a switch bonus from NatWest, RBS or Ulster Bank before.

Nationwide Building Society – £175 current account switch deal

To be eligible for the Nationwide Building Society’s FlexDirect deal, customers can’t have switched into a Nationwide account, or have received switch cash from Nationwide, since August 18, 2021.

If eligible, people must then open the account online or through the app. People can also switch to an existing FlexDirect account, though they won’t get the five percent interest or one percent cashback perks.

Customers must then switch their account from a different bank including at least two Direct Debits within 28 days.

Within 31 days of requesting the switch, people must then pay at least £1,000 and make at least one payment using a debit card.

The £175 bonus will be paid within 10 days of meeting all the criteria.

Santander – £150 current account switch deal

To snap up Santander’s cash boost, customers must use the CASS service to move to either a Santander Edge, Santander Edge Up, Everyday, or Private (v2) current account.

People must complete the full switch within 60 days of their initial switch request, including closing their previous account.

People must also pay in at least £1,500 to their eligible Santander account within 60 days of the switch request. This can be made through one or more payments.

At least two active Direct Debits must also be set up within 60 days of the switch request, and these Direct Debits must remain active at the time of assessment.

People will not qualify for the deal if:

• They are not a UK resident
• They switch from an account held with Santander, cahoot, or Cater Allen
• They are switching to any Santander account that isn’t listed above
• Anyone named on the Santander account has previously received a switch incentive from Santander since September 2021.

Those eligible for the payment will get paid within 90 days of starting the switching process.