A MAJOR high street bank and a building society is giving customers free cash to switch current accounts.
Nationwide and TSB are giving customers up to £200 as part of their latest switching bonus.
Nationwide and TSB have boosted their switching bonuses
Banks use switching bonuses to entice new customers on to their books.
Free cash, vouchers, cashback and and exclusive savings rates are usually up for grabs.
For example, Nationwide is offering new switchers £200 in free cash.
New customers need to switch from a non-Nationwide current account to a FlexDirect account and make sure they have two active direct debits set up to get the free cash.
The cash will then be paid into the new account within 10 days.
Nationwide FlexDirect customers will also get 5% interest for a year on balances up to £1,500 and some may even qualify for a 12-month interest-free overdraft.
To qualify for the interest rate perk, customers will need to pay £1,000 into their FlexDirect account every month.
And TSB is offering new customers £180 to switch to their Spend and Save account – but with more of a catch.
New TSBC Spend and Save customers will receive £125 upfront into their bank account after setting up two or more direct debits – the cash will then be paid by December 16.
But to get the remaining £55 will be paid to new account holders later on.
To qualify customers will need to use their debit card five times, pay in £500 to their account and have two active direct debits – the extra £55 will then be paid by June 30.
To be eligible for the free cash from both Nationwide and TSB, customers have to make the switch using the Current Account Switch Service (CASS).
How do I switch bank account?
It’s easy to switch your bank account using the Current Account Switch Service (CASS).
You don’t have to remember to move direct debits over when moving as it does this everything for you.
All you have to do is apply for the new account you want and the new bank will let your existing provider know you’re moving.
There are some steps you can take before switching though, such as choosing your switch date, or organising transferring your old bank statements to your new account.
To get your old statements you should get in touch with your bank.
What other banks offer free cash?
First Direct pays new customers £175 in free cash through the 1st Account. You have to deposit £1,000 when you open but there’s no minimum amount per month you need to pay in to get the cash.
Customers should expect to receive the free cash in 28 days.
First Direct also offers new customers an interest-free arranged overdraft on any balances up to £250.
But remember, an interest-free overdraft should only be used in an emergency or to tide yourself over during an expensive month.
NatWest and Royal Bank of Scotland is giving customers £175 in free cash.
The NatWest Reward and RBS Reward current accounts give those who switch £175 in cash and £3 a month in cashback, but the account comes with a £2 a month fee.
If you don’t want to pay £2 a months for the Reward accounts you can open a new NatWest Select or RBS Select account and still get the free cash bonus.
Lloyds Bank offers new Club Lloyds account holders £150 in free cash within 10 days of account opening.
To qualify for the free cash and the account customers must pay in £1,500 into the account every month or pay a £3 a month fee.
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