There are just nine weeks to go until Christmas and if you are looking for an easy way to earn some extra cash before the festive season, four banking giants are offering up to £200 in free money. Club Lloyds, NatWest Reward, First Direct and Nationwide FlexDirect have all dropped deals for customers who switch their banking services, with payouts due next month.
The latest Money Saving Expert (MSE.com) newsletter has all the details you need to know, including the minimum amount you need to pay in each month and extra perks attached to the accounts. It’s important to be aware that all bank switches need to be done using the Current Account Switch Service (Cass), this protects any money you have going in or out of your old account to make sure everything goes smoothly.
Cass recently said that over 10 million current accounts have been switched so far and over 50 banks and building societies are already part of the service. The Account Switch Service Guarantee means your new bank will switch your payments and transfer your balance, and your old bank will take care of closing your old account.
Latest bank switching deals
Full details about the switch offers can be fund on MSE.com, below is a brief overview:
Club Lloyds
- Offer: Free £200 by early November
- Minimum monthly pay in: £2,000
NatWest Reward
- Offer: Free £180 by early November
- Minimum monthly pay in: £1,250
First Direct 1st Account
- Offer: Free £175 by mid-November
- Minimum monthly pay in: None, but there is a £1,000 initial deposit to qualify
Nationwide FlexDirect
- Offer: Free £175 by early November
- Minimum monthly pay in: None, but there is a £1,000 initial deposit to qualify
Commenting on the new £180 NatWest switching offer, Alastair Douglas, CEO of TotallyMoney, said: “Right now is a good time to be in the market to switch current accounts, with five banks offering you cash to move your money – with the latest being NatWest, who’ll pay £180. You can also earn rewards for shopping with their partner retailers, receive £9 for setting up two Direct Debits, and an extra pound a month if you log into the account. Along with competitive savings rates.
“And for once, there aren’t that many hoops you’ll need to jump through to secure the bonus. You’ll just need to open an account using the Current Account Switch Service, log into the mobile app, and deposit £1,250 – in one single instalment or smaller, multiple ones. But you won’t be eligible if you’ve previously received a switch incentive from NatWest Group, including RBS or Ulster Bank.”
However, he also warned that the offer comes with monthly account fees, and urged anyone considering the switch to read the small print first before starting the princess.
He added: “If you want to earn some extra money before Christmans, then switching banks can be a good way. There’s a handful of offers on the market, so shop around and find one which suits you. Because loyalty doesn’t pay, but moving your money can. Just always make sure you read through the small print, because the banks will never make it too easy for you.”