As the new year begins, three of the UK's major banks are tempting customers with lucrative cash incentives to switch their everyday banking. According to the experts at Martin Lewis's Money Saving Expert (MSE), you could pocket up to £200 for free by moving your account to Santander, First Direct, or Nationwide.
Why Switch Your Bank Account Now?
The start of the year is a popular time for people to review their finances, and banks are capitalising with competitive offers. These deals not only provide an immediate cash bonus but often come with additional perks like high-interest savings pots, cashback, and interest-free overdrafts. All switches must be completed using the secure Current Account Switch Service (CASS), which guarantees a smooth transition within seven working days.
Santander's £200 Edge Account Offer
Switching to a Santander Edge account will net you a £200 bonus. This account also provides 1% cashback on household bills paid by Direct Debit and access to a linked easy-access saver paying 6% interest.
To qualify, you must pay in at least £1,500 once, likely from your salary. You also need to deposit £500 or more monthly and have a minimum of two active Direct Debits. The account carries a £3 monthly fee. The associated Edge Saver offers 6% AER on balances up to £4,000 for the first year, which could earn around £240 in interest.
First Direct's £175 Switching Bonus
First Direct is offering a £175 free cash incentive for new customers who switch to its 1st Account. The deal includes a £250 interest-free overdraft and a Regular Saver account with a 7% rate.
Eligibility rules are strict: you must not have held any product with First Direct before or opened an HSBC current account since January 2018. To get the bonus, you must deposit £1,000 monthly, set up two Direct Debits, and make five debit card payments within 45 days. The £175 is paid by the 20th of the following month once all criteria are met.
Nationwide's £175 FlexDirect Deal
Nationwide's FlexDirect Account comes with a £175 switch bonus, a £50 interest-free overdraft, and a Regular Saver account at 6.5%.
To secure this offer, you need to pay in a minimum of £1,500 each month and establish two Direct Debits within 28 days of opening the account. MSE confirms that Nationwide pays the £175 within 10 days of fulfilling all the requirements.
How to Claim Your Cash Bonus
For the most comprehensive and up-to-date information on all the latest bank switch offers, top savings rates, and leading ISA accounts, consumers are directed to the official Money Saving Expert website. It is crucial to read all the terms and conditions for each offer carefully before applying to ensure you meet the specific criteria and can benefit from the free cash and additional incentives on offer this January.
