Overview
- Santander, First Direct and Nationwide are running limited-time switching bonuses worth £175 to £200, highlighted by MoneySavingExpert’s guidance on how to qualify.
- Santander Edge pays £200 and includes 1% cashback on household bills and a 6% easy-access saver, though it carries a £3 monthly fee and typically requires a one-off £1,500 deposit and at least two Direct Debits.
- First Direct’s 1st Account offers £175 plus a £250 0% overdraft and a 7% regular saver, with exclusions for previous First Direct customers and many HSBC account holders since January 2018; pay in £1,000 a month, set up two Direct Debits and make five debit card payments within 45 days, with the bonus paid by the 20th of the following month once criteria are met.
- Nationwide’s £175 is available for full switches into FlexDirect, FlexAccount or FlexPlus via CASS, requiring two active Direct Debits moved, completion within 28 days, at least £1,000 paid in and one debit card payment within 31 days; the payout is typically made within 10 days and the provider says the offer is time-limited without a set end date.
- All the deals must be completed through the Current Account Switch Service, which protects payments and usually finishes within seven working days, while major banks such as NatWest, Barclays and Lloyds are not currently offering cash switch incentives.