The headline figures for some of these switching incentives have been going up and up.
Santander came out with a £240 offer (this ended yesterday). Then we had a £300 from Barclays and now this from Nationwide.
But often additional hoops are being added for switchers and providers are also getting creative in how the “free money” is made up.
In this instance, Nationwide is including 5% interest you could gain on part of your balance.
The offer
The Nationwide offer is available to new customers opening a FlexDirect account and using the Current Account Switch Service to switch within 28 days.
You have to pay in at least £1,000, switch from an account with two direct debits and make one eligible debit card payment within 31 days of opening the account.
You receive a £175 switching incentive and can earn another £120 from direct debit and debit card cashbacks in the first year.
Nationwide is also giving customers 5% interest on balances up to £1,500 for the first 12 months on its fee-free account, which would give you another £75 to bring the total to £370.
These other switching offers are also available right now…
Barclays – £300
Barclays is offering customers up to £300 when they switch their current account to a new Barclays account.
The offer is available to customers who use the Current Account Switch Service, with the potential reward starting with an initial £150 payment.
Customers must pay in at least £2,000 and then make at least 10 debit card transactions a month to receive an additional £30 a month for five months, taking the total reward to £300.
The offer has been available from 1 October. To qualify, customers must open and complete a Barclays Current Account application in the Barclays app within 21 days.
HSBC – £220
HSBC is giving customers £220 for switching to their bank account – all you need to do is deposit at least £2,000 and spend £500+ on the debit card within 60 days.
The offer excludes those who have had an HSBC or First Direct account since 1 January 2023.
First Direct – £210
You can get £210 if you open a First Direct 1st Account via the app (online for a joint account) and pay in a minimum of £1,000.
Switchers must be from an account with at least two direct debit payments and must also use the debit card for five transactions to qualify for the cash.
You must never have had any First Direct product or have opened an HSBC current account since 1 January 2018.
This deal runs out on 2 December this year.
NatWest – £200
NatWest is giving you £200 if you switch to its NatWest Reward or Select account.
You need to pay in at least £1,250 within 60 days to get the reward.
The account costs a monthly fee of £2, but you can get £4 cashback if you pay in £1,250 every month and have two direct debits from the account. This gives you a net gain of £24 a year.
Those who received a previous NatWest, RBS, or Ulster Bank switch bonus or are switching from an existing account with those banks do not qualify.
Lloyds – £200
You can bag £200 for switching to a Club Lloyds account.
You can also get either a 12-month Disney+ (with ads) subscription, a Coffee Club and Gourmet Society membership, six cinema tickets or a magazine subscription.
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All you have to do is open the account and switch in from another bank account – any apart from Halifax or Bank of Scotland – with a minimum of three direct debits and pay in £2,000.
You must make the switch before 9 December to qualify for the £200 bonus.
