The offers from Lloyds Bank, First Direct, Nationwide, Barclays and NatWest provide different financial incentives. According to MoneySavingExpert, banks use switching bonuses, cashback and savings interest to attract customers. The free Current Account Switch Service transfers balances and regular payments within seven working days, while closing the previous account.
First Direct, Lloyds and Nationwide Offer Payments of up to £210
First Direct is offering the largest single switching payment among the five banks, with £210 available to eligible customers opening its 1st Account through the app, or online for joint accounts.
Customers must transfer at least two Direct Debits or standing orders, deposit £1,000, make five debit card payments and access digital banking within 45 days. The bonus is paid by the 20th of the following month.
According to The Sun, customers who complete these requirements by 30 November should receive their payment by 20 December. Those who previously held a First Direct product or opened an HSBC current account since 1 January 2018 are excluded.
Lloyds Bank is offering £200 to eligible customers switching to Club Lloyds. The transfer must include at least three Direct Debits, with the switch started by 9 December. Payment should arrive within 14 working days of the switch starting.
Club Lloyds charges £5 monthly unless customers deposit at least £2,000 each month. Account holders can also choose an annual benefit, including Disney+ with adverts, cinema tickets or a magazine subscription.
Nationwide offers £175 to eligible customers switching to FlexDirect, FlexAccount or FlexPlus. Applicants must transfer at least two Direct Debits within 28 days, then deposit £1,000 and make one debit card payment within 31 days.
The payment follows within 10 days of meeting the requirements. FlexDirect also offers 5% interest on balances up to £1,500 during the first year.
Barclays and NatWest Offer Further Switching Incentives With Different Payment Schedules
Barclays is advertising a total switching incentive of £300, although only £150 is available as an initial payment. The remaining £150 is distributed through five monthly instalments of £30.
To qualify for the initial payment, customers must open an individual Barclays Bank Account through the app, transfer three Direct Debits and receive qualifying monthly income of at least £2,000 within 30 days.
The initial £150 arrives within 28 working days after the conditions are satisfied. Subsequent payments require continued qualifying income and at least 10 debit card transactions each month.
NatWest is offering £200 to eligible customers switching to its Reward or Select accounts from outside the NatWest, RBS and Ulster Bank group. Customers must complete their switch, deposit at least £1,250 and log into the NatWest mobile app within the qualifying period. The bank then has 30 days to issue payment once the requirements are met.
The Reward account charges £2 monthly and offers £4 cashback when customers meet its deposit and Direct Debit conditions. The Select account has no monthly fee.
For customers seeking payment before Christmas, the dates on which switching requirements are completed remain significant, particularly where banks allow several weeks to release the bonus.
