Natwest, Nationwide, Lloyds and Santander giving £200 free cash - how to apply

People across the UK could get free cash in time for Christmas if they switch to certain banks. Some banks are offering up to £200 if new customers make the switch.

Money Saving Expert (MSE) has highlighted six banks currently offering the most attractive switch bonuses. It said: "Banks sometimes offer bonuses – free cash, boosted savings rates or other perks – to new customers who switch in an existing current account to a new current account with them.

"Essentially, banks want your custom and switch bribes are a double win for banks – you not only join them, but you leave one of their rivals." Here is a list of all the banks providing switch deals, along with instructions on how to grab the extra cash.

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Natwest

Natwest is offering a free switching bonus of £180, plus an additional £36-a-year cashback if you open a NatWest Reward account. There is a monthly fee of £2 but account holders can earn £5 a month cashback by depositing £1,250, setting up at least two direct debits, and using the mobile banking app each month.

It means you could gain £3 monthly or £36 annually. Customers also gain access to NatWest's Digital Regular Saver, which allows savings of up to £150 a month at a variable interest rate of 6.17 per cent on balances up to £5,000.

To be eligible, you must not have previously received a switch bonus from NatWest, RBS, or Ulster Bank. Here's how to claim the £180 bonus:

• Have a NatWest Reward account – either open a new NatWest Reward account or be an existing NatWest Reward account holder
• Request and complete a full switch from a non-NatWest, RBS or Ulster Bank account online or via the mobile app
• Within 60 days of the switch completing: pay in £1,250 or more and log in to the mobile banking app
• The £180 is paid within seven days of meeting the above criteria.

Lloyds

Lloyds is offering £200 free cash, plus choice of perks and 6.25 per cent AER interest linked regular saver. As well as the upfront switch cash, with Club Lloyds you can choose a reward each year.

This includes 12 months' Disney+, six cinema tickets, a Coffee Club & Gourmet Society membership, or a subscription to a magazine. It is important to note that there is a £3 a month fee unless you pay in £2,000 or more a month.

You also get access to a linked regular saver paying 6.25 per cent fixed interest for a year on up to £400 a month. To be eligible, you must not have had switch cash from Lloyds, Bank of Scotland or Halifax since April 2020.

How to get the £200 bonus:

• Open the account online, by phone or in branch.
• Switch in an account from a different bank, including three or more direct debits. The switch must be started by December 10
• The £200 is paid within 10 working days of the switch starting.

First Direct

First Direct is offering a £175 switch offer, along with seven per cent interest on its regular saver, fee-free overseas spending, and a £250 zero per cent overdraft. To be eligible, you must not have had any account with First Direct before (including a current account, credit card or mortgage) and you must not have opened a current account with HSBC, its sister bank, since January 2018.

How to get the £175 bonus:

• Open the account in-app (or online for joint accounts)
• Switch in an account from a different bank including two or more direct debits or standing orders within 45 days
• Also pay in £1,000 plus and make five or more debit card payments within 45 days
• The £175 is paid by the 20th of the following month after you meet the switch bonus criteria.

Nationwide

Nationwide is offering a switch deal of £175 cash for its FlexDirect account. In addition to the £175 free cash, there's five per cent AER interest on current account balances up to £1,500 for a year (maxed out that's £75), one per cent cashback for 12 months up to £5 a month, plus a zero per cent overdraft on up to £50.

You will also get access to a linked regular saver paying 6.5 per cent variable interest for a year on up to £200 a month (maxed out, it's £85 a year interest). To qualify, you must not have switched into a Nationwide account, or have received switch cash from Nationwide, since August 18 2021.

How to get the £175 bonus:

• Open the account online or via app (you can also switch into an existing FlexDirect account, though you won't get the five per cent interest or one per cent cashback perks
• Switch in an account from a different bank including two or mroe Direct Debits within 28 days
• Within 31 days of requesting the switch, pay in £1,000 or more and make at least one payment using the debit card
• The £175 is paid within 10 days of meeting all the criteria.

Santander

Santander is offering a free £150 to those switching to the Santander Edge account. There is a £3 monthly fee.

You can earn up to £20 a month in cashback: One per cent back on energy, council tax, broadband, TV, mobile & water bills (max £10 a month), and one per cent on supermarket, fuel and train spending (max £10 a month). There is also a linked saver that pays six pe rcent on up to £4,000 for the first year – maxed out, this pays around £240 a year in interest.

Alternatively, if you prefer a no-frills, fee-free account, you can switch to the Everyday account. To be eligible, you must not have received a switch bonus from Santander since September 2021, and you must be switching from a non-Santander, Cahoot or Cater Allen account.

How to get the £150 bonus:

• Open an account online or in branch (you can also switch into an existing Santander Edge, Edge Up or Everyday current account)
• Within 60 days, switch in an account from a different bank, have two or more direct debits and pay in £1,500 or more
• The £150 will be paid between 60 and 90 days after starting the switch.

The Co-operative Bank

The Co-operative Bank is offering £75 to switch, plus £25 a month for three months - a total of £150 if you stay for three months. The offer is open to both new and existing customers but you must not have had switch cash from Co-op Bank since November 1, 2022.

How to get the £75 switch bonus:

• Open a new account and request to switch in an account from a different bank within two weeks (or switch into an existing account)
• Complete a full switch within eight weeks
• Within 30 days of the switch completing: deposit £1,000 plus, have two or more direct debits, register for digital banking, add the debit card to a digital wallet (for example, Apple/Google Pay) and make 10 or more transactions using the debit card (including via digital wallets)
• The £75 will be paid within seven days of meeting all the above criteria.