Five Major UK Banks Offer Up to £200 for Switching Current Accounts
In a competitive move to attract new customers, five prominent UK banks—Lloyds, NatWest, First Direct, Nationwide, and Co-op Bank—are offering cash bonuses of up to £200 for switching current accounts. These deals have been highlighted by Martin Lewis' MoneySavingExpert.com team, providing a detailed breakdown for Brits looking to secure extra cash.
Each bank has specific eligibility requirements and deadlines, so it's essential to understand the criteria before making a switch. Below, we outline the key details for each offer to help you navigate the options.
Lloyds Bank: £200 Bonus with Club Lloyds Account
Lloyds Bank is offering a £200 bonus through its Club Lloyds account, which also includes access to a 6.25% regular saver, fee-free overseas spending, and a choice of rewards. To qualify, you must not have received switch cash from Lloyds, Bank of Scotland, or Halifax since 1 January 2023.
- Open the account online, by phone, or in branch by 30 April.
- Switch in an account from a different bank (excluding Halifax or Bank of Scotland) with three or more Direct Debits, starting the switch by 30 April.
- Spend £100 or more on your debit card within 35 days of opening the account.
First Direct: £175 Bonus with 1st Account
First Direct provides a £175 bonus for switching to its 1st Account, along with a 7% regular saver, no overseas spending fees, and a £250 0% overdraft for many customers.
- Open the account in-app (online for joint accounts).
- Switch in an account from a different bank with two or more Direct Debits or standing orders within 45 days.
- Pay in £1,000 or more and make five or more debit card payments within 45 days.
Nationwide: £175 Bonus with FlexDirect Account
Nationwide's FlexDirect account offers a £175 bonus, plus 5% interest on up to £1,500, 1% cashback for 12 months, a 6.5% regular saver, and a 0% overdraft on up to £50.
- Open the account online or switch into an existing FlexDirect account.
- Switch over an account from a different bank with two or more 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.
NatWest: £150 Bonus with Reward Account
NatWest's Reward account gives customers a £150 upfront bonus, plus £36 annual cashback and 7% interest. There is a £2 monthly fee, but you can earn £5 monthly cashback by paying in £1,250, paying out two or more Direct Debits of £2 or more, and logging into the mobile banking app each month.
- Open a new NatWest Reward or Select account by 28 May.
- Complete a switch from a non-NatWest, RBS, or Ulster Bank account online or via the mobile app by 16 June.
- Pay in £1,250 or more and log in to mobile banking within 60 days.
Co-op Bank: £100 Bonus with Current Account
Co-op Bank offers a £100 bonus for switching, plus £25 per month for three months and 7% interest.
- Open a new account and request to switch in an account from a different bank within two weeks, or switch to an existing Co-operative Bank account before the offer expires.
- Complete a full switch within eight weeks.
- Within 30 days of the switch completing: deposit £1,000 or more, have two or more Direct Debits, register for online banking or its mobile app, and make 10 or more transactions using the debit card.
These offers present a valuable opportunity for consumers to earn extra cash while accessing enhanced banking features. Be sure to check each bank's specific terms and deadlines to maximize your benefits.
