Bank users could claim £200 along with other benefits
Three major UK banks are offering free cash to new customers. Switching to any of these accounts could earn you £200.
Switch offers are fairly common, with banks hoping to secure more clients through the incentive. In an update, consumer site Money Saving Expert (MSE), highlighted some of the best switch offers currently available.
MSE, which was established by finance expert Martin Lewis, said: “Banks sometimes offer switch incentives – 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.”
The three banks currently offering £200 are Santander, Barclays, and Lloyds. Information on how to claim the cash is available below.
Santander
By switching to a Santander Edge account you can get a free £200, access to a six per cent savings account, one per cent bills cashback and an overseas debit card. However, you must pay a £3 a month fee, deposit at least £1,500 and have two active direct debits from the account ro qualify.
You can still qualify for the £200 though with the fee-free Santander Everyday account.
How to claim
- You can’t have ever had a switch bonus from Santander, and you must be switching from a non-Santander, Cahoot or Cater Allen account
- You can’t have held a Santander current account on January 1 2025
- Open an account online or in branch (you can also switch in to an existing Santander Edge, Edge Up, Everyday or Edge Explorer current account, though only if it was opened after January 1 2025
- Within 60 days, switch in an account from a different bank, have two or more active household direct debits and pay in £1,500 or more
The £200 will be paid between 60 and 90 days after starting the switch.
Barclays
You can get a free £200, 4.21 per cent interest on up to £5,000, plus Apple TV+ & Major League Soccer Season Pass subscriptions by joining the Barclays Blue Rewards scheme.
This costs £5 a month and requires you to pay in £800 a month. However, MSE says you can opt out of Blue Rewards (or close the account) once you receive the free switcher’s cash.
How to claim
- You won’t qualify if you already have an open Barclays current account on or before October 7
- You can’t have ever received switch cash from Barclays before
- Open a sole account via Barclays’ app (no joint accounts)
- Join its Blue Rewards scheme (there’s a £5 monthly fee, and you’ll need to pay in £800 or more each month and register for digital banking)
- Pay in at least £2,000 within 30 days of opening the account
- Start a switch in of an account from a different bank, including two or more direct debits by November 27 – you must complete the switch within 30 days of starting it
The £200 is paid within 28 working days of meeting all the criteria.
Lloyds
Lloyds is offering a free £200, access to a 6.25 per cent regular saver, fee-free spending overseas, plus a choice of reward for switching to a Club Lloyds account. As well as the upfront switch cash, with Club Lloyds you can choose from rewards each year including 12 months’ Disney+, six cinema tickets, a Coffee Club & Gourmet Society membership, or a subscription to a magazine.
But there is a £5 a month fee unless you pay in £2,000 or more a month.
How to claim
- You can’t have had switch cash from Lloyds, Bank of Scotland or Halifax since April 2020 Open the account online, by phone or in branch
- Switch in an account from a different bank (not Halifax or Bank of Scotland), including three or more direct debits
- The £200 is paid within 10 working days of the switch completing
