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Earn £200 simply for switching current account – free money for a number of minutes’ work | Personal Finance | Finance

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As the fee of living rockets, the chance to get greater than £200 in only a number of minutes is just not to be sneezed at. You possibly can stand up to 5 percent interest in your savings, too.

Banks are competing to win latest customers by offering current account cashback incentives for switching bank.

4 leading banks and constructing societies will now pay your cash should you switch your on a regular basis banking to them, and fulfill certain criteria.

Constructing society Nationwide raised the stakes on Monday, by handing latest customers a one-off upfront payment of £200. This market-leading bonus is paid when applicants transfer from their existing bank to one in all three of its current accounts.

This comes hard on the heels of Lloyds Bank, which launched a £150 switcher incentive on September 21.

First Direct and NatWest each offer £175 to latest customers, although an identical offer from Santander has just been withdrawn, after strong demand.

In tough times, many find the prospect to say free money too hard to withstand.

These switcher incentives are typically only available to latest customers who switch from their old checking account using the seven-day Current Account Switch Service (CASS). They should not open to recent or existing customers, though.

All the time check the principles to see what you’ve gotten to do, for instance, you would possibly must pay a set sum into the brand new account, and arrange two energetic direct debits.

To qualify for the £200 Nationwide bonus, latest customers must switch their current account with one other constructing society or a bank to either its FlexAccount or FlexDirect current accounts.

They may claim the bonus when switching to its FlexPlus packaged current account, which incorporates advantages including worldwide family travel insurance, cell phone insurance, UK and European breakdown cover and commission-free overseas use. This account has a fee, though, of £13 monthly.

Latest customers can complete their switch online through the Nationwide website, via its web bank or mobile banking app.

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Nationwide FlexDirect pays five percent increase interest in your in-credit balance. That’s a pretty rate but is barely paid on a maximum of £1,500 for just 12 months. After that, it falls to 0.25 percent.

Customers also need to modify no less than two energetic direct debits, and pay no less than £1,000 a month into the account.

Nationwide’s director of banking and savings Tom Riley said switching has never been easier because of CASS, which switches your whole balance, direct debits, standing orders and salary commitments freed from charge inside seven days

Riley said: “Current account members may even have exclusive access to Flex Easy Saver, where the speed has been doubled to 2 percent a yr.”

The Lloyds Bank £150 switcher offer, its largest ever, applies to customers switching from one other bank to a Club Lloyds Account or Club Lloyds Platinum Account before November 14.

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Latest Club Lloyds customers can select from a spread of lifestyle advantages including cinema tickets, magazine downloads and movie streaming. They may earn interest on balances under £5,000 and cashback when shopping at select retailers.

NatWest switchers must apply online or by app before 5pm on November 3, deposit £1,250 and log into its mobile banking app before December 16.

First Direct switchers must deposit £1,000 inside three months of opening their latest current account, which incorporates a £250 interest-free overdraft

The favored bank is owned by HSBC, and the offer excludes latest customers who’ve opened an HSBC current account on or after January 1, 2019.

Latest First Direct customers also get access to its Regular Saver Account, which pays interest of three.50 percent.

Banking expert Andrew Hagger of MoneyComms said before switching, make sure that you really qualify for the account in query, as criteria differ.

Also, check which extras you really want and which you don’t. “In the event you never go overdrawn, a £250 overdraft facility is pointless.”

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