Full list of banks giving out free cash worth up to £175 in just days – easy move to make now
THERE’s nothing better than free cash and switching banks is an easy way to get your hands on up to £175.
Anyone looking for a quick cash injection can move to one of three major banks offering customers money to new current account customers.
TSB is the latest bank to offer a new switcher deal which is worth up to £160.
Meanwhile, Santander and First Direct are both offering £175 to welcome new customers through the door.
Switching bank accounts is a doddle thanks to the Current Account Switch Service (CASS) which does the majority of the hard work for you.
Customers just pick their switch date and any active direct debits are moved to their new account as part of the service.
We’ve listed the best bank accounts to switch to now to get up to £175 in free cash and other perks, and explain what you need to do to qualify for each.
Bank switching deals are usually only around for a limited period of time so move quickly if you want to take up one of the offers.
TSB
New customers switching to TSB can get up to £100 upfront. Then, for the first six months after, will receive £10 a month in cashback.
The offer is available on spend & save or spend & save plus accounts.
However, there are few hoops you will need to jump through first.
To get the £100, you’ll need to make at least five payments using a debit card or contactless by July 5. You’ll also need to log into the TSB mobile banking app at least once.
New customers who meet these requirements will also be offered a reward to choose from in December, including two Odeon cinema tickets.
And to get the £10 cashback you’ll need to make 20 debit card payment each month.
There are individual requirements and features of both accounts, for example, the spend & save plus account comes with a £3 monthly fee.
Work out whether the account is suited to your circumstances as you will need to have the account for at least six months to the get the full reward.
You can apply for the accounts through tsb.co.uk or the TSB mobile banking app.
SANTANDER
Bank customers switching to Santander can bag a free £175.
The offer is available on moves to a Santander edge current account, Santander edge up current account or private current account.
Existing Santander customers moving to one of these accounts can also take advantage unless you have previously pocketed a previous Santander switch offer.
To qualify, you’ll need to pay in £1,500 to the account within 60 days of requesting the switch – though this doesn’t need to be in one payment.
You’re also required to set up two active direct debits within 60 days.
The payment is made within 90 days of the start of switching process to those who qualify.
You can switch through the Santander website or in branch.
Again, the accounts come with different features so look carefully to choose which is right for you. The edge account has a £3 monthly fee while the edge up and provate account both have a £5 monthly charge.
FIRST DIRECT
You can also pocket a tasty £175 as a new customer to First Direct’s 1st account.
The account also has a £250 interest-free overdraft which can be helpful if you need to borrow money in an emergency.
To get the £175, you’ll need to switch account using CASS and log on to First Direct’s digital banking within 30 days of opening the account.
The offer is only available to people who haven’t previously held a First Direct product. It’s also not open to anyone who has opened a HSBC current account since January 1 2018 which is part of the same group.
LLOYDS BANK
From May 28, Lloyds is offering new customers £175 plus other perks to anyone who switches to one of three current accounts from a different bank.
As well as the cash customers can get a 12-month Disney+ subscription, plus access to a linked saver paying 6.25%.
However, the Lloyds’ offer is only available to customers who switch to a Club Lloyds, Club Lloyds Silver or Club Lloyds Platinum current account.
These accounts come with a £3 monthly fee unless £2,000 is deposited each month.
How do I switch bank accounts?
SWITCHING bank accounts is a simple process and can usually be done through the Current Account Switch Service (CASS).
Dozens of high street banks and building societies are signed up – there’s a full list on CASS’ website.
Under the switching service, swapping banks should take seven working days.
You don’t have to remember to move direct debits across when moving, as this is done for you.
All you have to do is apply for the new account you want, and the new bank will tell your existing one you’re moving.
There are a few things you can do before switching though, including choosing your switch date and transferring any old bank statements to your new account.
You should get in touch with your existing bank for any old statements.
When switching current accounts, consider what other perks might come with joining a specific bank or building society.
Some banks offer 0% overdrafts up to a certain limit, and others might offer better rates on savings accounts.
And some banks offer free travel or mobile phone insurance with their current accounts – but these accounts might come with a monthly fee.
OTHER PERKS
Your current account can offer great perks besides free cash. Other benefits include free travel insurance, interest-free overdrafts, and cashback.
Best for overdrafts
Overdraft debts can easily add up, so if you’re prone to slipping into the red, ensure you have an account with the lowest possible fees.
As mentioned, First Direct’s fee-free 1st Account offers an interest-free arranged overdraft on balances up to £250.
But new customers of Nationwide’s fee-free FlexDirect account will get interest-free arranged overdrafts on balances up to £1,500 for the first year of the account opening.
Overdraft should only be used in an emergency or to tide yourself over during an expensive month.
Best for cashback
You can make free money from banks with great cashback perks.
The Santander Edge account mentioned above pays one per cent cashback on selected household bills and travel spending.
Earnings are capped at £20 a month and the account comes with a £3 monthly fee.
The app-only Chase current account is another option and pays customers one per cent cashback on most debit card spending.
With this account, you can get up to £15 a month in cashback without a monthly fee.
Best for savers
Switch current accounts and you can access top saving rates.
For example, those opening a Santander Edge account get access to a linked saver, which pays 7% interest on pots up to £4,000.
And Barclays fee-free bank account customers can join its Blue Rewards scheme and apply for a linked Rainy Day Saver which pays 5.12 per cent interest on up to £5,000.