Major bank set to pull £200 free cash in HOURS – check if you should switch

A MAJOR bank has been tabling a £200 switch offer – but it’s going to be pulled in just hours.

Banks have been battling to bring in more business by offering lucrative cash offers to swap an account over.

Nationwide had the biggest offer, with £200 in free cash to those who switch to their service.

Those keen on the deal will need to get moving on an application, with July 4 being the deadline to apply.

But to qualify, you’ll need to have already had a Nationwide current account, savings account or mortgage account on March 31.

Switching a non-Nationwide current account to a Nationwide one would then net you the £200 prize.

Two direct debit transfers from the non-Nationwide account are also required, and you can’t claim the incentive if you’ve received one since August 18 2021.

If you fit the criteria and complete the swap within 28 days of applying, the £200 bonus will land in your new account.

The three accounts on offer are: FlexPlus, FlexDirect and FlexAccount.

FlexPlus comes with a £13 monthly fee, but the other two are fee-free.

It comes after Nationwide revealed 3.4million customers would get £100 of free cash arrive in their accounts in June.

This was the building society’s “fairer share payment”, where it gives customers a slice of profits.

Eligible members needed a qualifying current account, plus either a qualifying saving or mortgage product.

The profit-share scheme is designed to reward members who hold multiple accounts.

But the bank isn’t running a charity – there were rules over payments and saving amounts customers needed to qualify.

Rivals have their own switching offers, with Co-operative Bank tabling £75 upfront followed by £15 per month for five months – equalling another £75 for those who qualify.

Santander, meanwhile, had a £175 payment on offer for both new and existing customers.

Lloyds is offering switchers £175 to move to any of these three accounts: Club Lloyds, Club Lloyds Silver or Club Lloyds Platinum.

The £175 will then be paid within 10 working days of the changeover.

You can’t have had a switching cash bonus from Lloyds, Bank of Scotland or Halifax since April 2020.

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.