Switch your bank account and earn up to £200: The latest offers from Nationwide, Santander and First Direct | Bristol Live

The big banks are stepping up their trade-in offers again in a bid to attract new customers, with incentives of up to £200. Exchange offers for current accounts were scarce in April this year, but they’re back with five options currently available. Nationwide leads the pack with a £200 offer, but this is exclusive to existing customers.

For newcomers, Santander and First Direct both offer £175. To qualify for these bank exchange bonuses, you will usually need to meet certain terms and conditions. These can include depositing a certain amount each month or setting up multiple direct debits.

In some cases, you will need to be a new customer or not have had an account with that bank for a specified period, the Mirror reports. Before going through, always make sure you read the eligibility criteria carefully. The process of transferring your account must usually be done online via the free current account change service or in branch.

Read more:

However, if you plan to apply for a large credit product such as a mortgage soon, it may be wise to avoid more changes. This is because every switch application will appear on your credit file.

Martin Lewis’ MoneySavingExpert.com advises any bank change at least six months before you get credit.

Nationally

Nationwide offers a £200 switching bonus, but there’s a catch – you have to already be a customer. To bag this money, you’ll need to move a non-domestic current account to a new or existing FlexPlus, FlexDirect or FlexAccount, including two direct debits.

You must have been a Nationwide member on 31 March 2024 to qualify and the switch must be completed within 28 days of the request. The money will then reach your account within ten days. However, if you already had a switch offer from 18 August 2021, you will not be eligible.

Santander

Santander is offering a £175 switching bonus. This offer is open to both new and existing customers switching to either a Santander Edge current account, Santander Edge Up or a private account.

To secure the £175 payment, customers must complete the full switch within 60 days and deposit at least £1,500. You will also need to set up two active direct debits and continue to hold the eligible current account on the day the payment is made.

The £175 will be paid within 90 days of initiating the switch process. Unfortunately, if you’ve previously had a switch offer from Santander, you won’t be eligible.

First direct

First Direct is also offering a £175 switching bonus. To qualify for this, you need to transfer a balance of £1,000 to the account, make at least two regular payments and use the debit card at least five times within 30 days of opening the account.

The £175 will then be paid by the 20th of the following month. To qualify for the incentive, customers must not have previously owned a First Direct product or opened an HSBC current account on or after 1 January 2018.

TSB

TSB’s switching offer gives new customers a £100 bonus and £60 cashback. The offer is available to those who switch to a TSB Spend and Save or Spend and Save Plus current account.

To receive the £100, customers must make at least five payments using their debit or contactless card and log into the TSB Mobile Banking app at least once by 5 July.

TSB will pay the £100 between 17 July 2024 and 31 July 2024. TSB is also offering double repayment for six months, from £5 to £10 per month, for those who choose the Spend and Save account.

This means new customers can earn a total of £60 in those six months. If you choose Spend and Save Plus, the same £10 per month repayment is available for the first six months, then it will drop back to £5 per month.

This means customers can receive a total of £90 in the first 12 months, however this account comes with a £3 monthly fee – so your refund drops to £54 in the first 12 months. To earn cashback, customers must make 20 debit card payments each month.

Virgin money

Those who switch to the Virgin Money M Plus account will receive a bonus of 10.47% AER fixed interest on top of the standard variable interest of 2.02% AER. This allows you to save up to £1,000, which could be worth around £120 if you keep the £1,000 saved in your account for a whole year.

The bonus is applicable for a whole year, from July 1, 2024 to June 30, 2025. The new offer is available to those who switch to M Account, M Plus Account or M Club Account by May 31 and transfer two direct debits by June. 26. The interest is paid in the period July 1, 24 – June 30, 25.