The banks are paying customers who switch to them £100s (stock image) (Image: Getty )
Several major high street banks are offering customers substantial cash incentives through their latest current account switching schemes. The team of financial experts at Martin Lewis’ MoneySavingExpert (MSE) has compiled a list detailing which banks are providing complimentary payments and the eligibility criteria.
Certain customers could receive up to £500, though this varies depending on which bank they opt to switch to. Lloyds, Barclays and Santander are amongst the banks presently offering £100s to current account holders who transfer to them.
According to MSE, the most generous switching bonus is the Lloyds Bank Premier current account, which provides £500 to those who switch, although it targets high earners exclusively. In second place is the Barclays Premier current account, which similarly caters to high earners only and includes a £400 switching bonus.
Third on the list is Santander, with a switching offer that should be accessible to considerably more people, featuring a complimentary £200. Its Edge current account also delivers 1% cashback on energy, council tax, broadband, TV, mobile and water bills (maximum £10/month), positioning it as a “top bills (or joint bills) account”, MSE states.
Alternative choices include Club Lloyds, which provides £200 plus additional benefits for switchers. First Direct offers £175 alongside ‘TOP’ service, reports the Mirror.
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Meanwhile, Nationwide is providing £175 to new customers, plus 1% cashback. Natwest has a £150 offer with £36 annual cashback. Finally, Co-op Bank gives £100 for switching and an additional £75 for remaining. For the complete list, visit the MSE website.
Lloyds Bank Premier
This account targets high earners exclusively, requiring “roughly £85,000 salary”, with switchers receiving £500. Beyond the initial switching bonus, Lloyds Premier customers can select from various annual rewards, including 12 months of Disney+ with adverts, six cinema tickets, Coffee Club and Gourmet Society membership, or a magazine subscription.
MSE states: “There’s also 1% cashback on most spending (max £10/mth) and a Bupa subscription which gives you and your family digital access to a GP and up to six physio appointments each year. You also get access to a linked regular saver paying 6.25% fixed interest for a year on up to £400/month and the debit card has no fees on overseas spending with near-perfect exchange rates.”
Lloyds Bank offering certain customers up to £500 (Image: Getty)
Barclays Bank Premier
Similarly designed for high earners exclusively, particularly those earning £75k or more annually. It includes a complimentary £400 upfront payment. Switching to this account also provides complimentary access to Barclays’ Blue Rewards programme, which typically costs £5 monthly. MSE highlights this includes a free Apple TV+ subscription and “4.21% saver you can put up to £5,000”. It adds: “In addition to this, there’s also a possible 0% overdraft of up to £500. “
Santander Edge
Those transferring to the bank’s Edge current account can receive £200 free of charge. The account carries a £3 monthly fee.
The bank also offers 1% cashback on energy, council tax, broadband, TV, mobile and water bills.MSE says: “On top of that, the linked Edge Saver pays 6% on up to £4,000 for the first year – maxed out, that’s around £240/year interest.”
Santander customers can enjoy £100s for free for switching (Image: Getty)
Plus, the Edge debit card also has no foreign exchange fee when you spend abroad, so you get the same near-perfect exchange rate as the bank does. To get the interest and cashback, you must pay in £500+/month and have 2+ Direct Debits.
There’s also an opportunity to claim a £25 Amazon voucher, although this promotion expires on Friday, February 27.
What is a current account?
A current account is a type of bank account used to manage your money on a daily basis. It lets you easily deposit your salary, pay your bills, and withdraw cash with a debit card. This account is where you handle your everyday spending and often comes with online banking, Direct Debits, standing orders, and sometimes even overdraft options.
