These are the four banks that pay you to switch accounts

Andy Webb

Published October 14, 2024 10:17am Updated October 14, 2024 11:57am

Young woman managing and transferring money on smartphone — There’s money to be had when you switch (Picture: Getty Images)

It’s been a lean few months for bank switch deals but they’re back with a vengeance.

Four offers have launched in the past few weeks, with free cash on offer for moving your banking over from a competitor.

Plus all four current accounts offer access to some of the highest-paying savings accounts, too.

If you’ve not been a serial switcher over the past few years, you can hopefully take advantage of at least one, if not more.

Though, if you have had money from these banks before there’s a good chance you’ll be ruled out this time around.

Lloyds

You’ll get £200 paid into your account just three days after completing the switch.

It’s pretty simple. You’ll need to open a new Club Lloyds, Club Lloyds Silver or Club Lloyds Platinum account (the latter two are packaged accounts with hefty monthly fees), and as part of the switch move over three direct debits.

Lloyds Bank — Bank switchers can receive £200 just days after making the change to Lloyds (Picture: Getty Images)

You can select a freebie such as a year-long Disney+ with ads subscription, or six cinema tickets and access a 6.25%-paying regular saver.

This is the only offer with a published end date: December 10.

First Direct

There’s £175 in cash, though only for new customers. The switch is more involved too, as many of these deals have become this year.

Once you’ve opened the account, you’ll need to move over two direct debits and use the debit card five times in 45 days.

This account comes with a higher-paying regular saver, this time offering 7%.

Nationwide

You can also make £175 from moving your personal account to Nationwide, plus another £175 for switching to a joint account.

So, for a couple moving three accounts, that’s £525 in the pocket. Whether you do one or more Nationwide switches, each requires you to add £1,000 to the account, use the debit card and move over two direct debits.

Nationwide Building Society - UK — Couples moving three accounts to Nationwide could be up £525 (Picture: Getty Images)

It’s available for new and existing FlexDirect current account holders and comes with 5 per cent interest on balances of up to £1,500 for a year, one per cent cashback on spending, and access to a 6.5%-paying regular saver.

Co-operative Bank

To be fair, this one is more complicated than the others. You’ll get £75 for switching over to a standard current account if you (deep breath…) deposit £1,000, have two direct debits, make ten debit card transactions and add your debit card to your phone’s digital wallet. All within 30 days of the switch completion.

Then if you want more cash, there’s another £75 available, split over three months, if you do the same things each subsequent month.

All in that’s £150 you can make, as well as access to a 7% regular saver.

I’ve just gone over the key conditions here, so ensure you read more on each one over at becleverwithyourcash.com/banks so you can guarantee you don’t miss out.