Free money is something we could all do with as Christmas approaches, and some banks are so keen to take on new customers that they offer a cash incentive. 

There are also various rewards up for grabs which people can make the most of.

The likes of free TV streaming services, cinema tickets and magazine subscriptions are on offer so it pays to shop around for the best deals.

Which banks are offering money to switch before Christmas?

Lloyds

The Club Lloyds account is offering £200, and a choice of reward for new customers who switch accounts from a different bank by December 10.



Rewards include a choice of 12 months' Disney+ (with ads), six cinema tickets, a Coffee Club & Gourmet Society membership, or a subscription to a magazine.

You also get access to a linked regular saver paying 6.25% fixed interest for a year on up to £400/month

The fine print: There's a £3 a month fee unless you pay in £2,000 a month. Customers will need to set up at least three Direct Debits, and the £200 is paid within 10 working days of the switch starting. 

You can't have had a similar deal with Lloyds, Bank of Scotland or Halifax since April 2020.



NatWest

The NatWest Reward account offers £180 cash to switch, plus £3 a month cashback to customers switching from another bank. It also gives access to a 6.17% AER interest linked regular saver,  which allows you to save up to £150 a month, and pays 6.17% variable interest on up to £5,000.

The fine print: The account comes with a £2 a month fee, but you get £5 a month cashback when you pay in £1,250, pay out two or more Direct Debits of £2+ and log into its mobile banking app each month. You can't have ever received a switch bonus from NatWest, RBS or Ulster Bank before.

The bonus is only paid seven days after you meet all the requirements, including paying in the minimum amount.



First Direct

First Direct 1st Account offers a £175 to switchers, plus access to a 7% regular saver, fee-free overseas spending and a £250 0% overdraft. Change over an account from a different bank including two or more Direct Debits or standing orders within 45 days. You also need to pay in £1,000+ and make five or more debit card payments within 45 days.

The fine print: It's only available to new First Direct customers, so you can't previously have held a current account, credit card or mortgage with them, plus you can't have opened a current account with sister bank HSBC since January 2018. 

The £175 is paid by the 20th of the following month after you meet the switch bonus criteria. 

Nationwide

Nationwide's FlexDirect has no minimum monthly pay-in amount and offers £175 to switchers, plus 5% interest on up to £1,500 plus 1% cashback for 12 months. 

To qualify, switch from another bank, including setting up at least two Direct Debits within 28 days, then within 31 days of requesting the switch, pay in £1,000+ and make at least one payment using the debit card.

The fine print: You can't have switched into a Nationwide account, or have received a bonus for switching from Nationwide, since 18 Aug 2021. The £175 is paid within 10 days of meeting all the criteria.



Santander

Santander's Edge account offers £150 to switchers, plus 6% easy-access savings and 1% bills cashback.

It's only available if you pay in £500 a month, but as well as the free cash, for a £3 a month fee, switching to the Santander Edge account can net you a total of £20/month cashback, which comes from 1% back on energy, council tax, broadband, TV, mobile & water bills (max £10/month) and 1% on supermarket, fuel and train spending (max £10/month).

There's also a linked saver that pays 6% on up to £4,000 for the first year.

The fine print: It must be your first switch bonus from Santander since September 2021, and you must be switching from a non-Santander, Cahoot or Cater Allen account. This one likely won't be with you by Christmas - the £150 will be paid between 60 and 90 days after starting the switch.


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Co-op

A Co-op Bank Current Account switch could be worth £75 cash, plus £25 a month for three months.

There's a choice of a fee-free Current Account or the Everyday Extra – offering an insurance bundle for a £15 a month fee.

The fine print: The offer is open to both new and existing customers, but you can't have had switch cash from Co-op Bank since November 1, 2022. 

Within 30 days of the switch completing you must deposit £1,000, set up two Direct Debits, register for digital banking, add the debit card to a digital wallet (Apple/Google Pay etc) and make 10+ transactions using the debit card. The £75 will be paid within 7 days of all of that.

To get the next two months' worth, deposit £1,000 each month, make 10 transactions using the debit card each month and, on the last day of the month, have two or more active Direct Debits. Even if you didn't qualify in month one, you can still qualify in months two and three.