Two major UK banks offering £175 to switch now – what you need to know | Personal Finance | Finance

Two major UK banks are currently offering people £175 for switching. One offer includes an initial lump sum while the other also provides regular monthly additions.

In an update on the Money Saving Expert (MSE) website, founded by Martin Lewis, the team explained more.

They said: “Banks sometimes offer switch incentives – free cash, boosted savings rates or other perks – to new customers who switch in an existing current account to a new current account with them. 

“Essentially, banks want your custom and switch bribes are a double win for banks – you not only join them, but you leave one of their rivals.” Two banks currently offering £175 for making the switch are Nationwide and the Co-op Bank.

Nationwide

For switching to Nationwide FlexDirect you can get a free £175 up front. Other perks include 5% interest on up to £1,500, 1% cashback for 12 months, access to a 6.5% regular saver, and 0% overdraft on up to £50.

To get the bonus you can’t have previously switched into a Nationwide account, or have received switch cash from Nationwide. However, MSE said: “But if you’ve previously received a bonus by switching into a sole account, and you’re now switching into a joint account, you will still qualify (and vice versa).”

How to get the £175 bonus:

• Open the account online (or switch into an existing FlexDirect account)
• Switch over an account from a different bank, including two or more direct debits, within 28 days
• Within 31 days of requesting the switch, pay in £1,000 or more and make at least one payment using the debit card
• The £175 is paid within 10 days of meeting all the criteria

MSE added: “You can also get the free £175 by switching into Nationwide’s £18 a month FlexPlus packaged account or its fee-free FlexAccount – though you won’t get the 5% interest and 1% cashback.”

Co-op Bank 

By switching to a current account with the Co-op Bank you can get a free £100 up front, plus £25 a month for three months and 7% interest linked regular saver. This is also available with the Everyday Extra account but this comes with an £18 a month fee.

To qualify you can’t have had switch cash from Co-op Bank since November 1, 2022.

How to get the £100 switch bonus:

• Open a new account and request to switch in an account from a different bank within two weeks. You can also switch a current account held with a different bank to an existing Co-operative Bank account before the offer expires
• Complete a full switch within eight weeks
• Within 30 days of the switch completing: deposit £1,000 or more, have two or more direct debits, register for online banking or its mobile app, and make 10+ transactions using the debit card

The £100 will be paid within seven days of meeting all criteria. How to get the £25 a month for three months:

• Qualify for and receive the £100 bonus above
• Each month thereafter: deposit £1,000 or more, make 10 or more transactions using the debit card and have two or more direct debits. Month one begins the day after you receive the £100 bonus
• Each £25 is paid within seven days of “your month” ending

For more information, visit the MSE website here.