High street banks are paying you to switch your current account - and some will send out the money in time for Christmas.
Known as "switch bribes" these are cash incentives to entice you to sign up as a customer.
However, you’ll need to meet certain eligibility criteria first in order to get the cash.
For example, some banks will ask that you’re a new customer - or sometimes you’ll need to deposit or spend a certain amount.
You also need to make sure the account is right for you, in terms of its overdraft and interest offerings.
First Direct, TSB and Nationwide and all have cash “switch bribes” on offer right now. We explain all the eligibility criteria for each bank.
Nationwide - £200
Nationwide is offering £200 if you’re a new customer switching your current account - the highest bank bribe right now.
The money applies to those moving to a Nationwide FlexPlus, FlexDirect or FlexAccount.
You must be switching from a non-Nationwide account to be eligible for the cash, and not have had an account with the building society since August 18, 2021.
Other criteria you must meet includes moving over at least two direct debits within 60 days of requesting the switch.
The Nationwide FlexDirect is free to keep open, offers 5% fixed interest on up to £1,500 for a year, and many get a 0% overdraft too, also for 12 months.
After one year, arranged overdrafts are charged at 39.9% EAR variable.
You pay £13 a month to keep open a FlexPlus account but it comes with worldwide travel, mobile phone and European breakdown cover.
Nationwide hasn't said if there is an end date to this offer. The £200 is paid within 10 days.
TSB - £180
If you open a new TSB Spend & Save account through MoneySavingExpert you’ll get £125 upfront and an extra £55 if you meet the following eligibility criteria.
To get the cash, you need to keep your account open and each month: pay in at least £500, make five debit card payments and have two direct debit payments.
You can't have ever had a switch bonus from TSB and must be switching from a non-TSB current account.
The switch has to be completed by November 18. The further £55 is paid by June 30, 2023.
In addition, the TSB Spend & Save account offers £5 cashback each month for the first six months if a customer makes 30 debit card payments.
Arranged and unarranged overdrafts are both charged at 39.9% EAR variable.
First Direct - £175
New customers can get £175 by switching their current account to the First Direct 1st Account.
You can also get £20 just for opening an account - so not switching and closing your main current account to First Direct.
To get the main £175 bonus, you need to complete a switch to First Direct and pay in ay least £1,000. The £175 is paid within 28 days.
For the £20, you need to open an account and use mobile or online banking within three months. The £20 is paid within the first four months.
You must not have ever had any First Direct account or have opened a current account with HSBC since January 2019 to get the switch money.
The 1st Account offers an arranged overdrafts at 0% up to £250, then 39.9% EAR variable.
Unarranged overdrafts are charged at 39.9% EAR variable.
NatWest - £175
You can currently get £175 by switching to the NatWest Reward or RBS Reward accounts.
In addition, you could also get £5 a month cashback if you use the mobile app and pay out two direct debits.
There is a monthly account fee of £2, which means you'll be making £3 from the cashback - so £36 over the year.
NatWest Select, RBS Select and Ulster Select accounts are also eligible for the £175 switch and they don't come with a monthly fee - but you won't get the £5 monthly cashback.
To get the cash, you can't have had a switch bonus from NatWest, RBS or Ulster Bank since October 2017.
You also can't be switching from the same bank.
The eligibility criteria includes opening and switching to a new account by 5pm on November 3 for NatWest, or by 5pm on October 20 for RBS and Ulster.
You then need to pay in at least £1,250 and use mobile banking. The £175 will be paid by January 12 for NatWest, or by December 29 for RBS and Ulster.
Arranged and unarranged overdrafts are both charged at 39.49% EAR variable.
With the NatWest and RBS accounts, you can open a linked 5.12% regular savings account where you can save up to £150 a month.
Lloyds Bank - £150
Switch to a new or existing Club Lloyds account and get £150 as part of its latest incentive.
New customers can also choose to claim a gift each month - including six cinema tickets, 12 digital movie rentals, a Gourmet Society membership, or an annual magazine subscription.
You must pay in at least £1,500 per month or pay a £3 monthly fee to keep the account open.
You can't have had a switch bonus from Lloyds since April 2020 to get the £150 - and you must be switching from a non-Lloyds current account.
The deadline is November 14, 2022.
With the Club Lloyds account, you get 0.6% AER variable interest on the first £4,000 you pay in, then 1.5% AER variable on the next £1,000 and 0% on everything above £5,000.
You need to have at least two monthly direct debits to get the interest.
Arranged overdrafts are charged at 27.5% EAR variable - the first £50 is at 0%, while switchers also get 0% for the first three months.
Unarranged overdrafts are charged at 0%.
