Four banks offering up to £160 free cash to new customers who switch accounts this summer

If you are beginning to feel the financial pressure this summer due to the rising cost of living and upcoming increase to energy bills, a quick way to boost your cash flow is to get paid for switching your bank account.

The team at MoneySavingExpert.com are always on top of the latest bank switching offers and in this week’s newsletter, they have shared details of four that are offering cash incentives of up to £150. Switching is much simpler these days and your incoming and outgoing funds along with direct debits, standing orders and recurring payments are fully protected by the Current Account Switch Service.

The switch can be completed in as little as seven working days and most banks or building societies will allow you to select a date to transfer accounts that suits you. And if you’re a bit unsure of doing it, take comfort in the knowledge that more than eight million current accounts have been switched since the Current Account Switch Service launched in 2013.

For full details on the switching deals on offer, visit the MoneySavingExpert.com website here.

Here are the highlights of the deals on offer.

Santander 123 Lite

• Deal: £160 free cash plus 1-3% cashback on bills paid by direct debit, for a set fee of between £2 and £10 defending on the tier you choose. MSE has full details on utility bills included but you’ll get 4% back on energy bills for September and October with the £10 monthly fee.

First Direct 1st Account

• Deal: £150 free cash with a 0% £250 overdraft for many new customers - you can do an application during the initial switch process.

Halifax Reward

• Deal : £150 free cash, plus you can get freebies such as cinema tickets. It’s fee-free as long as you pay in at least £1,500 each month, otherwise you’ll need to pay a £3 monthly account fee.

Nationwide FlexDirect

• Deal: £100 free cash for new customers or £125 for existing customers and MoneySavingExpert.com says it is especially strong for those who are overdrawn. It is another fee-free account and offers a 12-month 0% overdraft, however, the limit you get will depend on your credit record.

If you’re not fussed about who you bank with and won’t need a long bank history for any mortgage or car finance checks coming up, switching may be a fast way to make some cash as most of the banks pay the money out within 30 days of the minimum pay in level being met.

Read the full details on MoneySavingExpert.com here.

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