The Money Saving Expert site founded by Martin Lewis says people should check their bank account to see if they can get a free £200 in time for Christmas. It says many banks pay cash if you swap your current account to theirs.
This means that if you aren't with one of the best payers, you could get yourself some free cash as the cost of living rises. The switching offers were largely unavailable at the height of the Covid pandemic.
But the Mirror reports that they are now back with a bang. You will, however, need to check on the terms and conditions - and for some, you will have to pay in a certain amount every month.
The latest MoneySavingExpert money trips email says: "With costs rising and Christmas coming, the thought of festivities may lead to furrowed brows. One bit of relief is that six banks are currently willing to pay you legal bribes to switch to them, including the biggest upfront cash we've seen for years. So unless your current bank makes you smile, why not ditch, switch and earn?"
At the time of writing, the site said the top cash offer comes from Nationwide. The building society is paying £200 to new customers who take out its FlexPlus, FlexDirect or FlexAccount current accounts.
To qualify for the cash boost, customers must complete a full switch, including a minimum of two active direct debits, which must be transferred to the new account. They will then get the cash within 10 days.
Meanwhile TSB is paying out £180 for people who take out its Spend and Save current account. You'll get £125 by December 16 if you set up two direct debits.
The rest will be paid later. But to get the cash you'll need to take the account out through MoneySuperMarket or MoneySavingExpert.
First Direct is also paying customers to switch. The bank is paying £175 for people taking out its 1st Account.
To claim the money, customers will have to put £1,000 into the account when it opens. After that there is no minimum amount to pay into the current account every month.
NatWest and sister bank Royal Bank of Scotland is also paying out £175 to people who switch. The NatWest and RBS Reward current accounts give switchers £175 in cash plus £5 a month cashback.
However, the accounts do come with a fee of £2 a month so you get £3 a month in real terms. You'll also need to pay in £1,250 a month to either account and pay out two direct debits of at least £2 a month. Alternatively you can take out the bank's Select current account - which has no monthly fee - and still get the £175.
Finally, Lloyds Bank is paying anyone who takes out its Club Lloyds current account £150. The cash will be paid within 10 days of opening an account. But to get the cash you'll have to pay in £1,500 a month or else pay a fee of £3 a month.
Money Saving Expert added: "To bag the free cash you usually need to pass a not-too-harsh credit check and then use the bank's seven working-day switching service. This auto-moves your balance, standing orders and direct debits for you. Plus it'll close your old account, and ensures any payments to it are auto-forwarded. Most say the process is easy and hassle-free to do."
