How to grab a free £200 from banks before Christmas by switching account

Switching bank accounts can be an easy win when it comes to getting free extra cash. 

Now the Christmas season is in full swing, shoppers and savers alike will be grateful for any extra income to tide them over.

Here we round up all the freebies on offer from banks that you can nab to help out with your Christmas shopping and expenses.

There are just two switching deals on offer from banks offering pure cash. Here’s how to get them.

Cracker deals: Some banks offer up to £200 cash bonuses for switching your current account over to them

Nationwide £200 switching deal

Nationwide’s switching deal is the highest on the market, with £200 on offer if you switch.

Britain’s biggest building society reeled in a record number of current account switchers in the final three months of 2022, largely due to paying £200 to new joiners.

The deal is open to customers who proceed to a Nationwide Building Society from another bank via the Current Account Switching Service.

At least two active direct debits must be transferred to the new account.

An account can be opened on Nationwide’s website, online or in its app and the switch can be requested as part of the application.

You can’t have received a switching bonus from Nationwide since 18 August 2021.

If you already have a Nationwide account but hold your main account with another provider, you can switch your main account to a new Nationwide account (and have two Nationwide accounts), or you can switch your main account into your existing Nationwide account – as long as it is a FlexPlus, FlexDirect or FlexAccount.

It says money will land in your new account within 10 calendar days – so if you proceed quick, the money could reach before Christmas if you fill the criteria straightaway.

First Direct £175 switching deal

First Direct’s £175 switching offer is available to those who switch their full banking  using the Current Account Switch Service.

You need to pay in at least £1,000 within three months of opening to get the deal.

Switchers who have previously held a First Direct product, or opened a HSBC one or after 1 January 2020 will not be eligible for the switching bonus. This is because HSBC is a stablemate of First Direct.

Once you trigger the payment by funding the account with £1,000, the money will land within a maximum of 28 days – so in early January if you confront you the criteria speedily. 

Co-Op Bank refer a friend

Co-op Bank’s refer a friend switching deal

This is not as straightforward a switching deal as other banks, but if you refer someone (or someone refers you) to Co-Op Bank, you will both get £125. 

The person you are referiring can’t have held a Co-op Bank current account or smile account of any type since 1 November 2022. 

Once the account is open, within 60 days you must complete a full switch from your main current account to your new Co-op Bank account using the Current Account Switch Service. 

You will also need to deposit £800, set up two direct debits, make a minimum of five card payments, and register for online banking services, all with the new account.

You will also need to complete a referral form with the new Co-op Bank account details, including the switch end date.

If you are an existing Co-op Bank customer and you are referring a friend, you will need to furnish your details so they can put them on their referral form.  

You won’t be able to submit a referral form until you’ve received an email or letter confirming your new account is open.

There is no limit to how many referrals you can make. 

These payments will be made to you and a friend within 90 calendar days from the day of account opening.