HOW TO GET A FREE £200 IN TIME FOR CHRISTMAS BY SWITCHING BANK ACCOUNT

Switching bank accounts is one of the easiest way to get a bit of 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.

If you do it now and the switch goes through quickly, it's possible to get the money before Christmas - but more realistically, the money will arrive in the New Year, to help pay for one of the most expensive times of the year.

There are just two bank switching deals could potentially land in your bank account in time for Christmas. Here's how to get them.

Lloyds: £200 (10 working days)

Lloyds is dangling a £200 carrot in front of new customers who leave their current account and open a Club Lloyds, Club Lloyds Silver, Club Lloyds Platinum or Lloyds Premier account.

These accounts come with a monthly fee ranging from £5 to £22.50 a month in exchange for a range of perks, from free cinema tickets to online healthcare appointments.

You must open one of the eligible Lloyds accounts either online or on the Lloyds app. During this process, you will be asked if you would like to switch your account through the Current Account Switch Service, which you must do.

You must transfer at least three active direct debits from your old account as part of the switch. Direct debits set up after your switch has been started and other types of automated payments, such as standing orders and recurring card payments, won't count.

You will not be able to receive the switching cash if you have received a switching offer since April 2020 for switching to any Lloyds, Bank of Scotland or Halifax Bank account.

The cash will be paid into your account within ten working days of your switch completing.

Deadline: The cash offer ends on 17 December 2025.

Watch out: You need to make sure you use the full range of perks to warrant the accounts' monthly fees. A Club Lloyds account costs £5 a month, but this is waived if you deposit £1,500 a month in the account. 

A Club Lloyds Platinum account comes with a £22.50 monthly fee, a Club Lloyds Silver account comes with an £11.50 monthly fee and a Lloyds Premier account has a £15 monthly fee. 

Nationwide: £175 (10 days)

You can get £175 if you switch to a Nationwide FlexDirect, FlexAccount or FlexPlus.

You must switch through the Current Account Switch Service and transfer at least two direct debits. Standing orders and recurring card payments don't count. Your switch must complete within 28 days of opening an account.

Within 31 days of opening the account, you need to pay in at least £1,000. This needs to be new money, as money transferred as part of the switch from your old account will not count.

You must also make at least one payment using your Nationwide debit card.

The cash will be paid within 10 days of you meeting all the requirements.

Nationwide usually announces a £100 Fairer Share payment in May so customers could get this if it is announced and they meet the conditions.

Andrew Hagger, founder of independent information website MoneyComms says: 'If I were to pick one account to switch to, it would be Nationwide with the possibility of future Fairer Share payouts.'

Deadline: The cash offer can be withdrawn by Nationwide at any time.

Watch out: You can't get this offer if you've received a Nationwide switching offer since 2021.

And the rest...

These deals won't get you cash in time for Christmas, but could give your bank balance a boost in the new year.  

First Direct: £175 (20th of month after you switch)

To get First Direct's switching cash you need to open an account in First Direct's app. Within 45 days of opening an account you need to switch your old bank account over to First Direct through the Cass.

The switch needs to include at least two direct debits or standing orders, a deposit of £1,000, and five or more debit card payments. You also need to log on to digital banking, all within the 45 days.

You'll get the money by the 20th of the following month if all switching criteria has been met.

Hagger says: 'This would be my second choice of account to switch to as it comes with an interest-free £250 overdraft limit and an excellent record for customer service.'

Deadline: The cash offer can be withdrawn by First Direct at any time.

Watch out: If you opened an HSBC current account on or after 1 January 2018 you will not be able to get the First Direct deal, as First Direct is owned by HSBC.

Santander: £200 (up to 90 days after switching)

To get Santander's deal you need to open an eligible Santander current account, use the Cass and move across two direct debits.

After opening a Santander Everyday account, Edge, Edge Up or Edge Explorer account need to close your old account through the Cass, switch two active household direct debits and pay in at least £1,500 within 60 days of requesting to switch.

The Edge, Edge Up and Edge Explorer come with a monthly fee ranging from £3 a month to £17 a month in exchange for perks including cashback on your bills, current account and worldwide travel insurance. 

You'll get the money up to 90 days after you switch, so even if you applied today the bonus may not land until March. 

Deadline: The cash offer can be withdrawn by Santander at any time.

Watch out: Those who held a current account with Santander on 1 January 2025 or have previously received a switching incentive from the bank won't be eligible.

2025-12-11T07:29:00Z