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Brits can make free cash during October by closing their bank accounts and moving to another provider. Households are being alerted to a number of deals from banks who will pay you for your custom. Anyone who is interested should act sooner rather than later as the offers can be pulled at any moment. READ MORE: Keir Starmer confirms October cost of living payments for six million households Get our best money saving tips and hacks by signing up to our newsletter It makes now a good time to change banks with various deals available. Lloyds is offering £200, while Nationwide, NatWest and First Direct will pay £175, while banks may also offer other perks. Customers may want to move between these banks in order to get the payments. Finance experts encourage people to take advantage of the deal if they are keen to make extra cash. They say moving is easy through the Current Account Switch Service. Switchers normally need to complete a few steps to get the money, such as depositing a specific amount and shifting direct debits. Kate Steere, money expert at the personal finance site Finder, said: "If you’re looking at the biggest cash payment, Lloyds is currently offering a market-leading £200 when you switch to one of its Club Lloyds or Lloyds Premier accounts. "However, the best deal on the market right now is actually Nationwide’s £175 offer because it will get you the most over the course of the year. "If you opt for the FlexDirect account, you get 5% AER on balances up to £1,500 for 12 months. "If you keep that in your account for the full year, you could earn up to £75 in interest. "You also get up to £60 cashback on debit card purchases for 12 months and access to the Flex Regular Saver at 6.50% AER. "If you save the maximum of £200 every month, you’ll earn £84.50 in interest in a year. "That’s a chunky £394.50 in your first year, including switching bonus, maximum savings interest and cashback."
