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Six high street banks are handing out cash sweeteners to temp customers to jump ship from their main bank account in exchange for up to £200 in free cash. Banks tend to ramp up their cash switching deals in the run-up to Christmas as they know people will be looking for ways to get a bit more cash at what is an expensive time of the year. In total, there is £1,105 up for grabs from the six banks, and in theory you could get it all with the Current Account Switch Service (Cass) doing the heavy lifting for you when you switch bank. This is Money reveals every single bank switching deal on the market, what you need to do to get it and how long it will take to get the cash. Lloyds: £200 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 Cass 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 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 Deadline: The cash offer can be withdrawn by Lloyds at any time. 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. Barclays: £200 Customers who switch to a Barclays bank account and then open a Barclays Blue Rewards account can get a £200 cash bonus. To get the cash, customers need to download Barclays' bank account and open a sole Barclays bank account. Then you need to join Blue Rewards in the Barclays app. Blue Rewards gives you boosted rates on savings, cashback on everyday spending, and an Apple TV+ subscription for a £5 monthly fee. Once the bank account is open and Blue Rewards signed up for, you must start a bank switch from your old account into the Barclays account through the Cass. This can be done in the 'Services' tab in the Barclays Bank account. The full switch must be started no later than 27 November 2025. At least two active Direct Debits must be transferred within 30 days of opening the account. You must also pay £2,000 into your new Barclays account within 30 days of opening it. The £200 will be paid into your new account within 28 working days of meeting the eligibility requirements. Deadline: 27 November 2025 Watch out: The Blue Rewards account will cost you £5 per month, so it's best to only switch if you feel you can get the best value from it. Custumers who open a TSB Spend & Save or Spend & Save Plus account will receive £180. This comes in two parts: £150 upfront and £10 per month cashback for three months. You must open one of these accounts online, in the TSB app or in a branch. Then switch through the Cass to close your old account. This must be done by 9 December. You need to make a minimum of five payments using your new debit card and log into the TSB Mobile Banking App at least once by 9 December. You must also pay at least £1,000 into the account you're switching into. Funds transferred from another TSB account into the account you're switching into will not count towards the £1,000. The £150 will be paid into your new Spend & Save or Spend & Save Plus account within 28 days after you've completed these steps. The £30 cashback will be paid if you make 20 or more payments per month using your debit card in the first three months after the month you received the £150 switching cash. Deadline: The cash offer can be withdrawn by TSB at any time. Watch out for: Fees. The Spend & Save Plus account comes with a £3 monthly fee. In exchange you can get a £100 interest-free overdraft, earn up to £5 a month in cashback, and fee-free spending when you use the card abroad. NatWest: £175 To get NatWest's £175 cash deal you will need to switch to a NatWest Select, Reward, Premier Select or Premier Reward account through the Cass. Within 60 days of your switch completing, you will need to pay in £1,250 once the account is open. This can be made of multiple payments and must remain in the account for 24 hours. You also need to log in to the NatWest banking app. You will not be able to get the cash if you've received a switching bonus from a NatWest, RBS, or Ulster Bank switch offer before. The £175 will be paid into your account within 30 days. Deadline: The cash offer can be withdrawn by NatWest at any time. Watch out: You will not be able to get the cash if you've received a switching bonus from a NatWest, RBS, or Ulster Bank switch offer before. Nationwide: £175 You can get £175 if you switch to a Nationwide FlexDirect, FlexAccount or FlexPlus. You must switch from your current through the Current Account Switch Service and transfer at least two direct debits as part of your switch. 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, money transferred as part of the switch from your old account will 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 conditons. 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 NatWest at any time. Watch out: You can't get this offer if you've received a Nationwide switching offer in since 2021. First Direct: £175 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 inclide at least two Direct Debits or standing orders, a deposit £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 in which all switching criteria has been met. Mr Hagger says: 'This would be my second choice of account to switch to as it comes with an interest0free £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. And what to watch out for… Switching bank accounts regularly can have a detrimental impact on your credit score because each application can involve a hard credit check being made on your record. Mr Hagger says: 'If you make multiple applications in a short timescale, it can make you appear financially unstable to lenders. 'Although a single switch is unlikely to cause major harm, frequently switching bank accounts could lower your score and affect your ability to get credit in the future.' Assuming you are eligible for all the deals, there's nothing to stop you moving from one deal to another, but after a couple of switches - most will take a minimum of a month by the time you get your cash payment - you may find that the rest of the deals have already expired. You should also bear in mind that you could get to the stage where there's no bank left for you to switch too and you'll be stuck with the last bank you choose. Mr Hagger says: 'Banks will exclude you from further switches for many years - for example with First Direct you can't switch if you've opened an HSBC current account since January 2018 - that's almost eight years.
