Last chance to switch bank accounts before Christmas for a bonus payout

Savvy Brits looking to get their hands on free cash before Christmas will have to act quickly if they want to get a payout before December 25.

A major bank is finalizing its switching bonus tonight, but customers can still receive it if they act now.

NatWest will pay £180 to those who switch via the Current Account Switch Service (Cass).

NatWest promises the money within seven days of your transfer being completed.

The switch must be initiated today (December 11) before the offer is withdrawn.

Nationwide’s £175 switching bonus will be received within 10 days of completing the switch – meaning it should sneak in before Christmas Day if claimed today.

Santander and First Direct are also offering between £150 and £175 to new customers looking to quickly switch banks before Christmas.

Here you will find all the switching bonuses that are still available and what you need to do to get them.

NatWest – £180 (money arrives within seven days)

NatWest’s switching deal ends today, December 11, but if you open an account before 11:59pm tonight you can still get the deal.

Customers must use the Cass, deposit £1,250 into the account and log into the mobile app within 60 days of switching.

Once all these steps have been taken and the transfer is complete, the £180 cash is promised within seven days.

Existing NatWest customers who transfer their current account from another current account to the Rewards account can get this deal.

Direct debits and standing orders are automatically transferred to the newly opened account within a week via the Payment Account Switching Service.

This cash bonus is only available to customers who open the NatWest Rewards account and not the Everyday or Select current account.

Nationwide – £175 (money arrives within 10 days)

Britain’s largest building society is offering a £175 bonus to those who switch to one of its current accounts. If the criteria are met, the money will be paid out within ten days.

To receive the cash bonus, customers must complete a full switch to a Nationwide FlexPlus, FlexDirect or FlexAccount through the Cass.

The new account must be opened via Nationwide’s website, online banking or mobile banking app. The transfer must be requested as part of the application.

When switching, at least two active direct debits must be transferred to the new account. Customers must also deposit £1,000 into the account and make one card payment within 31 days.

The switching incentive is available to new customers who open an account on or after September 25, 2024.

If a customer were to open a single or joint account after August 18, 2021 and were eligible for the previous incentive, they would not be eligible if they were to open the same type of account again (single or joint).

However, if they had previously opened a single account and now open a joint account, they would be eligible for the deal and vice versa.

Existing customers can also convert a current account they have with another provider directly via Nationwide’s internet banking to an existing account. The transfer must be completed within 28 days of request.

First Direct – £175 (money arrives before January 20)

First Direct will pay a £175 cash bonus to customers who convert their main account to a first account.

Customers must switch via Cass and complete at least two direct debits or standing orders.

They must also pay a minimum of £1,000, make at least five debit card payments and log into digital banking.

Customers will receive the money no later than the 20th of the following month after the switch is completed. Customers will therefore only receive this switching deal in January if they open the First Direct account now.

Santander – £150 (money arrives within 90 days)

Santander’s switching bonus comes with minimal hoops to jump through compared to competitors, but don’t expect the money to hit your account until 2025.

Customers must deposit a minimum of £1,500 and set up two direct debits within 60 days.

Eligible customers will receive the bonus payment within 90 days of starting the switching process.

Santander said existing customers with a qualifying current account can use the switching service to transfer their balances and direct debits from other banking providers to their Santander account and still receive the bonus.

Existing Santander account holders can transfer to online banking or make an appointment in a branch.

Anyone switching to a Santander account is only eligible if they have not received a Santander switching bonus since September 2021.

Santander charges £3 per month for an Edge account and £5 per month for Edge Up and Private accounts.