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Current accounts: customers urged to switch to pocket up to £200

<span>Photograph: Leon Neal/Getty Images</span>
Photograph: Leon Neal/Getty Images

Time is running out to pocket cash freebies worth up to £200 for switching your current account.

Several banks and building societies are offering financial incentives that could prove useful but some of the deals are due to end in the next few weeks.

Nationwide is tempting new customers with £200 if they switch their current account to it, and those who move to NatWest before 3 November will receive £175. Lloyds is offering switchers £150 if they move before 14 November.

TSB will give away up to £180, and First Direct is handing out £175 to new customers.

A sign at a branch of Nationwide building society.
Nationwide is giving new customers £200 if they switch their current account to it. Photograph: Geoffrey Swaine/Rex/Shutterstock

There are different criteria that customers have to meet to be eligible for the freebies, so read the small print carefully. For example, if you switch to NatWest, you must apply online or through its app, deposit at least £1,250 into your account and log on to the mobile app before 16 December. The money will then be put into the account by 12 January 2023.

Lloyds is offering the money to customers who use the industry’s current account switch service (Cass) to open a Club Lloyds or Club Lloyds Platinum account. Assuming the transfer is successful, the £150 will be paid within 10 workings days.

Nationwide’s deal is available to those who open a FlexPlus, FlexDirect or FlexAccount current account, complete the transfer using Cass within 60 days, and move over at least two active direct debits.

Consumers will get £125 for switching to TSB Spend & Save or Spend & Save Plus but each month have to make five debit card payments, pay £500 or more into the account and have two active direct debits to get the extra £55. This offer is only available until 31 October, and applications must be made through Moneysupermarket or MoneySavingExpert.

People who switch to First Direct must deposit at least £1,000 within three months of opening the account.

Compare the other benefits on offer to check you’re getting the best deal

Jo Thornhill of Moneysupermarket

Potential switchers who are tempted by an offer should check the details carefully before making the move. Some – for example, Nationwide’s FlexPlus account – require you to pay a monthly fee.

It is also important to double-check whether you will earn any interest, and the terms and conditions of the overdraft, if the account comes with one.

Jo Thornhill, a personal finance expert at Moneysupermarket, says: “After checking you can meet their criteria, compare the other benefits on offer to check you’re getting the best deal.

“Keep an eye on any monthly or annual fees attached to certain accounts, and make a note of when the high-interest rate offer will come to an end, so you can look at shopping around again for a good deal then.”

There may also be restrictions if you have had an account with that bank previously, so make sure you qualify for the freebie before starting the process.