Switching bank accounts can be rewarding anytime, but with Christmas approaching, those extra pounds can make a real difference in holiday spending. Several leading UK banks are currently offering substantial cash bonuses to encourage new customers to switch using the Current Account Switch Service (CASS).
Santander leads with a £200 incentive for customers switching to eligible Everyday, Edge, Edge Up, or Edge Explorer accounts. These accounts may carry monthly fees ranging from £3 to £17, which come with benefits like cashback on bills and travel insurance. Be aware that the £200 bonus could take up to 90 days to be credited, meaning if you switch now, your bonus might not arrive until March. Also, to qualify, you must not have held a Santander account on January 1, 2025, or previously received a Santander switching bonus.
Nationwide offers a £175 switching bonus when you move to a FlexDirect, FlexAccount, or FlexPlus account via CASS. This payment is made within 10 days of meeting all the criteria, providing quicker access to your festive funds. Note that this offer can be withdrawn without notice and excludes customers who have received a Nationwide switching bonus since 2021.
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Lloyds Bank presents a £200 bonus for customers switching to Club Lloyds, Club Lloyds Silver, Club Lloyds Platinum, or Lloyds Premier accounts. The bonus is paid within 10 working days of the switch completion. To qualify, you cannot have received a switching bonus from Lloyds, Bank of Scotland, or Halifax since April 2020. The offer ends on December 17, 2025, so acting promptly is essential.
Other accounts, like First Direct’s 1st Account, also offer £175 for new customers switching through CASS, with payment arriving by the 20th of the month following completion. However, for many of these deals, waiting periods can extend beyond Christmas, so those wanting immediate holiday help should prioritize the faster rewards.
In summary, if you’re considering switching your bank account this festive season, these incentives offer a timely cash boost. Just be mindful of the terms and timelines to ensure your bonus arrives when you need it most.