Last chance to switch current accounts for bonuses before Christmas with Lloyds and NatWest offers about to end

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

Two banks are ending their exchange bonuses in the next two days, but customers can still get them if they act now.

Lloyds pays £200 to customers who open a Club Lloyds account, while NatWest pays £180 to those who use the current account switching service.

These banks promise cash bonuses within three and seven days respectively once the exchange is completed.

The Lloyds switch is due to start today (December 10) and the NatWest switch tomorrow (December 11) before bids are withdrawn.

Nationwide’s £175 switch bonus will arrive within 10 working days of the switch being completed, meaning it should arrive before Christmas Day if ordered today.

Santander and First Direct are also offering between £150 and £175 to new customers amid a bank-switching rush before Christmas.

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

Lloyds Club – £200 (money arrives in three days)

Lloyds’ switching deal ends today, but if you switch an account before midnight you can still get the deal.

The bank said the £200 bonus payment will be made within three days of the switch being completed, making it the fastest switch deal on the market.

To get the offer, customers must use CASS to transfer their bank account to a Club Lloyds account, Club Lloyds Platinum account or Club Lloyds Silver account.

To qualify, customers must transfer at least three direct debits from their old account.

Direct debits established after account opening will not count towards the bonus, nor will other automatic payments such as standing orders and recurring card payments.

Existing Lloyds customers who have a Lloyds current account other than these three accounts can qualify for the bonus to receive £200.

Those who have received a switch offer from Lloyds, Halifax or Bank of Scotland since April 2020 will also not be eligible for the bonus.

However, a Club Lloyds account comes with fees that will affect the exchange bonus, although with the basic account this can be avoided.

The basic account charges £3 per month, unless customers deposit £2,000 each calendar month.

Meanwhile, Club Lloyds’ platinum account comes with a monthly fee of £22.5, although £3 is deducted if you pay £2,000 in a month into the account.

If you don’t deposit £2,000 a month you will also have to pay a monthly fee of £3 on top of the £22.5 for a total of £25.5 a month.

Similarly, the Silver account also comes with the £3 fee, as well as a payment of £11.5 per month, which has increased from £10 per month.

NatWest – £180 (money arrives in seven days)

The NatWest switch deal ends tomorrow, December 11, but if you open an account before 11:59pm tomorrow you can still get the deal.

Customers must use CASS, pay £1,250 into the account and log in to the mobile app within 60 days of the switch.

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

Existing NatWest customers who switch their current account from one of their existing accounts to the Reward account can get this offer.

Direct debits and standing orders will be automatically transferred to the newly opened account within one week via the Current Account Switching Service.

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

Nationwide: £175 (money arrives in 10 days)

Britain’s largest building society is offering a £175 bonus to those who switch to one of its current accounts and, if the criteria are met, the money will be paid out within 10 days.

To get the cash bonus, customers must complete a complete switch to a Nationwide FlexPlus, FlexDirect or FlexAccount account through the current account switch service.

The new account must be opened through the Nationwide website, online banking or mobile banking app. The change must be requested as part of the application.

At least two active direct debits must be transferred to the new account as part of the switch. Customers must also deposit £1,000 into the account and make a debit card payment within 31 days.

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

If a customer opened a single or joint account after August 18, 2021 and qualified for the above incentive, they would not qualify if they reopened the same type of account, whether single or joint.

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

Existing customers can also change a current account they have with another provider to an existing account they have directly through Nationwide Internet Banking. The change must be made within 28 days of your request.

First direct: £175 (money arrives before January 20)

First Direct pays a £175 cash bonus to customers who switch their main current account to their First Account current account.

The client must make the change through the CASS and go through at least two direct debits or standing orders.

They must also pay at least £1,000, make at least five debit card payments and log in to digital banking.

Customers will receive the cash by the 20th of the following month after the switch is completed, so customers won’t receive this switch offer until January if they open the First Direct account now.

Santander – £150 (money arrives in 90 days)

Santander’s exchange bonus comes with minimal hurdles to overcome compared to competitors, but don’t expect the cash to hit your account until 2025.

Customers must deposit at least £1,500 and set up two direct debits within 60 days.

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

Santander said existing customers with an eligible 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 make a change to online banking or book an appointment at a branch.

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

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