Go. Compare experts are encouraging people to perform an essential check that could result in receiving up to £175 in free cash. As the new year looms, the price comparison specialists suggest that a simple review of your financial arrangements could yield a tidy sum just by changing banks. Current deals include a £175 bonus from Nationwide, a £150 sweetener from Santander, and a £175 incentive from First Direct.
Go. Compare’s finance guru, Matt Sanders, said: “Switching your bank could make you a bit of cash. Some banks and building societies offer an incentive to move your account to them and with the Current Account Switch Service, it’s easier than it has been before.
“Using the Current Account Switch Service means your direct debits and scheduled payments will be automatically moved over to your new account. However, it’s crucial to be aware of the specific conditions tied to the switch offer you’re considering.”
For example, to secure Santander’s £150, customers must open a qualifying Santander account and deposit at least £1,500. It’s also important to act quickly on these promotions as they may not last indefinitely, such as Lloyds’ recently ended £200 switching deal, reports Lancs Live.
In response to an enquiry about its £175 switch offer, Nationwide has recently issued a reminder that this incentive is only available “for a limited time”.
Mr Sanders has also shared some shrewd tips for saving extra cash. He recommends taking advantage of cashback sites to “make a little bit of money back” on everything from the latest fashion and beauty goods to holiday bookings and your favourite takeaways.
In addition, he’s prompting folks to see if switching energy suppliers could lead to savings in 2025, particularly as households face the double whammy of an energy price cap hike and rising bills starting January 1. According to guidance from Go.Compare, securing a more affordable tariff may even result in your current provider matching the offer.
Financial vigilance is another key piece of advice from Mr Sanders; he emphasises regularly reviewing bank transactions to keep track of income and outgoings. Liz Hunter, director at Money Expert, highlights just how crucial this practice is, saying: “It means you can stop problems in their tracks; whether that be fraudulent charges or simply being a little too close to your overdraft (and the fees that come along with it) than you’d like.”
She urges account holders to make a habit of this in 2025, suggesting: “So throughout 2025, make checking your accounts a priority. This might be a weekly sit-down session where you review what you’ve spent and what you’ve got left to spend – or, if it feels more achievable – a quick balance check once per day.”