Martin Lewis and his Money Saving Expert team have shared the banks which are handing out free bonuses for customers in the wake of Christmas. The BBC and ITV star’s team have shared the bonuses you can get for switching now 2025 has started.
MSE explains how banks are trying to encourage switchers to ditch their current accounts and begin custom with themselves instead. Among the cash offers being handed out are from Santander and first direct, MSE has explained.
Your money is secure – the Financial Services Compensation Scheme (FSCS) guarantees up to £85,000 per person, per financial institution. This means that if your bank ever went bust, you would be guaranteed your money back (up to £85,000).
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Santander – £150
Santander is offering a lower bonus of £150, but new customer switching to an Edge account will also have access to 1% cashback (up to £10 a month) on selected household bills when you pay by Direct Debit, as well as 1% cashback (up to £10 a month) at supermarkets and on travel costs when you use your debit card (exclusions apply).
The £150 will be paid between 60 – 90 days after starting the switch.
First Direct – £175
First Direct are offering new customers a £175 ‘welcome bonus’, a £250 interest-free overdraft (subject to status), access to a 7.00 per cent AER/ gross Regular Saver account, and zero fees for using your card abroad.
Customers who are eligible will get the free cash within 45 days of opening your account using the Current Account Switch Service if you meet the following conditions: se t up two Direct Debits or standing orders, make five or more debit card payments, log on to digital banking, deposit £1,000 and are a new customer to First Direct
Nationwide – £175
Nationwide are also handing out £175 for free for those moving to its FlexDirect account. “On top of the £175 free cash, there’s 5% AER interest on current account balances up to £1,500 for a year (maxed out that’s £75), 1% cashback for 12 months up to £5/month, plus a 0% overdraft on up to £50,” explained MSE.
“You also get access to a linked regular saver paying 6.5% variable interest for a year on up to £200/mth (maxed out, it’s £85/year interest).” You must put at leat £1,000 into the account (not counting transfers or Visa credits), pay for something once using your debit card and have two Direct Debits.