The free money landed in my account as promised
I’d put it off for years and I won’t do it again(Image: )
Unless you’ve been living under a rock, you’re probably aware that many banks offer switching incentives to entice new customers. Having been with the same provider since I was 16, I didn’t fancy making the move initially, as it seemed like too much of a faff.
However, after reading up on it and realising it is essentially done for you, I decided to give it a go. Back in 2023, I requested to move my current account to one with Nationwide, having been made aware of a free £200 bonus offer.
Using the Current Account Switch Service (CASS) the move was incredibly straightforward. My old account was closed, the new one was opened, and everything was swapped across for me. I later received my cash and I was happy with that.
I have heard of some people switching banks again and again, to receive more ‘free’ money. In theory you can move your account for switches as often as you’d like as long as you’re eligible, although it may affect your credit rating.
That said, I won’t be moving my Nationwide account any time soon. This is because not only am I appreciative of Nationwide’s ethics and values, but I’ve had plenty of free money staying put too.
Nationwide has issued three lots of £100 Fairer Share payments in the time I have had my account, as well as a £50 thank you payment in 2025. And while a 2026 Fairer Share payment has yet to be confirmed, Nationwide said it is “our intention to make a payment every year”.
There are a number of banks offering switching incentives at the moment. Switching to the Santander Edge account delivers a free £200 alongside 1% cashback on household bills (paid by Direct Debit) and access to a 6%t easy-access savings account.
The Edge account carries a monthly charge of £3. To be eligible, you need to deposit £1,500 just once, typically from your monthly wage. The accompanying Edge Saver account pays six per cent on up to £4,000 for the first year – amounting to approximately £240 in annual interest.
To receive the interest and cashback, you must pay in £500 or more each month and maintain at least two Direct Debits.
Elsewhere, switching to the First Direct 1st Account will give eligible customers a free £175, together with a £250 0% overdraft and access to a 7% regular saver account.
To qualify for this offer, you must not have previously held any product with First Direct, including having opened an HSBC current account since January 2018.
You’ll need to pay in £1,000 or more each month, set up at least two Direct Debits, and complete five or more debit card payments within 45 days. The £175 will be paid by the 20th of the following month after satisfying the switch bonus criteria.
And Nationwide continues to offer a switching bonus, although it’s slightly less than the amount I received at £175. Switching to the Nationwide FlexDirect Account also provides a £50 overdraft with 0% interest and access to a 6.5% regular savings account.
To be eligible for this offer, you must deposit a minimum of £1,500 monthly and set up at least two Direct Debits within 28 days. The £175 is credited within 10 days of meeting all requirements.
All of the above deals require completion through the Current Account Switch Service (CASS), which protects your money and usually completes within seven working days.
