A finance expert has highlighted two new banking deals that could see you pocket a free £150 or even £175 for switching. In an update on his website, Money Saving Expert, Martin Lewis explained how to get the free cash before Christmas.
According to Martin, Nationwide is currently offering £175 for free if you switch to its FlexDirect account. And switching to the Co-op Bank at the moment could also mean you qualify for a free £150.
In terms of the Nationwide offer, Martin said the cash was not the only incentive to switch.
He explained: “Nationwide is offering a host of perks to newbies switching to its FlexDirect account.
“On top of the £175 free cash, there’s five percent AER interest on current account balances up to £1,500 for a year (maxed out that’s £75) and one percent cashback for 12 months up to £5 per month.
“You can also get the free £175 by switching into Nationwide’s £13 a month FlexPlus packaged account or its bog-standard FlexAccount – though the five percent interest and one percent cashback aren’t available with these accounts.”
To qualify you can’t have switched into a Nationwide account, or have received switch cash from Nationwide, since August 18, 2021.
How to get the £175 bonus
Money Saving Expert detailed the following steps to claim the cash:
- Open the account online or via app (you can also switch into an existing FlexDirect account, though you won’t get the five percent interest or one percent cashback perks
- Switch in an account from a different bank including two plus direct debits within 28 days
- Within 31 days of requesting the switch, pay in £1,000 or more and make at least one payment using the debit card.
The £175 will be paid within 10 days of meeting all the criteria.
Martin shared more about the deal with the Co-op Bank, which includes a free £75 to switch, plus £25 a month for three months.
“You can get up to £150 with the Co-op Bank if you switch and stay for three months – an initial £75 switch bonus, plus £25 a month for three months,” he said. “Though you’ll need to jump some hoops to get it all.”
You will qualify for the cash if you haven’t had switch cash from Co-op Bank since November 1, 2022.
How to get the £150 bonus
To get the initial £75 from the Co-op Bank, Martin said you must:
- Open a new account and request to switch in an account from a different bank within two weeks (or switch into an existing account)
- Complete a full switch within eight weeks
- Within 30 days of the switch completing: deposit £1,000 plus, have two plus direct debits, register for digital banking, add the debit card to a digital wallet (for example, Apple/Google Pay) and make 10 or more transactions using the debit card (including via digital wallets)
- The £75 will be paid within seven days of meeting all the above criteria.
How to get the £25 a month for three months:
- Qualify for the £75 bonus above
- You’ll get £25 in each month that you: deposit £1,000 or more, make 10 or more transactions using the debit card (including via digital wallets) and, on the last day of the month, have two or more active direct debits
- Each £25 is paid within seven days of the end of your monthly period.
Money Saving Expert added: “You can fail to qualify for any of the three months’ bonuses, but still qualify for any of the others. So if you didn’t qualify in month one, you can still qualify in months two and three.”
