Two major banks are currently offering qualifying customers up to £180 in free cash for switching to a new account. Santander is offering £180 to those who switch to its Edge Explorer account, while Nationwide is offering £175 for switching to its FlexPlus account.
Santander Edge Explorer Offer
By switching to the Santander Edge Explorer, customers can receive £180 free cash, plus a £150 worldwide hotel voucher and 24/7 remote family GP access. The account also provides 1% cashback on most household bills paid by direct debit (maximum £10 per month) and 1% supermarket and travel cashback on debit card spending (maximum £10 per month). However, the account carries a £17 monthly fee, and customers must deposit a total of £1,500 or more within 60 days.
The £17 monthly fee includes travel insurance (world, family up to 75th birthday, including winter sports), mobile phone cover for up to four household handsets (excess up to £135), breakdown cover for UK and Europe (including home start, onward travel, replacement vehicle), plus other perks such as 6% interest on up to £4,000 savings for one year and 8% variable regular saver interest on up to £200 per month for one year.
Nationwide FlexPlus Offer
Nationwide is offering £175 cash for switching to its FlexPlus account. According to Money Saving Expert (MSE), founded by Martin Lewis, this account has long been a top player but is currently outpowered by the financial benefits of Santander. Its big strength is that there is no maximum age limit on the insurance, and if you have pre-existing conditions, sometimes it will allow cover for an extra fee.
The FlexPlus account requires an £18 monthly fee, and customers must deposit a total of £1,000 or more within 31 days (can be done in instalments) and use the debit card at least once. The £18 monthly fee includes travel insurance (world, family, including winter sports, business and golf cover), mobile phone cover for all household handsets (excess up to £100), breakdown cover for UK and Europe (including home start, onward travel, replacement vehicle), and other perks such as 6.5% variable regular saver interest on up to £200 per month for one year.
Switching Process and Eligibility
MSE explained: "Switching's usually quick and easy. Use the bank's seven (working) day switch service. It closes your old account and moves all your money, direct debits and standing orders for you. You'll need to pass a not-too-harsh credit check, and most require you to have two or more direct debits to get the cash."
Banks frequently use switching incentives to expand their customer base, but it is essential to confirm you fulfil all the required eligibility criteria before making any moves. For further details, visit the Money Saving Expert website.
