Britons have the opportunity to pocket a free £200 simply by switching their bank accounts. Three major UK banks are currently offering cash incentives to attract new customers, a common practice in the banking industry. However, it is essential to meet all the specified requirements to qualify for the bonus.
The team at Money Saving Expert (MSE) has compiled a list of current offers to help consumers secure the best deal. At present, First Direct, NatWest, and Barclays are each providing £200 for switching. Below are the details for each offer, including how to qualify.
First Direct
By switching to First Direct's 1st Account, customers can receive £200. Additionally, account holders gain access to a 7% savings account, fee-free overseas spending, and a £250 interest-free overdraft for many applicants. MSE commented: "A clear winner if you want top customer service, or if you need an interest-free overdraft."
On top of the £200 switch bonus, the First Direct 1st Account includes:
- 7% fixed regular saver, allowing deposits of up to £300 per month for one year
- Most customers receive an ongoing £250 interest-free overdraft (subject to credit check)
- Debit card for overseas spending with competitive exchange rates
To obtain the £200 bonus, applicants must open an account via the app (or online for joint accounts). Within 45 days, they must:
- Switch in an account with two or more direct debits or standing orders
- Pay in £1,000 or more
- Make five or more debit card payments
The £200 is typically paid by the 20th of the following month.
NatWest
Switching to the NatWest Reward account offers a free £200 upfront, plus £36 per year in cashback and a 5.25% interest-linked regular saver. MSE noted: "A decent option with ongoing cashback and a strong regular saver."
The NatWest Reward account pays £5 cashback each month when customers pay in £1,250 or more, make two or more direct debits of £2 or more, and use the mobile app. After factoring in the £2 monthly fee, this yields a net gain of £36 per year. To receive the £200 bonus, applicants must open an account and complete a switch from a non-NatWest, RBS, or Ulster Bank account online or via the mobile app. Within 60 days, they must:
- Pay in £1,250 or more
- Log in to the mobile app
The £200 is typically paid within 30 days.
Barclays
Switching to a Barclays bank account provides a free £200, along with 5% cashback on fuel and an optional half-price Apple TV subscription. MSE described it as: "A strong choice if you want a simple account that pays a big cash bonus, or if you usually buy fuel at Tesco."
To get the £200 bonus for switching to the Barclays Bank Account, applicants must apply and start a switch by 27 August. If completed by 31 July, they also receive 5% cashback (maximum £10 per month, paid within two working days) on purchases of £5 or more of petrol or diesel at Tesco forecourts using the debit card (including digital wallets, excluding PayPal or Curve). Esso stations linked to Tesco stores are excluded. The account has few perks, but for an optional £5 monthly fee, customers can join the Blue Rewards scheme to get Apple TV at half price (normally £10 per month). To qualify, they must also pay in £800 or more per month and register for digital banking.
Requirements for the £200 bonus:
- Open a sole account via Barclays' app (no joint accounts)
- Pay in at least £2,000 within 30 days
- Start a switch from an account with two or more direct debits by 27 August, and complete the switch within 30 days
The £200 is typically paid within 28 working days.
