British banks are handing out cash: how to get up to £200 bonus for switching.

According to The Sun: British banks are ready to offer free cash payments up to £200, and customers only need to meet one condition to receive them.

These attractive offers are provided by major UK banks such as Lloyds and NatWest as part of the competition for new customers.

Among the major banks offering these free payouts is Nationwide. They are part of the incentives for switching banks and include additional benefits such as cashback and savings rates exceeding average figures.

Nationwide Building Society

The first bank on the list offers customers £175 for a full switch via the Current Account Switch Service (CASS).

Those who join can choose one of three accounts: FlexPlus, FlexDirect, or FlexAccount.

The FlexDirect account provides 5% AER interest on balances up to £1,500 for the first 12 months along with 1% cashback on debit card spending, with a maximum of £5 per month.

By combining these bonuses with cashback and interest, savvy savers can receive up to £400 in free payments during the first year.

“It has never been more rewarding to be a member of Nationwide, so we want to help more people take advantage of this switch,” said Nationwide's product director, Tom Riley.

This organization consistently ranks top for customer service and has already attracted over a million new customers through CASS since 2013.

Lloyds Bank

To receive £200 in free cash, Lloyds Bank offers bonuses to customers who switch their bank account.

People transferring their existing account to Club Lloyds or Lloyds Premier can receive this free cash, provided they set up three or more direct debits.

NatWest

For those switching to NatWest, customers can get up to £175 provided they choose a Select or Reward account.

However, they must first deposit £1,250.

Customers also need to log into the mobile app within 60 days.

Other major banks

RBS, part of the NatWest group, also offers £175 for switching to a Select or Reward account if they deposit £1,250 and log into the app within 60 days.

First Direct offers £175 for switching to its popular 1st Account.

Customers must deposit a minimum of £1,000, set up two direct debits or standing orders, and make five debit card payments within 45 days.

The Credit Union's offer is £100, with a chance to earn an additional £75.

Customers need to meet the same requirements as First Direct switchers within the next three months.

Financial expert Kate Steer noted that the Nationwide package could be the most advantageous over 12 months, considering interest and cashback.

“If you maximize your savings and cashback alongside the switching bonus, you could receive nearly £400 in your first year,” she stated.

Lloyds, in turn, offers the largest one-time payout — £200 to the account.

These offers reflect the growing competition among banks in the UK for new customers. Customers have the opportunity not only to receive free cash but also to take advantage of favorable savings conditions. This can be a great incentive for those planning to switch bank accounts or simply want to get more from their finances.

Among the numerous offers, it is important to carefully review the terms and choose the best option that meets your needs and financial goals. Given the potential benefits, now is the perfect time to consider switching banks.