Free money is something we could all do with as Christmas approaches, and some banks are so keen to take on new customers that they offer a cash incentive. There are also various rewards up for grabs which people can make the most of. The likes of free TV streaming services, cinema tickets and magazine subscriptions are on offer so it pays to shop around for the best deals.
Which banks are offering money to switch before Christmas? Lloyds The Club Lloyds account is offering £200, and a choice of reward for new customers who switch accounts from a different bank by December 10. Rewards include a choice of 12 months' Disney+ (with ads), six cinema tickets, a Coffee Club & Gourmet Society membership, or a subscription to a magazine. You also get access to a linked regular saver paying 6.
25% fixed interest for a year on up to £400/month The fine print: There's a £3 a month fee unless you pay in £2,000 a month. Customers will need to set up at least three Direct Debits, and the £200 is paid within 10 working days of the switch starting. You can't have had a similar deal with Lloyds, Bank of Scotland or Halifax since April 2020.
NatWest The NatWest Reward account offers £180 cash to switch, plus £3 a month cashback to customers switching from another bank. It also gives access to a 6.17% AER interest linked regular saver, which allows you to save up to £150 a month, and pays 6.
17% variable interest on up to £5,000. The fine print: The account comes with a £2 a month fee, .