Santander, Lloyds, Nationwide, NatWest sending free £1,030 to customers

Santander, Lloyds, NatWest and Nationwide customers are having free £1030 payments before Christmas. Bank switchers can get a share of £885 in bonuses instantly from Lloyds, Natwest, Nationwide, Santander and First Direct.

Santander says within 60 days of initial switch request, you must have completed the full switch using the Current Account Switch Service, paid at least £1,500 into your eligible account and have 2 active Direct Debits on your eligible account.

It states: "Using the Current Account Switch Service, submit to switch your external current account to your eligible account before we remove our offer. Your old account will close as part of this process. Existing Santander account holders can submit a switch in online banking or book an appointment in branch."

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And Santander isn't the only bank issuing free payouts and payments to customers. It says: "We’ll check you have met eligibility 60 days after your initial switch request. We will pay you within 90 days of your request to switch. Your incentive will be received in 2025. What a start to your year!"

Lloyds - £200

As well as the upfront switch cash, with Club Lloyds you can choose one of the rewards above each year. Money Saving Expert explains: "Do note there's a £3/month fee unless you pay in £2,000+ a month. You also get access to a linked regular saver paying 6.25% fixed interest for a year on up to £400/month (maxed out, it's £161/year interest)."

NatWest - £180

MSE explained: "The NatWest Reward* account comes with a £2/month fee, but you get £5/month cashback when you pay in £1,250, pay out 2+ Direct Debits of £2+ and log into its mobile banking app each month. So the net gain is £3/month. You also get access to NatWest's Digital Regular Saver which allows you to save up to £150/month, and pays 6.17% variable interest on up to £5,000.

"If you deposited the maximum amount each month for a year, you'd have £59.93 in interest."

Co-op - £150

To qualify for the first £75 payment, you will need to deposit a minimum of £1,000 into your new account - this includes balances transferred as part of the switch - and set up two active Direct Debits. You must then make a minimum of 10 debit card or digital wallet transactions within the first 30 days. Pending payments will not count so you will need to make sure the payments go through before the deadline.

Alongside this, Co-Op Bank says you need to register for online banking, plus set up your Co-Op Bank card in a digital wallet - this can include Apple Pay, Samsung Wallet or Google Pay. To get the next three payments, you will need to deposit £1,000, have two active direct debits, and make a minimum of 10 debit card or digital wallet transactions each month for the next three months.

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.”

First Direct - £175

MSE said: "FREE £175, TOP service, 7% regular saver, fee-free overseas spending and a £250 0% overdraft. First Direct's been top or near-top of every bank service poll we've ever run – most recently it scored 91% 'great'. Plus, newbies to First Direct's 1st Account* can expect £175 to switch, a £250 0% overdraft (subject to a credit check), a linked regular saver paying 7% fixed for a year and near-perfect rates when spending overseas. Put all this together and it's a top all-round account."

Nationwide - £175

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. Regarding the Nationwide offer, Martin Lewis said the cash was not the only incentive to switch. He said: “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.”