I'm a money expert – the 'enticing perks' that could boost your bank balance before Christmas including £200 cash | The Sun

A MONEY expert has revealed the 'enticing' perks that could boost your bank balance before Christmas.

Rachel Springall has revealed how you could get as much as £200 in free cash to help with your festive finances.

Several banks and building societies have launched switching offers in recent weeks with as much as £200 free cash up for grabs.

But if you are thinking about switching and giving your bank balance a boost bear in mind these offers won't be around forever.

All you have to do to take advantage of one of these offers is switch a current account across from your existing bank account to a new one.

There are usually conditions attached to the new current account that must be met before the cash is paid, so do check the details of the new account carefully.

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Rachel Springall, finance expert at Moneyfactscompare.co.uk, said: "Current account providers have launched some enticing perks for customers looking for a new bank account.

"Consumers who switch using the Current Account Switch Service (CASS) have a variety of free cash perks to choose from, but there are alternative accounts offering some highly attractive benefits elsewhere.

"The right current account does depend on someone's individual circumstances, so it's important consumers are not swayed by free cash alone, albeit tempting in the run-up to the festive season."

Here we have a list of the providers that are currently offering incentives and perks for switching to them.

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Nationwide Building Society has a £200 free cash offer to sign up to its FlexDirect account.

You must be able to put a minimum of £1,000 into this account on a monthly basis.

To qualify for the cashback you must switch at least two direct debits across to this account using the CASS.

This account offers 5% AER credit interest fixed for 12 months on balances up to £1,500 and thereafter 1% AER.


The Santander Edge Up current account offers 1% cashback on debit card spending at transport and grocery outlets, capped at £15 per month.

It also offers 1% cashback on selected household bills which is also capped at £15 per month.

This account does have a £5 monthly fee and you will be required to put £1,500 into the account on a monthly basis.

The Santander Edge Up account offers 3.5% AER credit interest on balances up to £25,000 and access to Santander Boosts to receive cashback, vouchers, offers and price draws.

To qualify for Santander Boosts customers must be signed up for online and mobile banking.

Starling Bank

The Starling Bank current account offers 3.25% AER credit interest on balances up to £5,000.

If you are a frequent overseas traveller this could be a good option for you as it does not charge any fees if you use your card abroad.

Lloyds Bank

Customers who switch to a Club Lloyds account can get a switching incentive of £175.

If you want to take up this offer you must switch using CASS by November 14.

You must also credit the account with £1,500 and log into online or mobile banking.

First Direct

If you open a First Direct 1st Account you can get £175 as a switching bonus.

New customers must credit their account with £1,000 within three months.

The switch must also be done through CASS.


TSB is offering a £150 bonus for people who open their Spend & Save account.

The switch must be completed through CASS and customers need to log into the mobile and banking app.

A minimum of two direct debits must be switched by October, 31, along with one debit card transaction.

Once the switch has been completed if you make 20 or more debit card payments each month, you will receive up to £60 cashback in the first six months.

Rachel suggests that those looking to maximise the interest and cash back they earn could look towards Santander.

She said: "Customers who put £1,500 per month into their Edge Up current account can earn 3.50% AER interest on balances up to £25,000.

"The account also provides perks such as cashback on selected spending and bills, but it is worth nothing they will need to pay a £5 per month fee."

However, the finance expert does add that anyone looking to switch should consider carefully before switching.

She added: "The cost of living crisis continues and a free cash boost could make a big difference, but it is vital customers pick the right current account that suits their everyday needs.

"Customers could consider opening more than one account to suit different needs too, they just need to make sure they meet any eligibility criteria to earn any perks."

If you are thinking of switching you can use price comparison sites such as MoneyFactscompare.com, Comparethemarket.com or Moneysupermarket.com to see the latest deals.

How to switch bank accounts using CASS

Switching bank accounts is a simple process and usually has to be done through the Current Account Switching Service (CASS) to be eligible for any bonus.

Dozens of high street banks and building societies are signed up – you can find a full list on CASS' website.

You don't need to worry about moving all of your direct debits across as this is done by the switching service.

All you have to do is apply for the new account and the new bank will tell your existing one you're moving.

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There are a few things you can do before switching though, including choosing your switch date and transferring any old bank statements to your new account.

One Martin Lewis fan explains how he's made £4,000 from switching banks.

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