Nationwide, Lloyds, Santander and NatWest warning as you could miss hundreds of pounds

Bank customers have been warned that a number of schemes that could see you secure hundreds of pounds for free are coming to an end in the near future. Alastair Douglas of TotallyMoney says customers need to be aware of changes to accounts at banks including Lloyds, Santander, Co-op, First Direct and Nationwide.

The changes will see the end of switching offers, where banks hand you hundreds oif pounds free for switching your account. Alastair said: "The £200 offer from Lloyds will end on December 10, while the £150 offer from Santander is expected to end any day now, meaning people must act soon if they want to bag a cash bonus for moving to these banks. And while you might not secure the money before Christmas, you could kick off 2025 with some extra cash in your new account.

“If you don’t want to, or can’t move to Lloyds and Santander, Co-pp are offering up to £150, First Direct and Nationwide £175, and NatWest £180. So there’s real competition in the market, especially when compared to April this year when no banks were offering cash for custom.

“Our research shows that just one in five adults have opened a new current account in the past year, and half have stayed with the same bank for more than four. This means millions of people could be missing out on better banking. Not only could you be eligible for a sign up bonus, but also an interest-free overdraft, better savings rates, cashback, fee-free foreign spending, and other rewards and perks. And while the Big Four Banks serve three quarters of current account customers, none feature in the top five for service.

“Switching providers shouldn’t be daunting, and that’s because it’s made easy with the Current Account Switch Service. They’ll automatically transfer Direct Debits, payments, and income to your new provider within seven days — and 9 in 10 people are happy with the process.

“What’s important is that when considering a new bank, you do your research first. And that means checking reviews, and reading the small print to make sure the new account is right for you.

“You should also remember that most bonuses will require you to jump through a number of hoops before the banks hand over the cash. Usually it includes depositing a minimum balance, switching Direct Debits, downloading and logging into the app, and making a set number of transactions. So make a note of what’s needed and keep a checklist.”