Santander, Lloyds, Nationwide, Natwest customers waking up to five payments worth £916

Natwest and Lloyds are among the full list of banks offering free cash for switching. High street banks Santander and Nationwide and Firstdirect also have free cash offers for customers switching ahead of Christmas and the New Year period.

Money Saving Expert explained on its website: “Banks sometimes offer bonuses – free cash, boosted savings rates or other perks – to new customers who switch in an existing current account to a new current account with them.

"Essentially, banks want your custom and switch bribes are a double win for banks – you not only join them, but you leave one of their rivals.” Natwest is offering a free switching bonus of £180 as well as £36-a-year cashback if you open a NatWest Reward account.

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NatWest - £216

This account comes with a £2 a month fee, but you get £5 a month cashback when you pay in £1,250, pay out two or more direct debits of and log into its mobile banking app each month. So the net gain is £3 a month or £36 a year.

You also get access to NatWest's Digital Regular Saver which allows you to save up to £150 a month, and pays 6.17 percent variable interest on up to £5,000. However, to qualify you can't have ever received a switch bonus from NatWest, RBS or Ulster Bank before.

Lloyds - £200

Just a week remains for savers to secure £200 with a Lloyds Bank switch offer. The bank is paying the amount to those launching a Club Lloyds, Club Lloyds Silver, or Club Lloyds Platinum account, but the offer ends on December 10.

To qualify for the cash, clients need to transfer at least three active direct debits via the Current Account Switch Service from an existing account. However, if you've pocketed a switching bonus from Lloyds, Bank of Scotland or Halifax since April 2020, you will not qualify.

FirstDirect - £175

First Direct is offering £175 for switching as well as seven percent interest on its regular saver, fee-free overseas spending and a £250 zero percent overdraft. Open the account in-app (or online for joint accounts) Switch in an account from a different bank including two or more direct debits or standing orders within 45 days Also pay in £1,000 plus and make five or more debit card payments within 45 days The £175 is paid by the 20th of the following month after you meet the switch bonus criteria.

Nationwide - £175

Nationwide is offering a £175 cash incentive to all eligible customers who switch to one of three of its accounts. New members who move to the FlexPlus, FlexDirect, or FlexAccount from a non-Nationwide account may be entitled to the cash if they complete the switch within 28 days.

Nationwide, the world's largest building society, also said customers will need to deposit at least £1,000 – excluding transfers from other Nationwide accounts or Visa credits – and make at least one debit card transaction within 31 days of initiating the switch. However, certain transactions, such as gambling, may not count, so it's important to check the terms.

Customers who have received a switching bonus from Nationwide since August 18, 2021, or those transferring between Nationwide accounts, are not eligible for this offer. Once all conditions are met, the bonus payment should arrive in accounts within 10 days and will be listed on bank statements as "Switching Offer".

Santander - £150

Customers opening a new Santander bank account can now bag a £150 cash bonus when they open a current account with the bank. The deal is open to both new and existing customers who open any one of Santander’s eligible current accounts using the bank’s switching service.

This usually involves closing your existing current account, so it’s worth seeing what Santander has on offer - and if it makes sense to move you could bag yourself some extra cash in the process.