UK banks offer cash bonuses for switching or opening current accounts

MoneySavingExpert's weekly newsletter says seven major UK banks are offering cash incentives and other perks to customers who open or switch current accounts ahead of Christmas, with some payments scheduled for November and December. Barclays, Club Lloyds, TSB, First Direct, Nationwide, NatWest and Santander are among the firms promoting bonuses ranging from gift vouchers to several hundred pounds for new customers who meet eligibility criteria.

The newsletter highlights that switching accounts can be completed through the Current Account Switch Service, which safeguards incoming and outgoing payments from the old account and typically finishes within seven working days. It also notes that some offers require only opening an account, without switching, and that a separate promotion can deliver £100 for account openings in some cases.

Barclays is offering two prominent deals. The Barclays Premier account carries a £400 switching payment and a subscription to Apple TV, with payout scheduled for 9 December, but the newsletter says applicants must have an annual income of at least £75,000 to qualify. A second Barclays switch promotion offers £200 plus Apple TV if the customer signs...