Last chance to switch current accounts for a cash payment before Christmas with Lloyds and NatWest offers ending

Smart Brits hunting for free cash before Christmas need to act fast if they want to get paid before 25 December.

Two banks are closing their exchange rates in the next couple of days, but customers can still jump in if they act now.

Lloyds is paying £200 to customers who open a Club Lloyds account at the time NatWest charges £180 to those moving through the current Account Transfer Service.

These banks promise cash out within three to seven days of completing your transfer.

The Lloyds cycle must start today (10 December) and the NatWest cycle tomorrow (11 December) before the offers are pulled.

£175 national transfer bonus will arrive within 10 working days of the transfer being completed – meaning it should arrive before Christmas Day if ordering today.

Santander and First Direct are also offering between £150 and £175 to new customers in the pre-Christmas bank transfer rush.

Here are all the exchange rates currently available and what you need to do to get them.

Club Lloyds – £200 (money will arrive within three days)

Lloyds will end the transfer process today, but if you transfer an account before midnight you can still do it.

The bank said the £200 cash payment would be made within three days of completing the transfer, making it the fastest transfer process on the market.

To get the deal, customers must use CASS to move their bank account to a Club Lloyds account, a Club Lloyds Platinum account or a Club Lloyds Silver account.

To qualify, customers must transfer at least three direct debits from their old accounts.

Direct debits set up after account opening do not count toward the fund, nor do other automatic payments such as standing orders and recurring card payments.

Existing Lloyds customers who have different current Lloyds details on these three accounts can enter the fund to receive £200.

Those who have received a transfer offer from Lloyds, Halifax or Bank of Scotland from April 2020 will no longer be eligible for the fund.

A Club Lloyds account comes with fees, however, that include a transfer account – even with the original account, it can be changed.

The basic account pays £3 per month, unless customers deposit £2,000 per calendar month.

The Club Lloyds platinum account, meanwhile, comes with a £22.5 monthly fee, although £3 is deducted if you pay £2,000 in a month into the account.

If you don’t deposit £2,000 a month you will have to pay another £3 monthly fee on top of the £22.5 for a total of £25.5 a month.

Also, the Silver package comes with a £3 fee, and costs £11.50 per month, up from £10 per month.

NatWest – £180 (money will arrive within seven days)

NatWest transfers stop working tomorrow 11 December, but if you open an account before 11:59pm tomorrow you can still buy it.

Customers must use CASS, pay £1,250 into the account and access the mobile app within 60 days of the transfer.

Once all these steps are completed and the transfer is complete, £180 is promised within seven days.

Existing NatWest customers can switch their current account from another of its current accounts to a Rewards account and get this deal.

Direct debits and standing orders are automatically transferred to the newly opened account within a week via the Current Account Transfer Service.

This bonus is available to customers who open a NatWest savings account rather than their current account or current account.

Nationally – £175 (money will arrive within 10 days)

Britain’s biggest building society is offering a £175 bonus to those who switch to one of their current accounts and if the criteria are met, the money will be paid out within 10 days.

To receive the bonus, customers must complete a full conversion to a FlexPlus, FlexDirect or FlexAccount through the Current Account Transfer Service.

The new account must be opened through the National website, online banking or mobile banking application. Transfer must be requested as part of the application.

At least two active credits must be transferred to the new account as part of the transfer. Customers must also deposit £1,000 into the account and pay off one credit card within 31 days.

The incentive is available to new customers who open an account on or after 25 September 2024.

If a customer opens an individual or joint account after 18 August 2021 and qualifies for the previous incentive, he will not be eligible if he opens the same type of account – either individually or jointly or together – again.

However, if they open an individual account before opening a joint account they will be eligible for the contract and vice versa.

Existing customers can also switch an existing account they have with another provider to a current account through Nationwide’s online banking. The change must be completed within 28 days of the request.

First Order – £175 (money due on 20th January)

First Direct is offering a £175 bonus to customers who switch their current main account to its First Direct current account.

Customers must roll into CASS and move on at least two direct debits or standing orders.

They also need to make payments of at least £1,000, make at least five credit card payments and log into digital banking.

Customers will receive the funds on the 20th of the following month after the transfer is completed, so customers will not receive this transfer until January if they open the First Direct account now.

Santander – £150 (money will arrive within 90 days)

Santander’s transfer bonus comes with a few bang for the buck, but don’t expect the money to arrive in your account until 2025.

Customers must deposit at least £1,500 and ensure that they have two direct debits within 60 days.

Eligible customers will receive the bonus payment within 90 days after the start of the transfer cycle.

Santander said that existing customers with current accounts can use the transfer service to transfer their balances and direct debits from other bank providers to their Santander accounts, and still receive the bonus.

Santander bank holders can send a transfer to online banking or book an appointment at a branch.

People switching to a Santander account will be eligible if they haven’t received a Santander bonus from September 2021.

Santander charges £3 a month for the Edge account and £5 a month for the Edge Up and Down accounts.