Get Paid £175 To Switch Bank Account

We’re getting out of our overdrafts for good in 2024.

If you’re in need of some extra cash, you might be surprised to know that bank accounts are willing to give out free cash just as an incentive to get you to open an account.

Switching bank accounts might seem like a huge hassle but it can actually be super easy and really beneficial as banks will reward you with plenty of benefits for being a new customer.

Not to mention, if you’re constantly dipping in and out of your overdraft and could do with some cash fast this is a great way to get paid without really having to do anything.

There are currently 4 banks in the UK offering switching offers with a range of different benefits for students— but you’ll have to be quick as some of these offers won’t be around for long.

How can I get paid £175 by switching bank accounts?

A good hack to know about is that a lot of banks offer incentives such as free cash for switching to them. There is literally no catch with this—if you open a bank account with them and close your old one, they will transfer you free money into your account as a welcome gift.

Luckily there are 4 bank currently offering free cash deals for switching and here’s what you need to know:

First Direct

First Direct is currently offering a welcome gift of £175 and it’s really simple to switch as they’ll handle everything for you from opening your new account to switching over all your direct debits.

All you have to do to get the £175 is pay in £1,000 within the first 30 days of opening the account— this could be a student loan payment or payments from a part-time job. You’ll also need to use your new debit card at least 5 times and log on to online banking, and once you’ve done all of this the free cash will be transferred straight into your account by the 20th of the next month.

To be eligible you need to be a new customer and switch over an account that has at least 2 direct debits or standing orders. You also get a £250 interest-free arranged overdraft with a First Direct account which is super handy for students.

Santander

Santander is also offering a £175 welcome gift for new customers. All you have to do to claim this bonus is pay in £1,500 within the first 60 days of opening your account— this is more money than First Direct requires but you get double the amount of time, so this could be a better option for students. You’ll also need to 2+ direct debits set up on your existing account that you want to switch over.

Once you’ve opened your account and met the requirements, you’ll be paid the £175 bonus within 60 to 90 days after you’ve switched.

Lloyds Bank

Lloyds Direct is offering a limited time only switching deal which includes a £175 bonus and other freebies. The only catch is you’ll need to open a Club Lloyds account which has a fee of £3 a month (unless you pay in £,2000 a month)— however, there are some good benefits. If you switch to a Club Lloyds account not only will you get paid £175, you’ll get access to a savings account with 6.25% fixed interest and either 12 months of Disney+ for free, six free cinema tickets, a Coffee Club & Gourmet Society subscription or a magazine subscription.

To qualify for the £175 you’ll need to be a new customer and switch from a bank account that has at least 3 direct debits or standing orders set up. You’ll also have to do this by the 30th of July, which is when this offer expires. If you do all of this you’ll be paid within 10 working days of the switch.

TSB

TSB is also currently offering £100 as a benefit for switching your bank account. If you qualify for this offer, you’d also get £10 cashback a month and an extra reward of your choice.

If you switch to TSB you would need to use your new debit card 5+ times by the 5th of July and log into the mobile app in order to get paid the £100. Once you’ve done this you’ll get the money in your account between the 17th and 31st of July 2024.

If you make 20+ debit card payments by the end of the year, you’ll also get a bonus in January 2025 and you can choose from a free hotel stay for two, six Odeon cinema tickets or a six-month NOW TV subscription. So, while this money offer is less than the other bank accounts it’s a great option for students as there’s no requirement to pay money into your new account.

There are pros and cons to each offer, but there really is no catch and you will be paid up to £175 for free just for switching. So, if you’re not too attached to your current bank account and you feel like you could take advantage of better benefits, it’s definitely worth looking into.