You’ve probably got a current account with a bank but if you’re not entirely happy with the interest rates or simply fancy switching to receive better offers, you could earn free cash while doing it.

With the constant increases in the cost of living, every penny counts especially with Christmas around the corner.

It’s an expensive time of year so an extra bit of cash could really help out whether that’s with buying gifts for loved ones or putting on a tasty spread on Christmas Day.

Top bank accounts with free cash on offer when you switch

Nationwide, First Direct and Barclays make up the list of the ‘top-pick bank accounts’ when it comes to receiving free cash for switching to bank accounts, according to Martin Lewis’ Money Saving Expert website.

It’s important to note that anyone wanting to switch to one of these bank accounts must use the Current Account Switch Service (CASS) to receive these offers and the account you’re switching from “must be with a different bank to the one you’re switching to.”

Nationwide FlexDirect

New switchers who switch to this bank account can receive £200 of free cash and access to a regular savings account which offers 8% interest on up to £200 per month.

They will also get a 0% overdraft for a year on up to £1,500 – this is dependent on a credit check.

If the account holder pays in £1,000+ per month, the current account will get 5% interest on up to £1,500 for a year.

The incentive is available if you haven’t had a switch bonus from Nationwide since August 18, 2021.

To get the £200 bonus, you need to open the account either online or via the app and switch to an account from a different bank. This includes 2+ direct debits.

You’ll receive the bonus within 10 days after switching.

First Direct 1st Account

With this account you will get a free bonus of £175 plus a linked regular saver account that pays 7% interest up to £300 per month.

Many users of this account also get an ongoing £250 0% overdraft and the debit card is fee-free for spending overseas and for withdrawals from ATMs.

You will only get these benefits if you’ve never had a First Direct account of any kind.

If you’ve opened a current account with its sister bank HSBC since January 2020, you won’t be able to get the bonus.

To get the £175 bonus, you’ll need to open the account in the app or you can do it online for joint accounts.

You’ll need to switch in an account from a different bank and pay in £1,000+ within the first three months.

The £175 will be sent to you within 28 days.

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Barclays Bank Account

This account will get you a free £175 bonus when you switch an account with 2+ direct debits to a Barclays Bank Account – this can’t be a joint account.

Those who switch must also join the Blue Rewards scheme which means you’ll need to pay in £800+ per month, sign up either on the app or online and it costs £5 per month to be a part of.

But, if you have 2+ direct debits being paid out each month, you’re given £5 cashback so essentially, you’re not being charged for being a part of the rewards scheme. The two direct debits can be the two you switch to get the £175 bonus.

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By joining the Blue Rewards scheme you can access the Rainy Day Saver. This is a saver account which pays 5.12% AER interest on up to £5,000.

If on October 31, 2023 you had an open Barclays current account, you can’t get the £175 cash even if you switch.

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To get the £175 if you’re eligible, you’ll need to open a sole account via the Barclays app – no joint accounts.

You’ll need to join the Blue Awards scheme and start a switch from a bank that isn’t Barclays, including two direct debits by November 30, 2023.

The £175 bonus can take up to 28 days to reach your account.

For more information on the best bank accounts, you can visit the Money Saving Expert website.