First, let's take a look at what each of these banks is offering. Club Lloyds, for instance, is offering new customers a £125 cashback when they switch their accounts over and set up two direct debits. Furthermore, existing customers who refer friends to Club Lloyds can also earn a £125 cash reward per referral. It's worth noting that the referral offer can be redeemed multiple times, up to a maximum of five times.
NatWest Reward is also offering new customers a £175 cash incentive when they switch to NatWest using the Current Account Switch Service and set up at least two direct debits. Additionally, customers can earn a further £50 when they use online or mobile banking to pay a bill or set up a direct debit within 60 days of account opening.
First Direct, on the other hand, is offering new customers a £150 cashback when they switch their accounts over and complete any one of the following actions - set up a direct debit, pay in £1,000, and log in to their account within 30 days. This offer is open to new customers who switch using the Current Account Switch Service.
Last but not least, Nationwide FlexDirect is offering new customers a £100 - £150 incentive for switching over, depending on the timespan of the transfer. Those who opt for the faster switch will be rewarded with £150, while those who choose the 7-day transfer will receive the lower amount.
In addition to the switching incentives, all of these accounts also offer various forms of ongoing rewards, so customers can earn money throughout the year. However, the free cash payouts before Christmas are undoubtedly a major draw, and it's worth noting that eligible customers need to meet specific requirements to receive these funds.
Time is ticking to claim your £200 in free cash - will you be switching to one of these banks before Christmas?