The top banks to switch to that can nab you up to £275 in FREE cash – how to make the move

BANK customers are being urged to consider switching accounts after new figures revealed a huge surge in people moving their money this year. Data from the Current Account Switching Service (CASS) shows switches between January and June were up 38.5% on the same period last year. Nationwide was the biggest winner, gaining a net 58,448 customers, more than double any of its rivals, according to the figures. Experts believe the building society’s success is down to a £175 switching bonus and the lure of its annual Fairer Share payment, which has been worth £100 in previous years. Sign up for the Money newsletter Thank you! Lloyds and Monzo also saw big gains, with 24,349 and 21,894 new customers respectively, while Halifax and Barclays were the biggest losers. Personal finance expert Andrew Hagger said: “The Nationwide and Lloyds switching figures are fuelled by switching incentives, or cash bribes, being offered.” He added: “People see bank switching as an easy way to earn an extra £150 to £200 to help them boost their bank balance to help with cost of living pressures.” Other banks are fighting back with their own offers. HSBC is currently offering £220 to switchers, while Barclays and NatWest are both offering £200. First Direct is offering £175, Santander £180, and Co-op Bank is offering £125 upfront plus £25 a month for three months. Most read in Money To switch, customers open a new account and use CASS, which automatically moves direct debits and standing orders across, usually within seven working days. Most banks require new customers to switch at least two direct debits and make a minimum deposit to qualify for the cash bonus. Hagger said it is “certainly worth switching at least once”, particularly to Nationwide given its history of annual bonus payments, though he warned there is “no guarantee this will continue for future years”. Comment now