Two major banks offering free £200 to switch in May
Here's what you need to know about getting a switch bonus this month
People looking to boost their savings can get £200 by switching banks. Two major banks are offering cash for making the move in May.
Banks often provide switch offers as a way to build their client base. These are usually one-time deals that only apply if you’re a new customer.
According to the team at Money Saving Expert (MSE), there are two banks offering up £200 for free if you switch to them by May 28.
On its website, it provided more details about how to switch and how to qualify for the cash bonuses.
These two deals are offered by Barclays and NatWest.
Barclays
Switching to a Barclays account could net you a straightforward £200, plus an optional half-price subscription to Apple TV+. MSE said: "A good choice if you want a no-frills account which pays upfront cash."
While the Barclays Bank Account comes with no complimentary perks, for an optional £5 monthly fee you can join its Blue Rewards scheme to receive Apple TV+ at no cost (ordinarily £9.99 per month).
Bear in mind, however, that opting for this will also require you to deposit £800 or more each month and register for digital banking.
How to get the £200 bonus:
- Open a sole account via Barclays' app (no joint accounts)
- Switch in an account with two or more direct debits by May 28
- Pay in at least £2,000 or more within 30 days
The £200 is then paid within 45 working days. For higher earners, there's a £400 incentive available when switching to Barclays Premier.
This requires either an annual salary of £75,000 or more, or £100,000 or above to save or invest with Barclays.
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NatWest
You can get a free £200 upfront, plus £36 a year cashback and 5.25 per cent interest linked regular saver by switching to the NatWest Reward account.
MSE said: “A decent option with ongoing cashback and a strong regular saver. The NatWest Reward pays £5 cashback each month you pay in £1,250 or more, pay out two or more direct debits of £2 or more and use its mobile app. Factoring in the £2 a month fee, that's a net gain of £36 a year.”
How to get £200 bonus:
- Open an account by May 28
- Switch in an account online or via mobile app
- Within 60 days you need to pay in £1,250 or more, log in to the mobile app
The £200 is then paid within 30 days.
