Three banks are giving away free cash up to £200 - and you'll be paid before Christmas

First Direct, Lloyds and Nationwide will each pay you to move your current account to them - and you'll get the cash before December 25

Looking to make some extra cash for Christmas? You could get up to £200 by switching your bank account.

First Direct, Lloyds and Nationwide will each pay you to move your current account to them - and you'll get the cash before December 25. You will need to pass certain eligibility criteria first - so make sure you read the terms and conditions of each offer carefully before you apply.

For example, you may need to pay in a certain amount, have direct debits, or be a new customer. Each application will show on your credit file, so you may not want to do multiple switches if you’re going to be making a big credit application soon. You'll normally need to complete the switch process by using the free Current Account Switch Service.

First Direct

First Direct is also giving new customers £175 if they switch their current account. With First Direct, you must pay at least £1,000 and open two Direct Debits or standing orders from the account within 45 days of opening it. You must also register and log onto digital banking, within 45 days of the account opening and spend on your debit card five times.

After the criteria has been met, you can expect to receive the bonus by the 20th of the following month. You must be a "new" customer of First Direct to get this cash - this means you must not have had a bank account with them, or opened an HSBC current account on or after January 1, 2018. Although customers may hold an HSBC current account and still qualify for the offer, as long as the current account was opened before this date.

Lloyds Bank

Lloyds is offering £200 to people who switch to a Club Lloyds account - including three active direct debits - between by December 10. Eligible existing customers who already bank with Lloyds can also switch to a new Club Lloyds current account, as long as they meet all of the conditions.

The £200 is paid within 10 working days of the switch starting. Club Lloyds customers can also choose from a range of lifestyle benefits, including a 12-month Disney+ subscription, a choice of Vue or Odeon cinema tickets, a magazine subscription, or a Coffee Club and Gourmet Society membership.

But keep in mind, the Club Lloyds account comes with a £3 monthly fee unless you pay in at least £2,000 each month. You won't be eligible if you received a switching offer since April 2020.

Nationwide

Nationwide is giving £175 to those who switch their current account to its FlexDirect account. You'll also get 5% interest on current account balances up to £1,500 for a year and 1% cashback for 12 months on up to £5 a month. To qualify, you must transfer a minimum of two active Direct Debits, deposit a minimum of £1,000 and make one debit card payment within 31 days.

You won't be eligible if you have switched into a Nationwide account, or have received switch cash from Nationwide, since August 18, 2021. If you just want the £175, you can switch into FlexAccount or FlexPlus package account, which comes with a £13 monthly fee, but you won't get the 5% interest and 1% cashback.

If you're already a Nationwide customer, you can get the £175 by switching a current account you hold with another provider to their existing Nationwide account - but similarly, you also won't get the 5% interest and 1% cashback. The switch must be completed within 28 days and the £175 is paid within 10 days of meeting all the criteria.