Barclays, NatWest and First Direct offer up to £200 cash bonuses: 'Free cash!'

Banks are battling for new customers this summer, with six major providers offering switching incentives worth between £175 and £200 for people prepared to move their current account. First Direct and NatWest are currently offering the largest direct cash bonuses, with both banks paying eligible customers £200 to switch.First Direct’s 1st Account requires customers to complete a full account switch, move at least two direct debits or standing orders, deposit £1,000 within 45 days and make five debit card transactions.The account also includes a seven per cent regular saver, fee-free overseas spending and access to a £250 interest-free overdraft for many customers. TRENDING Stories Videos Your Say NatWest is matching the £200 incentive through its Reward account, although applicants must switch from outside the NatWest, Royal Bank of Scotland and Ulster Bank groups.Customers are also required to deposit at least £1,250 and log into the bank’s mobile app to qualify for the payment.Barclays has launched two separate switching offers this summer aimed at different groups of customers.Its standard switching deal pays £200 to customers who open an eligible current account, complete a full Current Account Switch Service transfer with at least two active direct debits and deposit £2,000 within 30 days.Higher earners are being offered what Barclays describes as a signature experience worth up to £600 through its Premier Current Account.To qualify for the premium offer, customers must either earn a gross annual salary of at least £75,000 or hold £100,000 in savings and investments with Barclays.The experience package allows customers to choose between four different reward options, including fine dining, UK hotel stays, live entertainment access or family experiences such as monthly cinema trips.Restaurants included in the dining package feature Gordon Ramsay’s Petrus.LATEST DEVELOPMENTSRachel Reeves to fund soaring benefits bill with student loan interest rates, Labour MP admitsBP relegates Net Zero division as it pivots back towards oil and gasTV licence alert: Netflix and Disney+ refuse to 'play a role in enforcing' BBC feeSantander is offering £180 through its Edge current account for customers who deposit at least £1,500 and maintain two direct debits.The account also includes cashback on selected household bills alongside access to a linked savings account.Nationwide’s FlexDirect account pays customers £175 to switch and offers five per cent interest on balances up to £1,500 during the first year.The building society also includes access to a regular saver paying 6.5 per cent variable interest.Bank of Scotland is also offering a £175 switching bonus through its Classic account.According to MoneySavingExpert, the account includes fewer ongoing perks than some rival offers but involves fewer requirements, making it potentially attractive to customers seeking a simpler switching process.Customers who have previously received switching incentives from the same banking group are being urged to check the eligibility criteria carefully before applying.Many banks exclude existing or previous customers from qualifying for repeat bonuses.Most of the offers also require customers to complete a full Current Account Switch Service transfer, meaning the old account is closed and existing payments are automatically moved across to the new bank.MoneySavingExpert has advised consumers to consider factors beyond the upfront cash payment when comparing accounts.The consumer website said customer service standards, account fees and long-term benefits should all be taken into account before making a decision.Eligibility criteria differs between providers, with applicants encouraged to review the full terms and conditions before switching accounts.Further details about all six offers and their individual requirements are available on the MoneySavingExpert website. Our Standards: The GB News Editorial Charter