With just nine weeks until Christmas, those seeking an easy way to earn some extra cash before the festive season can take advantage of offers from four banking giants. Club Lloyds, NatWest Reward, First Direct and Nationwide FlexDirect are all offering up to £200 in free money for customers who switch their banking services, with payouts due next month.

The latest Money Saving Expert (MSE.com) newsletter provides all the necessary details, including the minimum monthly deposit and any additional perks attached to the accounts. It’s crucial to note that all bank switches must be done using the Current Account Switch Service (Cass), which safeguards any money going in or out of your old account to ensure a smooth transition.

Cass recently announced that over 10 million current accounts have been switched so far, with over 50 banks and building societies already participating in the service. The Account Switch Service Guarantee ensures your new bank will switch your payments and transfer your balance, while your old bank will close your old account, reports the Daily Record.

Latest bank switching deals

Full details about the switch offers can be found on MSE.com.

Club Lloyds

• Offer: Free £200 by early November
• Minimum monthly pay in: £2,000

NatWest Reward

• Offer: Free £180 by early November
• Minimum monthly pay in: £1,250

First Direct 1st Account

• Offer: Free £175 by mid-November
• Minimum monthly pay in: None, but there is a £1,000 initial deposit to qualify

Nationwide FlexDirect

• Offer: Free £175 by early November
• Minimum monthly pay in: None, but there is a £1,000 initial deposit to qualify

Alastair Douglas, CEO of TotallyMoney, has commented on the new £180 NatWest switching offer. He said: “Right now is a good time to be in the market to switch current accounts, with five banks offering you cash to move your money – with the latest being NatWest, who’ll pay £180. You can also earn rewards for shopping with their partner retailers, receive £9 for setting up two Direct Debits, and an extra pound a month if you log into the account. Along with competitive savings rates.

“And for once, there aren’t that many hoops you’ll need to jump through to secure the bonus. You’ll just need to open an account using the Current Account Switch Service, log into the mobile app, and deposit £1,250 – in one single instalment or smaller, multiple ones. But you won’t be eligible if you’ve previously received a switch incentive from NatWest Group, including RBS or Ulster Bank.”

However, he also warned that the offer comes with monthly account fees, and urged anyone considering the switch to read the small print first before starting the process.

He added: “If you want to earn some extra money before Christmas, then switching banks can be a good way. There’s a handful of offers on the market, so shop around and find one which suits you. Because loyalty doesn’t pay, but moving your money can. Just always make sure you read through the small print, because the banks will never make it too easy for you.”