Three major banks are giving away up to £200 in free cash  – but the offers end in just DAYS

THREE major banks are giving away up to a whopping £200 in free cash – but the offers end in a matter of days.

The banking giants are offering new customers thousands plus other perks to anyone who switches from a different bank.

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Switching bank accounts has long been an easy way to pocket free cash in no time.

And pros from The Money Saving Expert website have now revealed three major banks that are offering up to £200 to go directly to your bank account.

The financial experts said: “You need to go via the bank’s seven-working-day switch service, which closes your old account and auto-moves your balance, standing orders & Direct Debits.

“Once done, any payments to your old account are auto-forwarded. You’ll need to pass a not-too-harsh credit check.”

All you need to do is choose between one of these banking giants and make the switch.

But users are urged to rush as the offers end in a matter of days.

NatWest and Royal Bank of Scotland

• £200 in free cash and up to £36 a year cashback. Plus, you’ll get access to a linked saver paying 6.17%

NatWest and the Royal Bank of Scotland (RBS) are offering newbies £200 to switch their current accounts to an Everyday, Reward or Premier account using the CASS.

To get the cash, you’ll have to deposit £1,250 into your new current account and log in to the mobile banking app within 60 days of switching.

Once you’ve done this, the money will be paid into your account within seven days.

You won’t be able to switch if you have received a switching incentive from the NatWest Group, which RBS is part of, since January 1, 2020.

Customers switching to NatWest or RBS’ Reward bank account can also earn up to £5 cashback when using their card – but they’ll have to pay a £2 monthly fee.

That means they could earn £36 cashback over the year in total.

The Everyday current account from both banks doesn’t offer cashback but is fee-free.

Meanwhile, there are three Premier accounts to choose from: Premier Select, Premier Reward and Premier Reward Black.

There’s no monthly fee for the Premier Select account, but there is a £2 and a £31 monthly fee for the Premier Reward and Premier Reward Black accounts, respectively.

But you’ll have to be quick as the offer ends this April 2.

First Direct

• £175 in free cash and 0% overdraft and 7% of regular saver.

The new customers will have until April 22 to take advantage of the tempting offer.

On top of the free cash, people have been promised to receive a £250 interest-free overdraft.

Other perks that come with opening an account include a fee-free overseas transactions and ATM withdrawals which come in handy ahead of the holiday season.

First direct clients will also benefit from an access to a seven per cent interest on a regular saver account.

Santander

• £185 in free cash, which will get paid within 90 days of the switch process

The deal is open to both new and existing Santander UK customers.

Customers using the Current Account Switching Service (CASS) to switch to either an Everyday Current Account, Santander Edge Current Account, Santander Edge Up Current Account, or Private Current Account v2 will earn £185.

New customers can switch online through the Santander website, over phone, or in branch.

Existing Santander UK customers must visit a branch to take advantage of this offer. 

To qualify for the £185 payment, customers must: 

• Complete the full switch within 60 days of requesting the switch process (including the closure of the old account). 
• Pay in at least £1,500 within 60 days of requesting the switch process (this does not need to be in one payment). 
• Set up two active direct debits within 60 days.
• Continue to hold the qualifying current account on the day the payment is made.

How do I switch bank accounts?

SWITCHING bank accounts is a simple process and can usually be done through the Current Account Switch Service (CASS).

Dozens of high street banks and building societies are signed up – there’s a full list on CASS’ website.

Under the switching service, swapping banks should take seven working days.

You don’t have to remember to move direct debits across when moving, as this is done for you.

All you have to do is apply for the new account you want, and the new bank will tell your existing one you’re moving.

There are a few things you can do before switching though, including choosing your switch date and transferring any old bank statements to your new account.

You should get in touch with your existing bank for any old statements.

When switching current accounts, consider what other perks might come with joining a specific bank or building society.

Some banks offer 0% overdrafts up to a certain limit, and others might offer better rates on savings accounts.

And some banks offer free travel or mobile phone insurance with their current accounts – but these accounts might come with a monthly fee.

This post first appeared on thesun.co.uk