Full list of banks offering customers free cash before Christmas including Nationwide and Lloyds

Martin Lewis, founder of MoneySavingExpert.com has highlighted the urgency of these deals, stating: "Grab a FREE £175 in time for Christmas. All banks, bar one, have turned off their switching bribes. I hope some will return, but there's no guarantee."

Four major UK banks are offering enticing cash incentives for customers willing to switch their current accounts.

Lloyds, First Direct, Nationwide, and Co-op are leading the charge with bonuses ranging from £75 to £200.

Lloyds Bank

Lloyds is offering the most substantial incentive, with a £200 bonus for eligible customers who switch to a Club Lloyds account by December 10. This offer is available to both new and existing customers.

To qualify, switchers must use the Current Account Switch Service (CASS) and transfer at least three direct debits.

The £200 will be paid within ten days of completing the switch.

It's worth noting that the Club Lloyds account carries a £3 monthly fee unless customers pay £2,000 per month. The account also offers additional perks, such as a Disney+ subscription or cinema tickets.

First Direct and Nationwide

Both banks are offering £175 switching bonuses.

For First Direct, customers must switch using CASS, transfer £1,000, set up two direct debits, and make five debit card transactions within 30 days.

Nationwide's offer applies to their FlexDirect, FlexPlus, or FlexAccount. Switchers must use CASS, set up two direct debits, deposit £1,000, and make at least one card payment.

First Direct's 1st Account includes a £250 interest-free overdraft and access to a seven per cent interest Regular Saver account.

Nationwide's FlexDirect offers five per cent credit interest on balances up to £1,500 for the first year.

The Co-operative Bank

Co-Op has launched a "switch and stay" offer worth up to £150.

Eligible customers receive £75 upon completing a switch to a Standard Current Account or Everyday Extra account.

An additional £75 is paid in three monthly instalments of £25 each. To qualify, customers must deposit £1,000, set up two active direct debits, make 10 debit card transactions, register for online banking, and add their debit card to a digital wallet.

Customers must not have benefited from a Co-op Bank switch incentive since November 1, 2022. This approach encourages ongoing account activity beyond the initial switch.

While these switching offers provide an attractive pre-Christmas boost, it's crucial to consider the long-term suitability of any new account. Some accounts charge monthly fees or require minimum deposits to waive charges.

Customers should also evaluate additional features such as overdraft facilities, linked savings accounts, and insurance perks.

The Current Account Switch Service (CASS) simplifies the process, handling the transfer of direct debits and payments within seven working days.

However, it's vital to read and understand all terms and conditions before switching.