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Bank-switching bonanza - five now pay big to win you over, including...

- £160 + cashback on bills
- £150 + top service
- £100 + 0% overdraft for 12 months

Or bag 'em all WITHOUT closing your existing account

Switching banks is an easy way to earn extra cash - and with the pressure on incomes rapidly increasing and a glut of three-figure bank-switching bribes floating around, now's the time to take action.

It's quick too, taking just seven working days to complete a switch. Yet many still haven't taken advantage - in our most recent bank-switch poll, almost 70% told us they'd never switched, many because they were happy with their existing bank. Play the game correctly, however, and you can make £100s from bank switching... without having to say goodbye to your main account. 

Just look at how much MoneySaver Jason has made: "I started my first switch in March 2019 and have since switched six more times, netting over £820 in cash and £180 worth of wine. The time limits excluding previous customers are now beginning to expire, so I'll soon be able to do it all again."

To get the cash or other perks, you must usually be a new customer, pass a not-too-harsh credit check, and use the bank's official switching service (it'll close your old account and move all your direct debits, standing orders and payments automatically, all within seven working days).

New 1. Santander pays the biggest cash bribe of £160, plus 1-3% cashback on household bills. MSE customer service poll rating: 45% 'great'.

Switch to the Santander 123 Lite* and you'll get £160 free cash, plus 1-3% cashback on bills paid by direct debit, for a £2/month fee. You get up to £5/month in each of the tiers - 3% back on water, 2% on energy (boosted to 4% for September and October only, with a £10/month max) and 1% on Santander mortgages, council tax, mobile, home phone, broadband and paid-for TV.

All this could be worth £40 to £80/year for those with mid to large bills, though you'll need to pay in a minimum of £500/month and log in to online banking regularly to keep getting the cashback.

- To qualify for the £160 bonus: Switch an account that's not with Santander, Cahoot or Cater Allen to a new or existing Santander account (existing must be done in branch) and then within 60 days: set up 2+ direct debits, pay in £1,000+ and log in to mobile/online banking. The bonus is paid within 30 days. This must be your first switch bonus from Santander.

- Not interested in the bills cashback? If you just want the free £160, you can instead switch to the fee-free Everyday current account* (the qualifying criteria are the same as above).

2. First Direct gives a free £150, 0% £250 overdraft for many - and has a cracking service rating. MSE customer service poll rating: 88% 'great'.

Switch to the First Direct 1st Account* and you can bag a free £150, plus access to a linked regular saver which pays 3.5% interest on up to £300/month, and many get an ongoing £250 0% overdraft. 

First Direct's been at or near the top of all customer service polls we've ever done - it's currently rated 88% 'great'.

- How do I qualify for the cash? Switch an account that's not with First Direct (nor HSBC if it was opened since Jan 2019), and pay in £1,000+ within three months. The bonus is paid within 28 days. You can't have ever had any First Direct account before, or opened an account with its sister bank HSBC since Jan 2019.

3. Halifax also gives £150, plus you can get freebies such as cinema tickets. MSE customer service poll rating: 49% 'great'.

The Halifax Reward pays £150 to switchers and is fee-free as long as you pay in at least £1,500/month (equivalent to a salary of £21,100/year) - there's a £3/month fee for the account if you don't. You also get to pick one of these four perks for the year:

- Six free cinema tickets (worth £35-£65, depending on location)
- OR 12 digital movie rentals (worth about £55)
- OR a magazine subscription (worth £30-£50)
- OR a Gourmet Society membership (worth about £40)

- How do I qualify for the cash? Apply and start a switch from a non-Halifax account that has 2+ active direct debits before Mon 5 Sept. The bonus is paid within 10 working days of the switch starting. You won't get the bonus if you've had switch cash from Halifax since Apr 2020.

4. Nationwide pays a free £100 (£125 for existing customers) and is especially strong for those who are overdrawn. MSE customer service poll rating: 71% 'great'.

Nationwide pays £100 across the range of its accounts, but the standout is the Nationwide FlexDirect account. It's fee-free and offers a 12-month 0% overdraft (though the limit you get will depend on your credit record).

If you're overdrawn, this can help you pay it off - use your switching bonus to reduce your overdraft and then work on getting rid of the rest over the course of the year. Make sure you do pay it off, as after 12 months it jumps to the same horrid 39.9% EAR variable that most banks charge.

In credit? You also get 5% fixed interest on up to £1,500 for a year (worth up to £75).

Existing Nationwide members (you already have a current account, mortgage or savings with it) get a boosted £125 to switch, and we've a trick for non-members to get the higher amount too. This bit's complex, so see our full Nationwide review for a how-to.

- How do I qualify for the cash? Apply, then within 30 days switch in a non-Nationwide account that has 2+ direct debits. The bonus is paid within 10 days of the switch completing.

5. Virgin Money doesn't give cash, but offers 20,000 points (swappable for experiences, wine, flights) + top savings rates + fee-free overseas spending. MSE customer service poll rating: 37% 'great'.

OK, it's not cash, but the fee-free Virgin Money M Plus* account's incentive is 20,000 points, which you can spend on rewards - whether that's 12 bottles of wine, afternoon tea for two, quad biking, or even 100 Greggs sausage rolls.

The account pays 2.02% interest on up to £1,000 held in the account, and comes with a linked savings account which pays one of the top easy-access savings rates of 1.71% on up to £25,000.

Plus its debit card is a top pick for spending abroad, meaning you get the same near-perfect exchange rate banks do, in every country.

- To qualify for the 20,000 points: Apply online, then within 45 days: switch a non-Virgin Money account, pay in £1,000+ to its linked savings account, use the mobile app and set up 2+ direct debits. You'll be emailed a code to claim your Virgin points within 14 days. You won't get the bonus if you've an existing Virgin Money current account (or have closed one since Jan 2022), or if you've previously received any of its switch bonuses.

With multiple banks lining up to pay for your business with FREE cash and other perks, why stop at just one switch?

The concept is simple. Move an existing current account to a bank that pays you to switch, wait until you receive the freebie, then move it again to another bank that pays. Full details are in our new Make £100s switching banks guide, but in brief...

1. Choose the account you're going to switch from. The simplest way is to repeatedly switch your main account, as you'll likely be able to meet the income criteria and have direct debits set up ready to switch over.

Yet if you want to leave your main account and day-to-day banking untouched, you can instead set up a second 'burner' account, which you can then use solely for switching to banks offering freebies. Go for a bog-standard one from a bank that rarely offers switch incentives and is signed up to the Current Account Switch Service.

2. Target your switching bribes. If there are lots of offers around, you can be clever about the order in which you switch.

- See if there's an end date to each offer & pounce on those ending soon.
- Check how quickly each bank pays so you can time switches.
- Check if you could qualify for another switch incentive from each bank at a later date (for example, Halifax will pay to anyone who hasn't had switching cash from it since April 2020).

3. Get your payment strategy right. Study the eligibility criteria carefully so you don't accidentally miss out on any freebies. There are two main things to watch out for:

- You'll need to switch enough direct debits or standing orders. This is usually two or more regular payments. If you don't have enough, set up small direct debits to charities to meet the criteria (and give a little back too).

- You'll need to meet minimum monthly pay-ins. Some accounts require you to pay in a set amount each month in an attempt to make you pay in your salary - for example, Halifax Reward requires £1,500/month or you'll pay a £3/month fee. Here's how you can manage it:

4. Wait for the freebie to arrive, then switch again. You've done all the hard work by this point, so you can just sit back and wait for the freebie to be paid - which is typically just credited to your new account, though some do send codes to redeem via email. Once you have the cash, you're good to start a new switch and repeat this process - though many serial switchers do this over years rather than weeks or months, so go at your own pace.

5. IMPORTANT: If you've a big credit application coming up (such as a mortgage), hold off. A single application for a new current account can have a slightly negative effect on your ability to get new credit for a few months, though it'll be minor. But some lenders don't like to see several applications in a short space of time, or to see short-lived accounts. So don't do multiple switches if you've, say, an important mortgage or credit card application due. See Credit scores for full help.