Barclays and NatWest offering free £200 bank switch bonus this May

Savers looking to give their finances a boost could pocket £200 simply by switching banks. Two major high street lenders are offering cash incentives to tempt new customers this month. Banks frequently roll out switching offers as a means of expanding their customer base, though these are typically one-off deals exclusively available to brand-new account holders. According to the experts at Money Saving Expert (MSE), two banks are offering up £200 for free if you make the switch by 28th May. Their website provides full details on how to switch and what you need to do to qualify for the cash bonuses. The two deals in question are being offered by Barclays and NatWest. Switching to a Barclays account could net you a straightforward £200, plus an optional half-price subscription to Apple TV+. MSE said: "A good choice if you want a no-frills account which pays upfront cash." While the Barclays Bank Account comes with no complimentary perks, for an optional £5 monthly fee you can join its Blue Rewards scheme to receive Apple TV+ at no cost (ordinarily £9.99 per month). Bear in mind, however, that opting for this will also require you to deposit £800 or more each month and register for digital banking. How to get the £200 bonus: Open a sole account via Barclays' app (no joint accounts) Switch in an account with two or more direct debits by May 28 Pay in at least £2,000 or more within 30 days The £200 is then paid within 45 working days. For higher earners, there's a £400 incentive available when switching to Barclays Premier. This requires either an annual salary of £75,000 or more, or £100,000 or above to save or invest with Barclays. You can get a free £200 upfront, plus £36 a year cashback and 5.25 per cent interest linked regular saver by switching to the NatWest Reward account. MSE said: “A decent option with ongoing cashback and a strong regular saver. The NatWest Reward pays £5 cashback each month you pay in £1,250 or more, pay out two or more direct debits of £2 or more and use its mobile app. Factoring in the £2 a month fee, that's a net gain of £36 a year.” How to get £200 bonus: Open an account by May 28 Switch in an account online or via mobile app Within 60 days you need to pay in £1,250 or more, log in to the mobile app The £200 is then paid within 30 days.