Here is a selection of the top current accounts offering free cash when you switch.
First Direct – free £100 cash & rated no.1 for customer service
New First Direct customers can get £100 to switch to it. The bank has consistently excellent customer service.
You also get a small £250 0% overdraft and are able to open a linked 5% regular saver.
To get the £100 bonus for switching, you need to use First Direct’s switching service to fully switch and close your existing account and pay in at least £1,000 within three months of your account opening. Once you’ve made the payment, the £100 is credited to your account within 28 days. The account has a £10 monthly fee, but this is waived each month you either pay in £1,000, have an average monthly balance of £1,000 or hold selected other accounts with First Direct. You can’t get the switching bonus if you’ve ever held an account with First Direct before.
First Direct shares its £75,000 UK savings safety guarantee with HSBC so make sure you don’t hold more than £75,000 across the two banks.
Co-op – free £150 + up to £5.50 per month
The Co-op Bank’s Standard Current Account will now pay you £150 to switch to it. Its also possible to earn an extra £5.50 a month with its Everyday Rewards scheme so a possible £216 in the first year.
You need to fully switch using the Co-op’s Switch Service, including the transfer of four direct debits which must be active until you’re paid the bonus. To get the monthly rewards, sign up to its Everyday Rewards and you’ll get £4 each month you pay in £800, pay out four direct debits, receive paperless statements, log in to online or mobile banking, and stay within your overdraft limit.
If you meet all the criteria above, you’ll also get 5p per debit card transaction, up to a maximum of £1.50 per month, as part of Everyday Rewards. Now word of caution, its not worth spending more just to get an extra 5p 🙂
You can’t receive the bonus if you’ve had a Co-op current account sign-up bonus already (since Jan 2014). Existing Co-op customers can get the £150 unless they’ve been paying in an average £800 a month into their current account since 3 Feb 2016. You can apply for the account online, but you’ll need to call or go into a branch to complete your switch.
Co-op shares its £75,000 UK savings safety guarantee with Smile and Britannia Building Society so make sure you don’t have more than £75,000 across the three brands.
HSBC – Free £150 to switch PLUS £50 if you stay
Open and switch to HSBC’s Advance Account and you’ll get £150. If you stay for a year, you’ll get a further £50 bonus. However, the account has a high minimum monthly pay-in – £1,750 a month – so consider whether you’ll be able to meet this before opting for it.
You must open the account, then use HSBC’s Current Account Switch Service to switch, including at least two direct debits or standing orders, within 30 days. The bonus is paid within 70 days of opening the account as long as you have met the switching criteria.
The offer is not valid to existing HSBC account holders (or if you’ve had an account with them in the last 12 months).
If you qualify for the £150 payment, you’ll also get a 0% overdraft for six months when you open the account, though the overdraft limit will depend on the credit score. If you want to get the £50 extra bonus, you need to register for mobile or online banking within 60 days of account opening, plus you’ll need to pay in £1,750 a month for at least nine of the first 12 months. It’ll be sent within 30 days of your first anniversary of account opening.
The switch bonus is also available if you’re switching to HSBC’s Premier Account. But you’ll need to either pay your income in to it and £50,000 of savings/investments with HSBC; or have an income of £100,000+ a year, plus another qualifying product with HSBC to get the account.
HSBC shares its £75,000 UK savings safety guarantee with First Direct, so ensure you don’t hold more than £75,000 across the two banks.
M&S Bank – free £100 gift card plus £10 per month for a year
The M&S Bank Current Account is one of the only accounts which allow you to switch to it without requiring a minimum pay-in amount. You get a £100 M&S gift card for switching to it, plus reward points when you shop in M&S. You get a decent £100 0% overdraft, and a linked 5% regular saver.
As an extra incentive, if you can commit to a minimum pay in, you can get an extra £10 added to the gift card each month for the first year when you deposit £1,000 a month. This means that you could get up to £220 for switching to M&S and keeping the account for at least a year.
To get the £100 bonus you must open the account and fully switch your account using M&S Bank’s switching service within three months. You need to switch at least two active direct debits to qualify for the bonus. You must not have previously switched a current account to M&S to be eligible for the bonus.
Branches can be found in larger M&S stores, so have longer opening hours than some other banks. M&S Bank has the full £75,000 UK savings safety guarantee.
Halifax Reward – free £100 cash + £5 per month
The Halifax Reward account gives you £100 to switch to it. Plus, at the moment, you get £5 per month providing you pay in £750 per month, remain in credit and have at least two active direct debits.
Halifax shares its £75,000 UK savings safety guarantee with the rest of the HBOS group, so don’t hold more than £75,000 across the group.
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