Switching bank accounts used to be a royal pain in the arse, often taking months before all of your standing orders and direct debit payments were moved, which historically caused people issues with late and even non-payment of their bills, so it was no wonder that people were reluctant to switch their bank accounts. But the rules have changed in recent years making it much easier and simpler to switch your current account to a new bank, it should now only take seven days to switch your account and that includes all of your regular payments both in and out of your account.
As a result many of the banks are now doing all they can to entice us to switch our accounts, and one of the ways they are doing this is with cold hard cash.
How to Bag Over £800.00 Cash
So with all of this cash on offer you have an opportunity to bag over £800.00 in cash, in fact some people on MSE have claimed to have gained well over £1500.00 by switching multiple times, the idea is fairly simple, you open a new account with the first bank who offers a cash reward and then you move to the next and so on.
Now it’s important that you check the details of each account as you go, and I would recommend always keeping your main account open and leapfrog only from the first account, but it is simple and the money is good, to get you started I have listed some of the best accounts below, things do change fast so you may have to do some additional hunting, but believe me when one offer closes a new opens the same day. Good luck.
You can also find the latest Current Accounts with Cash Back Right HERE
Banks With Cash Incentives to Switch
First Direct 1st Account – £100 cash
First Direct has been offering a cash incentive since 1991, and was one of the first banks to do so. It is currently offering £100 to those who switch to its 1st current account. You will not receive the cash incentive if you have held a First Direct account in the past.
HSBC – £200 cash
HSBC has just launched a £200 “switch and stay” bonus for those who open its Advance or Premier account.
The first £150 is paid when a customer switches using the Current Account Switch Service (CASS) and then sets up two direct debits within 30 days. The other £50 is available after 12 months if you’ve registered for mobile and online banking within 60 days of opening the account.
Co-operative Bank – £150 cash
The Co-operative Bank offers customers a huge £150 switching incentive for new current account customers.
Customers must complete the switch using (CASS) which means closing your existing account. At least four direct debits must then be set up to qualify
M&S Current Account – £100 M&S gift card
M&S Bank’s current account, launched last May and branded a “major challenger to the dominant high street banks”, has no monthly fee and a £100 interest-free overdraft, and comes with a £100 M&S gift card.
The current account, despite not paying any interest to those in credit, is a decent account and perfect for loyal M&S shopper
Halifax Current Account – £125 cash
Halifax has recently increased its cash incentive to £125 to those who switch to one of its current accounts. Plus, it promises to pay within three days of the completed switch.
Customers can earn a further £5 a month with the Reward Current Account. A minimum sum of £750 must be paid in per month and two direct debits must be set up
Clydesdale and Yorkshire Bank – £150.00
After a short break Clydesdale and Yorkshire banks have brought back their switching bonus of £150! What’s more, it’s available on all personal and private current accounts.