Are you currently considering switching bank accounts? Will, then there’s some good news for you. The good news is that banks are now paying out, with rewards for switching accounts with them.
Banks are increasingly counting on money offers, to draw in new customers. Typically by handing out a combination of shopping vouchers, monthly payments, and low-interest rates.
Banks are even adding a “joiner reward” just to entice new customers. Switching bank accounts has never been so easy and quick to do.
Here are five banks that are currently offering money or an equivalent of enticements for new customers switching bank accounts.
Account customers — however, the accounts on offer may not essentially be the most effective currently available on the market. The most recent bumper supply has recently come from HSBC, as they seemly have the top deal at the moment.
Customers should defiantly take advantage and switch using the Current Account Switching Service (CASS) to induce the perks.
Switching your account to HSBC and get £200
HSBC offers £150 to customers who switch to its Advance checking account or its Premier checking account and £50 to the people that fulfil the account criteria for twelve months.
There are some natural requirements that HSBC has:
The Advance checking account needs its customers to pay a minimum of £1,750 a month.
Premier checking account customers should also have savings or investments of a minimum of £50,000 with HSBC within the United Kingdom or have an annual income of a minimum of £100,000 and an HSBC mortgage, investment or protection product.
You’ll need to change by November 26 to be eligible for the bonus. 2 direct debits should be created within the first thirty days to induce the initial £150.
You must also register for mobile or online banking within sixty days of the checking account opening, to induce the additional £50, that is paid when the first twelve months are up.
Switching bank account to the Co-op and you get £125 cash plus an additional £5.50 per month and a £25 donation for charity
To get the £125, customers need to switch to the Co-op’s current account and set up four direct debits.
The current account doesn’t pay interest, however, customers who choose the Everyday Rewards option may earn an additional £5.50 every month.
Customers who pay in £800 a month, keep in credit, log in to online or mobile banking once a month, and choose paperless statements can earn an additional £4 a month. The four direct debits will need to continue.
Those who meet Co-op’s standards may additionally earn 5p whenever they use their debit card (up to a maximum of £1.50 a month)
The Co-op will also give £25 to Centrepoint, the homeless charity for teenagers, for each account switch.
The Marks & Spencers Current Account offers a £125 gift card and an additional £5 a month if you stay
Marks & Spencer’s current account has been branded a “major contestant to the dominant high-street banks”. It has no monthly fee and a £100 interest-free overdraft and comes with a £125 M&S gift card.
For every month you pay in £1,000, M&S adds an additional £5 to the gift card as long as you retain 2 direct debits active. This is often paid for every year, thus potentially earning up to £185.
Account holders will receive one loyalty point for each £1 spent using the debit card in an M&S store or online.
For every one hundred points earned, customers receive £1 in Marks & Spenser’s vouchers, which are sent to the account holder every three months. Plus, account holders get access to the M&S monthly saver that pays 5pc interest on a maximum pay-in of £250 a month.
The Halifax Current Account offers £125 cash plus an additional £3 a month
Halifax offers £125 to new customers who switch to 1 of its current accounts – although it’s not currently known to offer more. It guarantees to pay inside 3 days of the finished switch.
Customers will earn an extra £3 a month with the Reward current account. A minimum total of £750 should be paid in per month and 2 direct debits should be set up.
Halifax’s alternative 2 current accounts are less enticing. the current account is incredibly standard and offers no rewards.
Halifax’s packaged account – final Reward current account – offers comprehensive worldwide travel cover and mobile phone insurance, however, charges £15 a month. Customers will get this right down to £12 if they pay £750 a month and set up 2 direct debits.
The First Direct First Account offers £125 cash
First Direct* has been providing a money incentive since 1991, and was one among the primary banks to do so. It presently offers £125 for those that switch to its first current account* using a MoneySuperMarket* or MoneySavingExpert link.
You will not receive the monetary incentive if you have previously had a first Direct account.
Using internet and telephone banking effect of HSBC incorporates a reputation for excellent customer service.
This, at the side of its £125 money offering, makes the current account an attractive choice.
To qualify you need to pay a minimum of £1,000 among 3 months.
The account costs £10 a month, however, this fee is waived for the first six months, if you pay in £1,000 a month, maintain a monthly balance of £1,000 or hold another selected initial Direct account.
The account doesn’t pay interest however it will allow customers to open a daily saver, that pays 5pc on monthly deposits of between £25 and £300. This rate is paid for twelve months.
If you are not happy with first Direct, it guarantees to pay another £100 if you leave once six months but before a year.