Bank of Scotland customers have until August 4 to qualify for a £175 switching bonus by opening a Classic, Silver or Platinum current account and moving an existing current account from another bank using the Current Account Switching Service (CASS).
How the offer works
To receive the payment, new customers must transfer at least three active direct debits as part of the switch. Direct debits set up after the switching process has started will not count.
Eligible customers will be paid the £175 bonus within 14 working days of the switch beginning. Since a bank account switch takes seven working days, someone who starts the process today would receive the cash by August 20.
Account options and benefits
All three accounts offer up to 15% cashback when spending with selected retailers. Customers can also earn interest on balances of up to £5,000 by signing up to the Vantage add-on.
The Classic Account has no monthly fee. The Silver Account, priced at £11.50 a month, includes AA Breakdown Family Cover, European family travel insurance and mobile phone insurance. The Platinum Account, priced at £22.50 a month, adds worldwide multi-trip family travel insurance on top of the Silver Account benefits.
Who is excluded from the bonus
The offer is only available to customers switching from a current account held with another bank, so it excludes anyone moving from a Halifax, Lloyds or another Bank of Scotland account because they are under the same parent company, Lloyds Banking Group.
Customers who have already received a switching incentive since January 1, 2023, for moving to a Lloyds, Halifax or Bank of Scotland current account are not eligible. The same rule applies to joint accounts if either account holder has previously received a qualifying switching bonus.
The promotion also excludes Student Current Accounts, Smart Start, Under 19s and Basic Accounts. New accounts can be opened online, by phone or in a Bank of Scotland branch.
What customers still need to update
Although the Current Account Switching Service transfers most payments automatically, customers will still need to update some details themselves.
This includes changing any subscriptions or regular payments that use their old debit card details, updating digital wallets such as Apple Pay or Google Pay, arranging any overdraft they want to keep, and saving copies of old bank statements or transaction histories if required.
