A major UK bank is tempting customers with a generous £200 cash incentive to switch their current accounts. This limited-time offer could see Brits pocket easy money simply by moving their banking services.
How the £200 Switch Bonus Works
The deal requires customers to:
- Open a qualifying current account with the bank
- Switch using the Current Account Switch Service
- Deposit at least £1,250 within 60 days
- Set up two active direct debits
The £200 bonus will be paid within 14 days of meeting all criteria. This offer comes as banks compete fiercely for new customers amid the cost of living crisis.
Why Banks Want Your Switch
Financial institutions value current account customers because:
- They typically stay with banks for years
- Customers often take out additional products like loans or mortgages
- Regular account activity provides valuable customer data
Important Considerations
Before switching, check:
- Any fees associated with the new account
- Interest rates on balances
- Overdraft facilities and charges
- Mobile banking features
"These switching bonuses can be genuinely worthwhile," says financial expert Jane Doe, "but always read the fine print to ensure the account suits your needs long-term."
