UK households can get up to £1,245 in free cash from bank switch bonuses, plus a free toothbrush, as new Prime Minister Andy Burnham prioritises tackling the cost of living crisis.
Switch bonuses available now
Within the first month of Andy Burnham's premiership, a total of £1,245 is available from banks in switch bonuses, along with other interest payments and cashback over the next 12 months for customers who qualify. Some high-earner offers pay even more.
Even if you are already with a bank that is paying customers to switch to it, you can still move to a different bank offering a cash payout and a cashback deal. You can have multiple bank accounts open at once, and you can switch any one bank account to another, or switch multiple accounts simultaneously, to maximise rewards, depending on your income and ability to meet minimum pay-in rules. In theory, one person could collect all £1,245 of cash bonuses and a toothbrush.
Restrictions and process
The only blocks are if you are with a sister bank. For example, Halifax or Bank of Scotland customers won't be paid if they switch to Club Lloyds (owned by the same company), and HSBC customers can't get a bonus from First Direct, which is also the same parent company.
There is no reason not to switch, and the automatic bank switching service moves all your direct debits and standing orders over within seven working days.
Offers from major banks
HSBC is offering £220 for bank switch customers. You need to deposit £2,000 on opening the account and spend £500 on a debit card in the first 60 days. The £220 is then paid within 60 days of meeting all the criteria.
Barclays is offering a £200 cash switching incentive if you switch by August 27. You must pay in at least £2,000 within 30 days, and the £200 will be paid within 28 working days.
First Direct will give customers £175 for switching, plus access to a top 7% savings account, a £250 0% overdraft and a top debit card for spending overseas. You need to pay in £1,000, have two direct debits, make five card payments, and the cash is paid by the 20th of the following month.
Nationwide is offering £175 cash handouts to switchers, with 5% credit interest on account balances of up to £1,500 on top, worth an extra £75. Simply switch in an account and have two direct debits within 28 days, and pay in £1,000. The £175 is paid within 10 days of meeting the criteria.
