A bank is offering a fee to new customers - and they don’t have to transfer their accounts over. A host of banks currently offer money to switch over- but that means moving everything over, which puts some off.
Revolut's Simple Offer
However Revolut is offering £20 for opening an account, with no switch needed. It appears to be a simple cash offer, requiring customers to make a purchase of £1 to qualify. The deal is available to new customers only - and the bank is app-only.
Comparison with Other Banks
Other banks are offering much larger sums of money for a full switch using the Current Account Switch Service. You can pocket £220 with HSBC or £200 with First Direct, Natwest or Barclays. These offers have more stipulations, however, such as depositing between £1,000 and £2,000 depending on the bank, switching in two direct debits, or making a certain number of direct debit payments.
Revolut's Savings Rate
Meanwhile Revolut, last week announced a new 5% AER (variable) savings rate for all new customers, which it said is the best rate available in the UK market. Available immediately for new Instant Access Savings accounts, the boosted promotional rate will run for a six-month term until December 4 2026. Customers must sign up for the new Instant Access Savings Account between the signup window of June 5 - August 4 to be eligible, with the promotional rate expiring on December 4. After this point, the savings rate reverts to the base rate of the users Revolut plan, up to 4% AER (variable) for Ultra plan users. Users 16+ are eligible to benefit from the boosted rate.
Albert Codorniu, General Manager of Savings at Revolut, said: “We’re always looking for new ways to help customers upgrade their wealth. Implementing this boosted 5% rate is a commitment to passing tangible value back to our users, offering a top-tier, secure return on their hard earned money.”
HSBC's Generous Offer
HSBC this week launched the most generous cash switching bonus currently available. It’s offering £220 to new customers opening a current account via the HSBC UK app. Customers can expect to receive the bonus within 60 days of meeting these requirements: Use the Current Account Switch Service, transfer everyday banking including at least two direct debits, deposit a minimum of £2,000, and spend £500 using a debit card linked to the account.
Other Competitors
Nearest rivals Barclays, First Direct and Natwest are all offering £200, but cashback incentives with these accounts could leave you better off than switching to HSBC. NatWest technically offers a better deal if you can meet their additional criteria for £36 cashback. Their reward scheme pays £5 cashback each month you pay in £1,250, pay out two direct debits of £2 or more and use its mobile app. Factoring in a £2 monthly fee, that’s a net gain of £36 a year. Commuting by car? Barclays offers cashback at a rate of 5% when you buy £5 or more of petrol or diesel at a Tesco forecourt using the debit card. The cashback is capped at £10 a month, but regular drivers could earn back up to £120 a month.
