Seven major banks and building societies are offering switching bonuses worth up to £220 to attract new customers this summer, according to consumer website MoneySavingExpert (MSE.com), founded by Martin Lewis. The deals, which include free cash, cashback, and savings perks, are available from HSBC, Santander, First Direct, Barclays, NatWest, Nationwide, and Bank of Scotland.
Most offers require customers to switch an existing current account with at least two active Direct Debits, while some also require minimum pay-ins or debit card spending. The free Current Account Switch Service (CASS) automatically moves Direct Debits and standing orders from one bank to another and is backed by a guarantee designed to protect customers from missed payments.
HSBC - £220
HSBC is offering £220 to eligible new customers who switch to the HSBC Bank Account. The account also provides access to a regular saver paying 5% fixed interest on up to £250 a month for one year. To qualify, customers must open a new account via the app (no joint accounts), switch an account within 60 days, and pay in at least £2,000 once. The £220 is paid within 60 days of meeting all criteria.
Santander Edge - up to £210
Santander is offering £180 to eligible customers switching to its Edge account, along with a £30 Amazon voucher for qualifying new customers. To qualify, customers must switch an account within 60 days, pay in at least £1,500, and have at least two Direct Debits. The account costs £3 a month but pays up to £10 cashback each month on selected household bills paid by Direct Debit. Santander customers can also access a linked savings account paying 6% variable interest on balances up to £4,000.
First Direct - £200
First Direct has increased its switching offer from £175 to £200. To qualify, customers must switch an account with at least two Direct Debits or standing orders, pay in £1,000 within 45 days, and make five debit card payments. The bank also offers a linked regular saver paying 7% fixed interest and fee-free overseas card spending.
Barclays - £200
Barclays is offering £200 to eligible customers switching to a Barclays Bank Account. To qualify, customers must open the account through the Barclays app, switch an account with at least two Direct Debits by May 28, and pay in at least £2,000 within 30 days. Barclays is also offering 5% cashback on fuel purchases at Tesco forecourts until July 31, capped at £10 a month.
NatWest - £200
NatWest customers can receive £200 for switching to a Reward account. The account charges a £2 monthly fee but offers £5 monthly cashback if customers pay in at least £1,250 a month, pay out at least two Direct Debits, and use the mobile banking app. NatWest also offers a linked regular saver paying 5.25% variable interest.
Nationwide FlexDirect - £175
Nationwide Building Society is offering £175 to eligible customers switching to a FlexDirect account. To qualify, customers must switch an account with at least two Direct Debits, pay in £1,000 within 31 days, and make at least one debit card payment. The account also offers 5% interest on balances up to £1,500 for one year, 1% cashback for 12 months, and access to a linked regular saver paying 6.5% variable interest.
Bank of Scotland - £175
Bank of Scotland recently launched a new £175 switching deal for customers opening a Classic account. To qualify, customers must open a new account and switch in an account with at least three active Direct Debits by June 29. Unlike some rival deals, there is no minimum pay-in requirement. The account also includes access to a linked regular saver paying 5.5% fixed interest for a year on balances up to £250 a month.
