Consumers can earn up to £220 in free cash this summer by switching current accounts, according to a roundup of deals from six major banks and building societies compiled by consumer website MoneySavingExpert (MSE.com), founded by Martin Lewis. HSBC, Barclays, NatWest, First Direct, Co-op Bank and Nationwide are all offering free cash, cashback or savings perks.
How the switching offers work
Most deals 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 between banks and is backed by a guarantee designed to protect customers from missed payments.
HSBC and Barclays lead with £220 and £200
HSBC is offering £220 to eligible new customers who switch to the HSBC Bank Account, which also provides access to a regular saver paying 5 per cent fixed interest on up to £250 a month for one year. To qualify, customers must open a new HSBC Bank 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.
Barclays is offering £200 to eligible customers switching to a Barclays Bank Account. Qualifying 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 per cent cashback on fuel purchases at Tesco forecourts until July 31, capped at £10 a month.
NatWest, First Direct and Co-op Bank deals
NatWest customers can receive £200 for switching to a Reward account, which 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 per cent variable interest.
First Direct is offering £175 to new customers who open a First Direct 1st Account, paid on the 20th of the following month after qualifying. 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 per cent fixed interest and fee-free overseas card spending.
The Co-op Bank is offering £125 plus £25 a month for three months to eligible customers switching to a Co-op Bank Current Account. To qualify for the £125, customers must open a new account and request to switch from a different bank within two weeks, complete a full switch within eight weeks, and within 30 days of the switch completing: deposit £1,500 or more, have two or more Direct Debits, register for online banking or its mobile app, and make five or more debit card transactions. The £125 is paid within seven days of meeting all criteria. For the £25 monthly payments, customers must qualify for and receive the £125 bonus, then each month deposit £1,500 or more, make five or more debit card transactions, and have two or more Direct Debits, with each £25 paid within seven days of the month ending.
Full details on all the latest switching offers and best savings rates can be found on MSE.com.
