Consumers looking to make extra cash before summer ends could pocket up to £220 through a range of current account switching offers now available from six major banks and building societies.
Consumer website MoneySavingExpert (MSE.com) – founded by Martin Lewis – has compiled the latest list of current account switching deals on offer. HSBC, Barclays, NatWest, First Direct, Co-op Bank and Nationwide are all offering free cash, cashback and savings perks worth hundreds of pounds.
Switching Requirements and Guarantee
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 from one bank to another and is backed by a guarantee designed to protect customers from missed payments.
HSBC and Barclays Lead with £220 and £200 Offers
HSBC is offering £220 to eligible new customers who switch to the HSBC Bank Account, which also gives access to HSBC's 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 the criteria.
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 per cent cashback on fuel purchases at Tesco forecourts until July 31, capped at £10 a month.
NatWest, First Direct, Nationwide and Co-op Bank Deals
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 per cent variable interest.
First Direct is offering £175 to new customers who open a First Direct 1st Account. The £175 is paid out on the 20th of the following month after qualifying criteria has been fulfilled. 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.
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 per cent interest on balances up to £1,500 for one year and 1 per cent cashback for 12 months.
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 cash offer, customers must open a new account and request to switch in an account 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+, have 2+ Direct Debits, register for online banking or its mobile app, and make 5+ transactions using the debit card. The £125 will be paid within seven days of meeting all criteria.
To get the £25/month for three months, customers must qualify for and receive the £125 bonus, then each month thereafter deposit £1,500+, make 5+ transactions using the debit card and have 2+ Direct Debits (month one begins the day after receiving the £125 bonus). Each £25 is paid within seven days of 'your' month ending.
Full details on all the latest switching offers and best savings rates deals can be found on MSE.com.
