These four banks pay you to switch accounts
These four banks pay you to switch accounts.
Bank switch deals have been a bit scarce lately, but they're making a strong comeback. Recently, four new offers have emerged, providing free cash incentives for transferring your banking from another provider. Additionally, all four current accounts come with access to some of the best-paying savings accounts available. If you haven't frequently switched banks in recent years, now is a great opportunity to benefit from at least one, if not several, of these offers.
If you've received funds from these banks in the past, there's a strong possibility that you won't be eligible this time.
Lloyds
You can receive £200 in your account just three days after you finish the switch. It's quite straightforward. To get started, you'll need to open a new Club Lloyds, Club Lloyds Silver, or Club Lloyds Platinum account (the last two are packaged accounts that come with significant monthly fees), and as part of the switching process, you'll need to transfer three direct debits.
You have the option to choose a freebie like a year-long Disney+ subscription with ads, or you can opt for six cinema tickets along with a regular saver that pays 6.25%. Keep in mind, this offer is set to end on December 10.
First Direct
There’s a cash bonus of £175 available, but it’s exclusively for new customers. The process of switching accounts is a bit more complex now, as many of these offers have changed this year. After you set up your account, you’ll need to transfer two direct debits and make five debit card transactions within 45 days. Additionally, this account features a regular saver that pays a competitive rate of 7%.
Nationwide
You can earn £175 by transferring your personal account to Nationwide, and if you switch to a joint account, you can earn another £175. This means that for a couple moving three accounts, you could pocket a total of £525. To qualify for each Nationwide switch, you'll need to deposit £1,000 into the account, use the debit card, and transfer two direct debits.
This offer is open to both new and current FlexDirect account holders. It features a 5% interest rate on balances up to £1,500 for one year, 1% cashback on your spending, and the opportunity to access a regular saver account with a 6.5% interest rate.
Co-operative Bank
This one is definitely a bit trickier than the rest. If you switch to a standard current account, you can earn £75, but there are a few steps involved. You’ll need to deposit £1,000, set up two direct debits, complete ten debit card transactions, and link your debit card to your phone’s digital wallet. And remember, you have to do all of this within 30 days after the switch is finalized.
Then if you want more cash, there’s another £75 available, split over three months, if you do the same things each subsequent month. That’s £150 you can make, as well as access to a 7% regular saver.
