It is not unusual for high street banks to offer hundreds of pounds in rewards for customers making a switch from one current account to another. And there are some pretty attractive offers on the table at the moment from the likes of Barclays, HSBC, First Direct and Lloyds. The best switching offers available right now have been listed by the team at Martin Lewis’ Money Savings Expert, revealing just how much Brits can earn by making a simple move. However, these offers come with certain criteria, so people should make themselves aware of all the boxes they’ll have to tick to actually get the money bonuses listed.
Switches are made using the Current Account Switch Service (CASS), which moves your balance, Direct Debits and standing orders across. It moves your money to the new account while closing your old one, which is usually one of the criteria for these kinds of offers.
As long as both banks are signed up to CASS, which most major banks are, the switch will happen automatically. However, there are often criteria involving a minimum number of direct debits and a minimum deposit within a certain number of days for the bonus to eventually be paid out.
Here are the best current account switching offers at the moment, and the criteria you’ll need to meet to get these bonuses.
Barclays: Free £300 – £150 upfront & £30/month for five months
Barclays is paying out £300 to customers who make a switch. This includes a £150 upfront payment for switching three or more Direct Debits and paying in monthly earnings of £2,000 in the first month.
To get the five additional £30 payments, you need to continue to pay in a £2,000 monthly salary & make 10 debit card payments in each of the next five months.
For an optional £5/month fee, you can join its Blue Rewards scheme to get Apple TV at half its usual cost. However, you will also need to pay £800 /month & register for digital banking.
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First Direct: Free £210, 7% saver, TOP service, fee-free overseas spending & £250 0% overdraft
Eligible customers who make a complete switch to the First Direct 1st account will get a £210 bonus if they open an account via app (online if a joint account), and within 45 days, switch to an account with 2 Direct Debits or standing orders.
Customers must also pay £1,000 or more, make 5 debit card payments, and log in to digital banking. The bonus will then be paid by the 20th of the following month.
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Lloyds: Free £200, 6.25% regular saver, fee-free spending overseas
Lloyds is offering a £200 bonus to customers who switch to Club Lloyds. As well as the switching offer, the account also gives customers the choice of the following rewards each year: 12 months’ Disney (with ads), six cinema tickets, a Coffee Club & Gourmet Society membership, or a subscription to a magazine.
Customers also get access to a linked regular saver paying 6.25% fixed interest for a year on up to £250/month, a possible £100 0% overdraft buffer. Additionally, the debit card has no fees for overseas spending.
(Image: Getty)
