High street banks will sometimes pay you to switch over to them - and right now you could make as much as £150.
These parks are known as “switch bribes” and are seen as an easy way to make money - especially if you’re not happy with your bank.
However, you’ll need to meet certain eligibility criteria first in order to get the cash.
For example, some banks will ask that you’re a new customer - or sometimes you’ll need to deposit or spend a certain amount.
First Direct, Halifax, Nationwide and all have cash “switch bribes” on offer right now. We explain all the eligibility criteria for each bank.
Have you made money by switching banks? Let us know: mirror.money.saving@mirror.co.uk
First Direct - £150
First Direct is offering new customers £150 to switch, or existing customers can get £20 just for opening and using their account.
To get the £150 bonus, you need to open the First Direct 1st Account and then switch over from another current account within three months.
You can’t switch from a First Direct or HSBC account.
You then need to pay in at least £1,000 to get the switch cash, which should be paid within 28 days.
For the free £20, you just need to open the First Direct account and use mobile or online banking within three months.
The First Direct 1st Account comes with an arranged overdraft of up to £250 with 0% EAR variable.
Arranged overdrafts over £250 are charged at 39.9% EAR variable, while unarranged overdrafts are charged at the same rate up to a maximum of £20 per month.
There is no minimum pay-in with the First Direct 1st Account.
Halifax - £150
New and existing customers who switch to the Halifax Reward Current Account can also get a free £150.
You’ll need to switch your account held elsewhere into a new or existing Reward Current Account using the Current Account Switch Service.
As well as this, you must move over at least two active direct debits.
You’ll get £150 paid into your account within 10 working days of the switch starting.
You do have to pay in £1,500 with this account to avoid a £3 monthly fee to keep the Halifax Reward Account.
If you do this and stay in credit - then either spend £500 every month, or keep at least £5,000 in the account - you’ll also get access to other rewards.
This includes £5 cash, a Vue cinema ticket, two Rakuten TV movie rentals, or three digital magazines for one year.
You won’t qualify for the £150 switch cash if you’ve had cashback from Halifax since April 2020.
The Reward Current Account comes with an arranged overdraft that charges 39.9% EAR variable, or six months at 0% if you switch.
Unarranged overdrafts are charged at 0% EAR variable.
Nationwide - £125
If you’ve already got a FlexPlus, FlexDirect or FlexAccount account, and you switch to it from another bank, you could earn £125 through Nationwide.
New customers who are opening one of these accounts for the first time can get £100.
You’ll need to move over two Direct Debits to get the switch cash.
If you move to the FlexDirect account, you’ll get 5% fixed interest on up to £1,500 and many get a 0% overdraft for 12 months.
Those who've had this account before will get just 0.25% in-credit interest and no 0% overdraft.
There is no monthly fee, although you need to pay in £1,000 every month to get the interest.
For new customers, arranged overdrafts after the first year are set at 39.9% EAR variable.
