A number of major banks are offering people hundreds of pounds to switch this summer. The banks are offering the bonuses in a bid to attract new customers who use their switching service.
In most cases switching bank is easy - all you usually have to do is pass a simple credit check and you'll have the money in no time. In some cases there are other perks too, with some banks offering cashbank every month, good rates for certain accounts or even access to subscription services or cinema tickets.
Banks often change their switch offers or only run them for a limited time, so if you're considering changing you should do it soon to avoid missing out. Here are all the current offers from banks offering new customers free cash when you switch, according to MoneySavingExpert. To get all the latest money-saving news straight to your inbox twice a week sign up here.
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HSBC: HSBC offers £200 free cash and a 5% regular saver rate with its fee-free deal if you switch, and no minimum monthly pay-in required. To qualify you need to switch two or more direct debits/standing orders and pay in £1,500 or more once in the first 60 days. You can withdraw this money again. This offer ends on Monday, July 3. You can't have had an HSBC current account, or opened one with its sister bank First Direct, since January 1, 2020.
NatWest Reward, RBS Reward: Switchers to these get £200 free cash and £3 cashback every month you use their app and pay out £2+ direct debits. With those accounts, except Ulster, you can open a linked 6.17% regular saver account and put in up to £150 a month. You can open online or in a branch and switch an account from a different bank. You must pay in £1,250+ and use the app within 60 days and you will get your £200 in seven days. You can't have had switch cash from NatWest, RBS or Ulster since October 2017.
First Direct 1st Account: This switch gives you a free £175 and a £250 0% overdraft, as well as access to a linked regular saver which pays 7% on up to £300 a month. You can't have had any First Direct accounts or have opened a current account with sister bank HSBC since January 2020. There is no minimum pay-in and you can get the bonus by opening the account online or in a branch. You must pay in £1,000 within three months and you should get your £175 within 28 days of opening.
Club Lloyds: Lloyds offers you £150 upfront in cash but unlike some of the other offers, there is a minimum pay-in of £2,000 a month - otherwise there is a £3 monthly fee. There are additional perks with this offer which could see you choose a reward from 12 months of Disney+, six cinema tickets, a Coffee Club and Gourmet Society membership or a magazine subscription. You can't have had switch cash from Lloyds or Halifax since April 2020 and you can open the account online, by phone or in a branch. You will only have to wait 10 working days to get your £150.
