Switching to a new bank has never been easier. According to moneysavingexpert.com, some banks are currently offering up to £200 free cash if you change to them.
Before you qualify for switch bonuses, you must close and switch your old account. This is done by using the Current Account Switch Service through the new bank you're switching to.
The process is straightforward and takes around seven working days to complete. The service will also move payments meant to go into your old account into the new one, including direct debits, standing orders and your salary.
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Here is a list of the best bank accounts for new switchers, according to moneysavingexpert.com.
First Direct
Switching to First Direct can earn you £175 cash and a £30 Amazon voucher. In order to be eligible, you must have never had any account with First Direct.
Likewise, you can't have opened a current account with their sister bank HSBC since 2020. The switching offer is available until 11.59pm on January 19.
To receive the cash, you will have to pay £1,000 into your bank within three months. You will then receive the £175 switching bonus within 28 days.
You will also be able to claim the £30 voucher within 90 days. First Direct will send an email with instructions on how to do so.
NatWest
Switchers to NatWest can get £200 in cash. In order to be eligible, you can't have received switch cash from NatWest, RBS or Ulster since October 2017.
To receive the free money, you will need to have paid in £1,250 and use the online NatWest app within 60 days of registering. Once you have done so, you'll be paid the £200 within seven days.
HSBC UK
Like NatWest, switchers to HSBC will receive £200 free cash. However, you can't get the bonus if you've previously had a HSBC current account or opened one with First Direct since January 1, 2020.
In order to get the money, you will need to switch from an account which has two or more direct debits or standing orders. Then, you will have to pay in £1,500 within 60 days.
From here, it takes 20 days for you to receive the £200.
Lloyds Bank
Switchers to Lloyds can receive £150 cash as well as the choice of 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.
To receive your money, you must switch in an account from a different bank. You will get the cash within 10 working days.
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