If you are beginning to feel the financial pressure due to the rising cost of living and upcoming increase to energy bills, a quick way to boost your income is to get paid for switching your bank account. Four of the biggest names in British banking are offering new customers up to £175 within 10 to 30 days of the switch taking place - which could give your balance a much-needed boost before the new price cap starts on October 1.
The team at MoneySavingExpert.com are always on top of the latest bank switching offers and in this week’s newsletter, they have shared details of impressive cash incentives available from First Direct, Santander, Halifax and Nationwide.
Switching is much simpler these days and your incoming and outgoing funds along with direct debits, standing orders and recurring payments are fully protected by the Current Account Switch Service.
The switch can be completed in as little as seven working days and most banks or building societies will allow you to select a date to transfer accounts that suits you.
If you’re a bit unsure of doing it, take comfort in the knowledge that more than eight million current accounts have been switched since the Current Account Switch Service launched in 2013.
Latest bank switching deals
For full details on the switching deals on offer, visit the MoneySavingExpert.com website here.
Here are the highlights of the deals on offer.
First Direct 1st Account
- Deal: £175 free cash
- Bonus paid: Within 28 days of meeting qualifying criteria
- Details: Within three months complete a switch from another current account and pay in over £1,000.
Santander 123 Lite
- Deal: £175 free cash
- Bonus paid: Within 30 days of meeting qualifying criteria
- Details: Within 60 days of switching you must have two or more direct debits, pay in over £1,000and log on to online or mobile banking.
Halifax Reward
- Deal: £150 free cash
- Bonus paid: Within 10 days of meeting qualifying criteria
- Details: Start the switch process by September 5, must include at least two direct debits, and deposit £1,500 each month to avoid £3 account fee.
Nationwide FlexDirect
- Deal: £100 free cash
- Bonus paid: Within 10 days of meeting qualifying criteria
- Details: Switch within 30 days - must include two direct debits
If you’re not fussed about who you bank with and won’t need a long bank history for any mortgage or car finance checks coming up, switching may be a fast way to make some cash as most of the banks pay the money out within 30 days of the minimum pay in level being met.
Read the full details on MoneySavingExpert.com here.
To keep up to date with the cost of living crisis, join in the conversation on our Money Saving Scotland Facebook page here, or subscribe to our newsletter which goes out three times each week - sign up here.
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