Major banks giving out up to £200 – and you can get the free cash within two weeks
A NUMBER of high street banks are giving out up to £200 in free cash if you make a simple swap.
Banks and building societies regularly offer switching bonuses as a way of enticing in new customers.
They usually come with specific terms and conditions which you have to fulfil in order to get the free cash though.
But they can be a great way to make some extra money with the cost of living so high.
Halifax, TSB and NatWest are just a few of the banks currently offering switching bonuses worth up to £200.
Some pay out the cash within just a few days of the switch completing as well.
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And others pay you extra money after the initial switch. Here's everything you need to know.
Halifax
Halifax is giving out a switching bonus worth up to £225 - and you can claim the first £150 within two weeks of starting the switch.
You bag the £150 by signing up to the bank's New Reward or Ultimate Reward current account.
The money is then paid within 10 days of starting the switch - it shows up as "Cash Credit" in your statement.
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Plus, you can earn £25 in cashback when spending £750 or more on one of the new Halifax debit cards each month.
If you did this for three months you would receive £75 cashback in total - that's £225 in total when combined with the initial £150.
You can also get either £5 cash back each month or a choice of other benefits including cinema tickets or magazine downloads when monthly criteria is met.
Bear in mind, there is a £3 monthly fee to maintain the New Reward card, unless you deposit a minimum of £1,500 or more in each month.
Plus, the Ultimate Reward card has a £17 monthly fee, so substantially more.
However, that card does come with a host of benefits including travel insurance, vehicle breakdown cover and mobile phone insurance, which could all save you lots of money later on.
Customers only have until August 31 to start the switch with Halifax, so there's just a few days left to start the process of claiming the free cash.
NatWest and RBS
Customers switching to a NatWest Reward or RBS Reward current account can pick up a £200 switching bonus.
But you must switch from a different bank, deposit £1,250 into your account and log into the mobile banking app within 60 days.
Upon meeting these requirements you'll receive the £200 free cash after seven calendar days.
Bear in mind you have to pay £2 a month to keep both the NatWest Reward card and RBS Reward card open.
But they do come with handy perks alongside the switching bonus.
For example, both give you £3 every month you use the mobile banking phone app and pay out two direct debits worth £2 or more - that's £36 over the course of a year.
If you want the £200 switching bonus without having to pay a monthly fee, you can switch to a NatWest Select, RBS Select or Ulster Select account.
TSB
Customers switching to a TSB Spend and Save or Spend and Save Plus current account can get a £200 switching bonus.
But the money doesn't come in one instalment.
Customers get the first amount worth £125 by September 30 after setting up a minimum of two direct debits, using their debit card at least once and logging into internet banking.
The additional £75 is then paid into new accounts by March 31, 2024, but only if you have paid at least £500 into the account each month and have made five debit card and two direct debit payments each month.
One major perk of the TSB Spend and Save current account is that it comes with no monthly fee.
The Spend and Save Plus current account does come with a fee - £3 a month.
To get the switching bonus from TSB, you have to switch using the Current Account Switch Service (CASS) before August 31 - so you need to act fast.
First Direct
Customers signing up for a First Direct 1st Account can get £175 in free cash.
You have to deposit £1,000 within three months of opening the account though.
Once you have done this you'll receive the bonus within 28 days.
You won't be eligible for the bonus if you have opened a HSBC current account on or after January 1, 2020.
Nor will you be able to get the cash incentive if you've held a First Direct product before.
If you are eligible, the 1st Account comes with a linked savings account paying 7% interest on the first £300 saved every month.
How to switch current accounts
You can switch current accounts in just a few steps via the Current Account Switching Service (CASS).
You just have to contact the new bank to apply for one of its accounts.
If you are accepted, they will offer to make the switch for you automatically and ask you to choose a date to do it.
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Your old bank should then talk to your old one and everything will be switched across, including your balance, direct debits and salary.
After this, you will receive your new cards, log-in details and any PINS.
Do you have a money problem that needs sorting? Get in touch by emailing [email protected].
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