Get £185 to spend in M&S if you switch bank accounts – but is it the best bribe out there?
Customers who switch to an M&S current account will also have access to the bank's monthly saver account which offers a top rate of 5 per cent
M&S Bank is offering a cash incentive to anyone who switches their everyday banking to its current account.
New customers will be handed a £125 gift card to spend in-store or online, as well as a £5 reward each month for the first year.
Anyone who switches to the bank - which is part-owned by HSBC - will need to do so using the current account switch service and they will need to set up two direct debits to go out from the account, plus pay in at least £1,000 a month.
In return, customers will get the gift card which will be topped up with £5 each month for the first year.
Altogether, new customers will get £185 in "freebies" - made up of the £5 monthly reward and the £125 gift card.
This is an improvement on the £170 offered by the bank before today, which was made up of a £50 voucher plus the £5 monthly reward for two years.
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Last year, the bank offered freebies worth £220, thanks to a £100 gift card and £10 monthly rewards for 12 months.
Customers who switch to an M&S current account will also have access to the bank's monthly saver account which offers a top rate of 5 per cent when you pay in between £25 and £250 a month.
This gives customers the potential to earn up to £81 extra in interest over a 12 months.
Current account customers will earn loyalty points for every £1 spent in M&S, with 100 points equating to £1 in M&S vouchers - but this is only really beneficial if you shop regularly in M&S.
The best bank account bribes
YOU can get money just for switching bank account, but customers shouldn't be lured in just by the bribes. It's also important to look at the bank's reputation for customer service, and whether they offer a good rate of interest.
Below, we look at the best all-round banks that offer more than just cash incentives.
1. First Direct offers new customers £100 when they switch to it, but you'll need to pay in at least £1,000 within three months of your account opening. The bank has excellent customer service records, often coming top in customer satisfaction polls.
2. The Co-op Bank, which also has decent customer service, pays £110 to those who switch to it. Customers can also get up to an extra £5.50 a month through its everyday rewards scheme
3. Halifax pays £75 to those who switch to it, plus a £3 reward each month if you pay in at least £750 a month and have at least two direct debits set up.
Is switching worth the hassle?
Switching bank accounts does require some effort, but it is worthwhile if the bank you’re switching to offers a decent rate of interest, good perks - such as cash bonuses - and has good customer service.
Switching just for the cash perk when you’re with a bank that offers good service, low overdraft rates and decent interest, may not be the right decision for you.
With the current account switch service it’s relatively easy and hassle-free to switch, because they take care of the whole process for you and have an obligation to switch your current account with seven working days.
If the switch takes longer and you lose money as a result – such as a direct debit not being paid and you’re charged a fee – they have to refund you.
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