Clydesdale Bank and Yorkshire Bank are offering £250 bonus if you switch current accounts – but you’ll need to hurry
There's no guarantee how long the deal will last so you'll need to act fast if you want to be guaranteed the free money
BANKS are increasingly replying on cash incentives to entice new customers to switch current accounts, which means you can earn hundreds of pounds just by switching.
Now Clydesdale Bank and Yorkshire Bank are both offering £250 to customers who switch to them - which is the biggest upfront bonus we've seen yet.
Previously, HSBC was offering the biggest cash incentive to anyone who opened an Advance or Premier account with them of £150, with an extra £50 paid in after 12 months.
Clydesdale Bank and Yorkshire bank - who offer the same current account - are both giving new customers £250 to open a current account with them. That's £100 more than HSBC's initial offer.
But there are a handful of catches. You won't be handed over the cash just for opening up an account.
You have to go through the Current Account Switch Service and choose a date to make the switch within 31 days of requesting it.
The accounts that give most cash for switching
IF you're thinking of switching banks then why not get paid for it? Here's what's best on the market right now.
Clydesdale Bank and Yorkshire Bank - Free £250 when you switch current accounts and meet all of the minimum requirements in the first 62 days.
HSBC - Free £150 when you switch to an Advance account, plus £50 if you stay with them for a year. But they pay off is the high minimum monthly pay-in of £1,750.
First Direct - Free £125 switching bonus and a £250 interest free overdraft.
M&S Bank - Free £125 gift card and no minimum monthly pay-ins. If you do pay in £1,000 a month, you'll be rewarded with an extra £5 a month on the gift card for the first year.
Halifax - Free £125 plus £3 a month cashback if you meet the minimum monthly requirements.
You need to show that you'll be using this account, so you have to have at least two direct debits to start with.
But they can be cancelled or moved to another account elsewhere after the first 62 days and once you've received the bonus.
Within the first 31 days you'll need to transfer £1,000 into the account and another £1,000 in the 31 days after that.
You will also need to log in to internet or mobile banking within the first two months.
You can't get the £250 bonus if you're already a customer of either Clydesdale Bank or Yorkshire Bank.
You'll need to switch a current account with a non-Clydesdale or Yorkshire account into their existing account.
The £250 will be paid within 70 days of completing the switch.
How do I switch bank account?
MOST banks will require new customers to switch using the free Current Account Switch Service.
This programme takes care of the bank switching process for you by moving all your incoming and outgoing payments, moving your outstanding balance and closing your old account.
The majority of banks are signed up to the service so you’ll use it automatically when applying and switching to a new account via the bank’s website or in branch.
The guarantee means that if anything goes wrong with the switch you will be refunded for any financia losses incurred.
Customers who are thinking of switching to Clydesdale's new app-based bank B Account will also be entitled to the £250 bonus.
Clydesdale Bank, Yorkshire Bank and B Share the £85,000 UK savings safety guarantee, so don't hold more than £85,000 across the three, or the rest of your money won't be protected.
BANKING BONUS How you could get £200 free from your bank – but is it worth the hassle?
Switching accounts may seem like a hassle but if you're not happy with the service you're getting with your current bank then it's definitely worth it.
Of course, Yorkshire Bank and Clydesdale Bank are not the only ones offering cash incentives to switch.
HSBC, First Direct, M&S Bank and Halifax are also offering upfront switch bonuses of between £125 and £150.
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