How to get up to £200 by switching banks – but you’ll have to hurry
A number of banks are offering up to £200 to entice new customers - but you'll have to be quick to take advantage of the best deals.
For many Brits, short-term perks like cash incentives and vouchers can make all the difference when they're looking to change banks.
The process is quick and simple since seven-working-day switching was introduced in 2013.
All you have to do is open a new account and use its switching service. It will then close your old account and move your money as well your direct debits and your standing orders.
But before you go flashing the cash, you might want to take a closer look to see if this account is the right one for you.
Experts do not recommend switching banks just because of short-term offers. While it can be handy, it may not offer the best deal in the long term.
Why should I switch bank accounts?
NOT sure what switching could do for you? Here's what you need to know:
- Switching is easy. Under the switching service, swapping banks should take seven working days. That includes all your payments, direct debits and standing orders being moved too. Just open your new account and then ask your new provider to close your old account using the switch service.
- Make sure you are eligible. Most accounts have certain requirements, such as paying in a minimum amount of cash each month.
- Watch your overdraft. Check your new bank will offer you the same limit — and does not have higher costs for using it.
So, before switching make sure you read all of the terms and conditions as some banks charge you a monthly fee for certain accounts.
If you're looking looking to move, here are the current best deal, according to - but you'll have to hurry as some of them expire very soon.
- free £200 - offer ending this Saturday June 30
HSBC's offer is targeted at anyone who has not had a bank account with them since 2015.
The first £150 will be paid into your account within 50 days of you opening the account - but you'll need to wait a whole year before getting the final £50 instalment.
To get the cash, you'll have to switch to the bank's premium account, the Advance Account, but bear in mind that you'll need to be able to pay in at least £1,750 a month for at least nine months a year.
You'll also need to set up at least two direct debits or standing orders within the first 30 days and you have until this Saturday (June 30) to apply.
- free £132 - offer ending this Friday June 29
Barclays is doubling its Blue Rewards incentive, giving some customers the chance to earn at as much as £132 in the first 12 months of opening an account.
To get the reward you'll need to switch your current account to Barclays using their switch service before this Friday (June 29).
By moving you'll earn a minimum of £132 in the first year - that's £14 a month taking into the £3 monthly fee.
Those who hold additional financial products with Barclays could earn up to £348.
Barclays Blue Rewards scheme offers new and existing customers perks and cash rewards for banking online or using the bank's app.
The scheme costs £3 a month. It also requires customers to have a minimum of £800 in the account, as well as setting up two direct debits to paid from the account.
You will get £7 for every month that two of your direct debits come out - this is boosted to £14 a month if you are new customer switching as part of this deal.
- free £100 and ongoing 2 per cent cashback - Ends on Monday July 9
RBS is offering £100 on most of its current accounts for new and some existing customers.
To take advantage of the RBS deal, you need to switch your main current account to the provider before July 9 using its switching service.
In order to be eligible you'll also pay in at least £1,500 and log into online or mobile banking by August 24.
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If you meet these criteria you’ll get the £100 cash bonus by October 5.
If you’ve previously been an RBS customer, you can take advantage of the deal as long as you’ve not received a cash offer from the bank before.
You’ll be able to open the everyday bank account, called "select", or you can choose to open a reward account.
The reward account offers 2 per cent cashback on household bills, with an average of £83 received over the year.
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