Three Banks That Will Pay You To Switch
As with everything, it’s always worth looking around for the best option, and it’s no different when it comes to bank accounts. There are currently three banks that will pay you £175 for switching to their accounts.
HSBC’s Advance account will pay you £175 to switch. However, the minimum pay-in to get the bonus is £1,750 per month, along with a requirement of at least two direct debits or standing orders.
You can get the lower amount of £75 for opening an ordinary HSBC bank account, and it doesn’t have a minimum pay-in.
The NatWest Reward account pays out £175 to customers who open an account and request to switch over their old bank account by 2 April 2020. To get the reward, however, you’ll have to pay in £1,500 or more and log into the NatWest mobile banking app by 10 May 2020.
This account also gives you cashback of £3 for every month that you use the mobile app and pay out two direct debits of at least £2. The account has a monthly fee of £2, however.
For a fee-free account, you can get your £175 with NatWest’s NatWest Select or RBS Select account. These accounts don’t come with cashback, however.
Switching to a First Direct bank account will earn you a bonus of £100, with much lower pay-in requirements than HSBC and NatWest. To qualify for the bonus, you’ll have to pay in £1,000 within three months of opening the account.
How To Switch Your Bank Account
To easily switch your bank, you can use the Current Account Switch Service (CASS), which will close your account and move all your money, direct debits and standing orders across to a new account.
This service will also move any payments supposed to go into your old account into your new one – so you don’t need to worry about your salary ending up in the wrong place.