Get £150+ just for switching your bank account (and other perks)

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Caroline Stronkhorst in Making Money

Last updated: 31 January 2020, 11:41 GMT

When was the last time you switched your bank account? We don’t often have a loving relationship with our bank and get annoyed at fees and facilities that they sometimes do or don’t offer. Now you have a chance to “win” against the banks and have them pay you!

The number of customers that a high street bank has is very important for them and their shareholders. Over the lifetime of a customer, they can make money from mortgage payments, car loans and so on. It is so important that banks will pay you to join! We are about to take a look at how to switch and the most rewarding banks to switch to.

How does it work?

Switching your bank account and getting free money sounds great but it is important to know how it works before deciding to do it. To improve the consumer experience, a scheme was introduced that allowed you to easily switch bank accounts within 7 days of instructing your bank. This scheme is called CASS and nearly all major banks and building societies are signed up.

The reason that this has helped consumers like me and you is that you no longer have to do lengthy paperwork and manually switch over all your payments. All of your direct debits, standing orders, salary and balances are transferred within 7 days. This makes a huge difference so that your life is interrupted through missed direct debits.

Account transfers are protected so you can have complete piece of mind that your banking life is in safe hands. Once your account has been switched to your new bank account, your old account will be closed.



Biggest Joining Fee

Global banking giant HSBC has the most generous bank switching offer in the market. You will get credited with £175 if you switch to their HSBC Advance account. Once you have decided to switch and started the process, you need to complete it within 30 days to qualify for this free cash bonus.

To qualify for the Advance account, you need to meet the following requirements:

  • Minimum monthly pay-in of £1,750
  • Minimum of 2 direct debits or standing orders
  • Not have had a HSBC account since 1st January 2017

Once you have made the switch, the £175 freebie will be paid into your account within 30 days. What will you spend it on?

hsbc

Customer Service Kings

Are you considering switching because of the customer service you receive (or don’t) from your current bank? If so, this is the offer for you! First Direct are repeatedly voted as having the best customer service in high street banking. A standout stat is that 85% of First Direct customers rate the bank as “great”, something that is unheard of in this industry!

Customer service aside, they are also handing out free money to switch! If you switch to the First Direct 1st Account, you will get £100 + £250 interest-free overdraft. This account is also a great choice if you don’t meet the income threshold of the HSBC account above. Here are the details:

  • Pay in £1000 within 3 months of opening the account
  • No monthly minimum pay-in
  • Bonus is paid within 28 days of switching
  • You must not have ever had a First Direct account

First Direct may pay £75 less than HSBC but with the different pay-in terms and their customer service, the 1st Account is a great choice.

Make your money work for you by switching bank accounts today!

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