The new year seems to have ignited the bank switch bonus war. Two providers have launched new switching incentives in the past week.
Remember, switching bank accounts is easy and takes just seven days or so. So, if you’re looking for some free cash to help with the January blues, read on.
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What bank switch bonuses have recently launched?
NatWest and RBS (part of the same banking group) and Santander, have launched juicy new bank switch offers in the past week. Here’s the lowdown.
Free £150 with the RBS or NatWest Select account
If you switch to the RBS or NatWest fee-free Select account, you can bag yourself a free £150. To get the bonus, you must make the switch by 7 April either online or via the RBS/NatWest mobile app.
To qualify for the offer, you need to pay at least £1,250 into the account once it’s open. You also need to log into mobile banking by 12 May. Follow these steps, and the £150 will be paid to you by 9 June.
The offer is also available if you switch to the RBS or NatWest Reward account. To get these accounts you have to pay in at least £1,250 per month. The accounts also come with a £2 monthly fee, though you can earn a £4 monthly reward if you pay out two or more direct debits.
With the offers above, you won’t get the bank switch bonus if you’ve already received cash for switching to RBS, NatWest or Ulster Bank since 2017.
Free £140 with the Santander Everyday account
Santander has boosted its £130 bank switch offer to £140. To get the bonus you need to switch to its Everyday account and, within 60 days, move over at least two direct debits as part of the switch.
You also have to pay in at least £1,000 and log into online or mobile banking within 60 days. Do this, and the £140 will be paid into your account within 90 days.
The offer is also available with the Santander 123 Lite account. This account pays up to 3% cashback on household bills, up to a maximum of £15 each month. To hold the account you have to pay a £2 monthly fee and pay in at least £500 each month.
It’s worth knowing that you won’t qualify for Santander’s switching offers if you’re switching from a Santander, Cahoot or Cater Allen account. You also won’t get the bonus if you’ve ever had a bank switch bonus from Santander before.
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What other bank switch bonuses are available?
Aside from the new offers outlined above, there are currently four other bank switch offers available. However, if you’re keen to access HSBC’s £150 offer, you’ll have to be quick as it ends on 28 January.
Below is a brief overview of the bank switching incentives currently available. If one of them takes your fancy, do ensure you read the full terms of the offer!
HSBC Advance – £150 (Until 28 January)
Until Friday, the HSBC Advance account is paying £150 if you switch and pay in at least £1,500. You won’t qualify for the bonus if you’ve had an HSBC or First Direct account since 2019.
First Direct 1st Account – £130 for switching
If you haven’t previously had a First Direct current account (or an HSBC account since 2019), then you can get £130 for switching to the First Direct 1st account.
To get the bonus you need to make a one-off payment of at least £1,000.
Nationwide FlexDirect – £125 for existing customers, £100 for newbies
If you’re new to Nationwide, then you can get £100 for switching to its FlexDirect account from another provider. To get the cash you need to complete the switch within 30 days, and move over at least two direct debits as part of the switch.
If you’re already a member of Nationwide, then you’ll qualify for a higher £125. However, there’s a way to get the boosted Nationwide bonus even if you aren’t an existing customer.
Virgin Money – £150 ‘Experience Day’ voucher
Switch to Virgin Money’s ‘M’ account and you can grab yourself a Virgin Experience Day voucher worth £150. If that’s not for you, then you can grab a Virgin Wines voucher for the same amount instead.
To get the offer, you must open an account and then make the switch within 45 days. As part of the terms of the offer, you must also open Virgin’s linked savings account and pay in at least £1,000. You also have to log into the Virgin Money mobile banking app at least once.
Complete all of these steps and you’ll get your voucher within 14 days.
What else do you need to know?
The seven-day switch guarantee ensures that your switch will be completed within seven business days. When switching, all payments are re-directed for you. Plus, if anything goes wrong, you’re covered under the guarantee.
For more general information, see our article that explains how to switch bank accounts.
