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Which banks give money for opening an account?

Which banks give money for opening an account?
Image source: Getty Images.


It’s nice to get a little something extra – and you could get some extra cash just for switching your bank account. We’re here to help break down which banks give you money for opening an account.

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Which bank accounts offer money?

While switching incentives are not as plentiful as they used to be, there are still several banks that will give you money for opening an account.

HSBC Advance

If you are a new customer switching to the HSBC Advance account, you will receive £125 on account opening as well as a £20 Uber Eats voucher.

In order to qualify, you must open an account by Sunday 9 May and start a switch within 30 days. This involves moving two or more direct debits or standing orders across and paying in £1,750 a month.

First Direct

Online bank, First Direct, is offering £100 for opening an account. Similar to HSBC, you need to open the account, switch and pay in more than £1,000 within three months.

Halifax Reward

Another bank to give you money for opening an account is Halifax. Its Reward account offers £100 when you open it and start a switch before 4 May 2021. Just remember that this account has a £3 monthly fee, but this is waived if you pay in more than £1,500 a month.

If you also spend £500 a month on your debit card or keep a balance of £5,000 or more in the account, then you can also choose from the following rewards:

  • £5 a month in cash
  • Three monthly digital magazine subscriptions
  • Two Rakuten online movie rentals a month
  • One Vue cinema ticket and a voucher for half-price popcorn each month

Are there bank accounts that offer other incentives?

We’ve covered the bank accounts that give you money, but there are other types of incentives on offer. If free cash isn’t your thing, then may cashback or savings interest will appeal to you.

Could you be rewarded for your everyday spending?

Rewards credit cards include schemes that reward you simply for using your credit card. When you spend money on a rewards card you could earn loyalty points, in-store vouchers airmiles, and more. MyWalletHero makes it easy for you to find a card that matches your spending habits so you can get the most value from your rewards.

Virgin Money

If you open a Virgin Money bank account, then not only do you get a free 12-bottle case of wine from Virgin Wines, but also 2.02% interest on the first £1,000 in your account. It also comes with a linked easy-access savings account.

You just need to complete the switch (including at least two direct debits) within 31 days. Virgin Money also asks that you download and register for the mobile banking app and add £1,000 to the linked savings account.

Santander

Santander’s 123 Lite account offers tiered cashback on certain household bills:

  • 3% on water bills
  • 2% on gas, electricity, Santander home insurance and life protection
  • 1% on Santander mortgages, phone, broadband, mobile and TV bills and council tax

Things to note are that the account has a £2 monthly fee and cashback is capped at £5 in each tier.

In order to qualify for the cashback, you need to pay in £500 or more a month, have two active direct debits and log on to online or mobile banking at least once every three months.

Nationwide

If you want to earn a little interest on your current account, then Nationwide’s FlexDirect could be an option. Open a FlexDirect account and you’ll get an interest rate of 2% fixed for a year on balances up to £1,500.

To qualify, you need to pay in at least £1,000 a month. Just be aware that the rate will drop to 0.25% after the first year. So then it may be time to switch.

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