Everyone loves a freebie, and switching bank accounts is perhaps the easiest way to bag yourself some free cash. So which bank accounts give you money for opening an account? Here’s what’s currently available.
Which bank accounts give you money for opening an account?
Bank switching incentives aren’t quite as abundant as they used to be. That said, there are still a handful of accounts that’ll reward you for opening an account with them. For all of the offers below, you must use the Current Account Switch Service.
HSBC pays a cool £140 if you open and switch to HSBC Advance. To qualify you must start a switch within 30 days. You also need to move across two standing orders or direct debits.
Unfortunately, you aren’t eligible if you’ve had an HSBC account or you’ve opened a First Direct account since January 2018.
Important: To get the bonus, you must use the link above as this deal is only available through MoneySuperMarket. This offer doesn’t appear on the HSBC website.
While its account doesn’t pay money, the Virgin Money current account pays switchers a £150 gift card. This can be used for one of Virgin’s Experience days, such as a supercar driving experience, or a fancy dinner at the top of the Shard. The account also pays an excellent 2% AER interest on your cash, though only your first £1,000.
To qualify, you must apply online, switch to the account within 45 days and move over at least two direct debits. You’ll also have to download its mobile banking app and add £1,000 to its linked savings account.
Do note that if you’ve had a Virgin switch bonus before, or you opened a bank account with Clydesdale or Yorkshire Bank since March 2021, you aren’t eligible for this offer.
Aside from bank accounts that give you money, what other incentives are available?
While not all banks pay a hefty bonus when you switch to them, some will reward you in the form of cashback, or a monthly payment. Here’s what’s available at the time of writing.
The Santander 123 Lite account gives you money for opening an account in the form of cashback on your bills. However, it does come with a monthly £2 fee. It pays 3% on water bills, 2% on energy bills, and 1% on Santander mortgages, as well as phone, broadband mobile, TV, and council tax bills.
You can earn a maximum of £15 cashback per month. To get the cashback, you must pay bills by direct debit and pay £500 per month into the account.
Halifax Reward offers account holders a choice of the following rewards each month.
- Two Digital Movie Rentals (RakutenTV)
- Three Digital Magazines
- One Vue Cinema Ticket
- £5 payment
The account has a £3 monthly fee, though you can avoid this as long as you pay at least £1,500 into the account each month. To qualify for the monthly reward, you must spend at least £500 per month on your debit card or have at least £5,000 in your account at the beginning of each month.
The Barclays Bank Account can join the list of bank accounts that will give you money for opening an account, due to its Blue Rewards scheme. The scheme costs £4 a month, but will pay you £7 each month as long as you pay at least £800 into your account and pay out two or more direct debits each month.
If you have a Barclays loan, mortgage, home or life insurance, you can earn more cashback. You can visit the Blue Rewards website for further information.
NatWest & RBS
Sister banks NatWest and RBS, both have reward accounts that will pay you £5 each month, in return for a £2 monthly fee. To get the full £5, you must log into your mobile banking app at least once a month, and pay out two or more direct debits.
To learn more about bank accounts, and to keep on top of which bank accounts will give you money for opening an account, see our guide: 8 questions to ask before opening a current account.
Some offers on The Motley Fool UK site are from our partners — it’s how we make money and keep this site going. But does that impact our ratings? Nope. Our commitment is to you. If a product isn’t any good, our rating will reflect that, or we won’t list it at all. Also, while we aim to feature the best products available, we do not review every product on the market. Learn more here. The statements above are The Motley Fool’s alone and have not been provided or endorsed by bank advertisers. John Mackey, CEO of Whole Foods Market, an Amazon subsidiary, is a member of The Motley Fool’s board of directors. The Motley Fool UK has recommended Barclays, Hargreaves Lansdown, HSBC Holdings, Lloyds Banking Group, Mastercard, and Tesco.