Bank switch offers: Express.co.uk has rounded up the best rewards on the market
High street lenders are battling it out to win over new customers with a wide range of switcher gifts and rewards, from cash offers to generous gift cards. In most cases customers will need to meet certain criteria in order to qualify for the switcher gift, so it is advised they read the small print to avoid disappointment. It is unlikely the bank will pay out if an applicant does not tick all the boxes, and most of the time the switch will need to be completed through the Current Account Switching Service. While switching just for a welcome gift might seem like a great idea, it is also important customers check the account meets their financial needs.
Always read the small print to make sure their new bank is the right one for you.
It is worth asking questions about any monthly fees, as well as overdraft options and what else the bank is offering on top of the switch gift.
Rachel Springall, finance expert at Moneyfacts, said: “While any free cash perk is tempting, customers looking to move their current account must be sure that a short-term financial incentive isn’t the sole reason for leaving their current provider.
“The account may be more expensive for dipping into an overdraft or it may not pay any credit interest for example.”
With so many switcher gifts available, Express.co.uk and MoneySupermarket have rounded up the best options, and what customers need to do to qualify.
NATWEST / RBS
The biggest cash offer for switching is currently with NatWest and sister bank RBS, which is rewarding new and existing customers £175 for switching and staying.
The get the gift, register for a Reward account by June 7, 2019 for NatWest, or June 28, 2019 for RBS.
Once the account is opened, customers must then pay in at least £1,500 and log in to online or mobile banking.
This must be completed by July 12, 2019, for NatWest and August 2, 2019, for RBS.
They must also make sure the debit card is used at least once a month until June 1, 2020.
Customers will not be eligible for the switch gift if they have previously received a reward from the bank.
Once qualified, customers will receive £125 by August 9, with the remaining £50 being rewarded once the account has been open for a year.
A full switch must be completed in order to get the money, which includes a customer closing their main account and registering for online and mobile banking.
The Reward account comes with a £2 a month fee, but customers can earn 2 percent cash back on most utility bills paid by direct debit.
Bank switch gift: Most of the time you will need to meet certain criteria
New customers who switch to First Direct are being offered a £125 cash incentive for signing up to the bank’s 1st Account.
In order to obtain the money, £1,000 must be deposited within three months of the account being opened.
Customers will then receive the bonus within 28 days of the account opening.
For those who are not satisfied and want to switch after six months, customers could receive a further £100 for the trouble, providing you have been paying in £1,000 a month.
It is worth noting the 1st Account has a £10 monthly fee, although this does not apply for the first six months.
After this, the monthly fee is not applicable for those who maintain an average monthly balance of £1,000.
Account holders can also avoid paying the monthly cost by having a mortgage, credit card, Personal Loan, savings (except Regular Saver), First Directory or Home insurance with First Direct.
Customers who are eligible could be entitled to a £250 zero percent overdraft with the 1st Account.
Bank switch gift: High street lenders are battling it out to win over new customers
M&S is offering a free £100 gift card for customers who open an M&S Bank current account and switch within three months.
To qualify for the perk, customers will need to have four or more active direct debits in place when they switch.
Customers can also gain access to its linked 5 percent regular saver.
Account holders who deposit £1,250 a month will receive an extra £80 M&S gift card after a year, or £120 if they have an M&S Bank credit card.
This also requires customers to keep at least four direct debits active, and register for online banking and statements.
Halifax is giving customers £50 before the switch is completed to those moving to the bank’s Reward Account.
A further £85 is then offered after six months, providing the customer has paid in £1,500 a month, used their debit card at least once and gone paper-free.
In total, they could earn £159 from the Reward Account, with the bank dishing out £2 a month for those who pay in £750 or more, remain in credit, and have at least two direct debits.
There is no minimum monthly pay-in to obtain the first £50 switch gift.
But for the additional £85, the £1,500 a month pay in mentioned above is needed.
New and existing customers can join and qualify, as long as they have not had a Halifax switch bonus since January 2012 and are not switching from Bank of Scotland.
Get £100 from Nationwide if a friend recommends them, as long as the referee has a current account, savings account or mortgage.
Then, if the potential customer switches to a Nationwide FlexAccount, FlexDirect or FlexPlus account – including at least two direct debits – both the referee and new account holder will both receive £100.
New account holders can also refer friends themselves and earn up to £500 per tax year.
In order to get the reward, account holders must email the referral link to Nationwide friend.
The referee needs to follow that link and enter details including their ‘switch reference number’.
The £100 will be paid into both accounts within 30 days of the switch completing.