Last chance to grab £150 bank switching bonus

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British bank notes
British bank notes

This week is your last chance to switch your current account to either Clydesdale or Yorkshire banks and earn a tasty £150 bonus in the process.

It's the biggest bank switching bonus ever, but it ends on 28th February.

What's on offer?
You can earn the £150 when you switch to one of five Clydesdale or Yorkshire bank accounts. These range from a basic bank account through to a packaged one offering travel and mobile phone insurance in return for a monthly fee.

You need to switch your main account to either Clydesdale or Yorkshire and deposit £1,000, either as part of your switch or separately, within 31 days to get your £150.

Here's a list of all the different accounts included in the switching incentive and what they offer.

Account

Type of account

Key features

Clydesdale Current Account Direct / Yorkshire Current Account Direct

Current account

2% interest on balances up to £3,000

Must pay in at least £1,000 a month

Clydesdale Current Account Plus / Yorkshire Current Account Plus


Current account

Exclusive access to Savings Account Plus paying 0.1%

Clydesdale Current Account Control / Yorkshire Current Account Control

Packaged current account

£7.50 a month account fee

No unplanned borrowing charges

Fee-free £25 overdraft buffer

Cashback on certain debit card spending

Clydesdale Signature Current Account / Yorkshire Signature Current Account

Packaged current account

£13.50 a month account fee

Free family travel insurance

Free mobile phone and gadget insurance

Free car breakdown cover

Free ID Defender credit report service

Clydesdale Readycash / Yorkshire Readycash

Basic bank account

Cashback on certain debit card spending

As you can see, whether you want to earn interest or just have a basic account with a debit card there are some decent options to switch to. But are they the best out there?

How they compare
The switching offer cannot be beaten at the moment. The nearest competitor is Halifax, which will pay you £125 to switch to one of its current accounts. First Direct and the Co-operative will also pay £100 apiece (with the Co-op paying a further £25 to charity).

But if you switch to the Halifax Reward Current Account, pay in at least £750 a month and set up two direct debits you'll earn an extra £5 a month bonus. So a total of £185 over the course of a year

If it's interest you're after then Clydesdale and Yorkshire's Current Account Direct pays a reasonable 2% on balances up to £3,000

Alternatively, you could earn 5% on balances up to £2,000 from TSB's Classic Plus account, so long as you pay in at least £500 a month, which is half the Clydesdale and Yorkshire requirement

The Nationwide FlexDirect account also pays 5% on balances up to £2,500 but only for a year. You also need to pay in at least £1,000 a month

Or there's the Santander 123 account, which pays 3% on balances between £3,000 and £20,000. There's a £2 a month fee to pay, although you can offset this by earning cashback on certain direct debits. You also need to pay in at least £500 a month.

However, none of the above accounts offer a switching bonus at all.

The Current Account Plus doesn't have much to recommend it, while the Current Account Control might be useful if you find yourself going into the red from time to time. Its monthly fee is cheaper than many of its rivals

The Signature Current Account offers several products in return for a £13.50 monthly fee. However, as with any packaged account, you need to work out if they're of use to you. And the Nationwide FlexPlus account offers a broadly similar package plus 3% interest on balances up to £2,500 for £10 a month. Again, there's no switching bonus though.

If you're after just a basic bank account then the Clydesdale and Yorkshire Readycash accounts are decent options and the switching bonus will give you a bit of money to kick off with too.

Compare current accounts




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