Where to earn money for switching bank account
In the last few weeks both the Co-operative Bank and M&S Bank have bumped up their attempts to lure new current account customers with juicy introductory offers.
Here are the top switching bonuses around if you're thinking about making a move (and even if you aren't).
Co-operative Bank
The Co-operative Bank is offering a whopping £150 when you switch to its Standard Current Account
With the Standard Current Account, you can also sign up to its Everyday Rewards programme, which allows you to earn up to £5.50 a month.
You'll get £4 a month just for opting in plus you can earn 5p per debit card transaction you make throughout the month up to a maximum of £1.50. So in just one year you could pocket a total of £216 from the bank.
To benefit from Everyday Rewards you'll need to be able to pay in at least £800 a month, stay in credit, maintain four direct debits, log into online or mobile banking at least once during the month and stay opted in for paperless statements.
To qualify for the £150 bonus, you will need to complete a full switch using the Current Account Switch Service and set up at least four active direct debits. The bonus will be paid into your account within 45 days.
M&S Bank
M&S Bank has relaunched its £220 switching offer.
The offer allows you to get a £100 M&S gift card when you sign up to the M&S Current Account or M&S Premium Current Account that you can spend in store or online. You'll then get a £10 top up on the gift card each month that a minimum of £1,000 is paid into your account and two Direct Debits remain active, for up to 12 months after you switch. So you could earn £220 overall in M&S gift cards from making the move.
The fee-free M&S Current Account gives you access to a best buy monthly savings account paying 6%, preferential rates on other products like loans and travel money, £100 fee-free overdraft and the chance to earn M&S Loyalty points each time you spend.
The M&S Premium Current Account offers all that plus a range of other benefits for a £10 monthly fee. With the account you can get £212-worth of vouchers a year, a birthday gift worth £10, preferential rates on selected products, access to exclusive offers and triple points in M&S stores and online.
First Direct
First Direct offers a £100 incentive to those that open its 1st Account and pay in at least £1,000 within three months.
There's a £10 monthly fee for the account after six months unless you pay in at least £1,000 a month or hold another First Direct product.
The account comes with a £250 interest-free overdraft, exclusive access to leading rates on loans and savings, plus an award-winning level of customer service with real people on hand 24/7.
It also comes with a satisfaction guarantee. First Direct promises to pay £100 to those unhappy with the account that decide to leave within a year of joining.
Halifax
Halifax is also offering a £100 switching incentive for those that move to its Current Account, Reward Current Account or Ultimate Reward Account.
The Reward Current Account is a great one to go for as it also pays £5 a month (as long as you deposit at least £750 each month, have two direct debits set up and stay in credit). That means in your first year you could pocket a whopping £160 from the account.
You can also earn as you spend on your debit card with a scheme called Cashback Extras, which allows you to earn money when you shop at certain retailers online or in store.
The £100 bonus will be paid into your account with three days of completing a switch when you use the Current Account Switch Service to transfer and close your old account.
Finding the best deal
When switching current account, it's important to consider what your long-term needs are as well as the short-term gains a cash or voucher bonus can provide.
Other accounts like the Santander 123 Current Account and TSB Classic Account for example offer decent levels of interest that could provide more value in the long term, and not just give your bank balance a quick boost
Find the right bank account for you
