The Post Office is the latest provider to offer a bonus if you move your current account.
Switch your current account to the Post Office and you'll now get a £100 welcome bonus.
The Post Office currently offers its three current accounts across 110 branches across the East Midlands, East Anglia and the east of England.
However, the £100 won't be in cash. Instead you'll get a One4All gift card, which you can spend with retailers like Amazon, Argos, Ernest Jones and Virgin Holidays.
The Post Office currently has three current accounts on offer:
- the Standard account is a basic, no-frills account, which can be opened with £100;
- the Packaged account offers extras like European multi-trip family travel insurance and vehicle breakdown cover and costs £8 a month;
- the Control account is designed for those new to banking or who have had issues with bank charges in the past. It costs £5 a month, but there will be no further charges if any payments are returned unpaid due to insufficient funds
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Other banks and building societies that offer a welcome bonus
First Direct will pay you £100 for moving to its 1st Account, and a further £100 if you decide to leave after a year. The account pays no interest, but comes with the option of an interest-free £250 overdraft and wins every award going for its customer service. You do need to pay in £1,000 per month or hold another First Direct product to avoid paying a monthly fee though.
Halifax pays you £100 cashback when you take up either its Basic current account, Reward current account (which pays £5 cashback each month if you pay in at least £750, pay out two direct debits and stay in credit) and the Ultimate Reward current account (lots of extras like travel insurance and breakdown cover, in exchange for a monthly fee of £10-£15).
Co-operative Bank will pay new customers a £100 bonus, as well as £25 to a charity of their choice when they join the bank. You have to move to the Standard current account (no-frills), Current Account Plus (£200 fee-free overdraft, preferential deals on savings and loans) or the smile current account (£500 fee-free overdraft, preferential deals on savings and loans).
Nationwide is doing something slightly different, offering those with a Nationwide current account a referral bonus of £50 each time they get a friend to switch to its FlexAccount, FlexDirect or FlexPlus current accounts.
With the FlexAccount you get free European multi-trip travel insurance and a three-month interest-free overdraft, with the FlexDirect you get 5% interest on balances up to £2,500 and a fee-free overdraft for 12 months, while the FlexPlus pays 3% interest and comes with extras like worldwide travel insurance and commission-free cash withdrawals abroad, but costs £10 a month.
Finally, Marks & Spencer will give you £150 in gift cards if you move over to one of its packaged current accounts. The Premium Current Account costs £10 a month and comes with all sorts of freebies and discounts in store, as well as a £500 overdraft. Or there's the Premium Current Account with Insurance, which - as the name suggests - includes worldwide multi-trip travel insurance on top of everything you get with the Premium account. This one costs £17.50 a month.
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