SWITCHING current accounts can be an easy way to make some cash – with some banks offering up to £200 to customers who do.
And with Christmas just around the corner, it’s a great way to give your finances a boost so you can cover festive costs more easily.
Although it may sound complicated, switching banks is actually quick and easy.
This is because of the switching guarantee, which means all your direct debits and standing orders can be swapped over with no effort on your part by the Current Account Switch Service (CASS).
All you have to do is apply for the new account you want and the new bank will let your existing provider know you’re moving.
There are some steps you can take before switching though, such as choosing your switch date, or organising transferring your old bank statements to your new account.
To get your old statements you should get in touch with your bank.
But a signing up bonus isn’t the only thing worth thinking about, so it’s worth researching properly before you take the plunge.
You’ll want to consider whether you can get the same overdraft and what rate you’ll get, interest on accounts in credit, associated savings accounts and customer service scores.
You also need to check the terms and conditions because many banks will say you need to pay in a certain amount each month to have some direct debits set up to quality for the bonus.
You should check fees as well, as some banks will charge you money each month if you sign up to one of their accounts with perks.
But if you’re ready for a change, then the switching bonus is definitely a factor worth considering.
Here’s the full list of banks offering switching bonuses at the moment and what you need to know before you sign up.
HSBC pays new customers £200 when they switch to an Advance current account.
To qualify, you’ll need to be approved for an option arrange overdraft of at least £1,000.
To claim your £200 bonus, you’ll need to start your switch within 30 days of the account opening, pay in £1,500 or more within 60 days.
You will also need to switch two or more direct debits or standing orders using the CASS.
Make sure to read the terms and conditions on the HSBC website before you decide to switch.
Customers who switch to a Halifax Reward account using the CASS can get a £175 switching bonus.
The Reward Current Account has a £3 monthly fee to maintain the account.
This is waived each month you put in at least £1,500.
You won’t qualify for the offer if you received a cashback from switching to Halifax since April 2020.
You will also only have up until December 19 to start your switch.
First Direct Bank
First Direct Bank is offering £175 to customers who open a 1st Account and switch their everyday banking using the CASS.
You will also need to pay in at least £1,000 within three months of opening the account.
You can get the money within 28 days of all the criteria being met.
To get the officer, you must be a new customer who has not previously held a first direct account.
The offer also isn’t available to anyone who opened a HSBC current account on or after January 1, 2019.
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