If you’re fed up with your current bank account (or even your bank’s current account) then the New Year might spur you on to switch to another bank, and depending on where you’re looking to move to, there might be an incentive to move in the form of cold, hard cash.
Halifax has just announced that it is to give new customers £100 cashback, so we thought we’d have a look around to see if these deals were commonplace, and what other cashback incentives are available for switching accounts.
The cashback itself should not be the only reason for switching accounts; presumably you’re looking for a better interest rate on your current account, better customer service from your bank or perhaps you’re annoyed by your banks internet banking arrangements.
Whatever the reason for switching accounts, it is now far easier to switch than before, as your new bank should help you move any current Direct Debits and standing orders.
Here’s what the major high street banks are currently offering (or not!) as an incentive for switching:
Halifax: £100 for switching to one of their Halifax Current Accounts, Halifax Reward Current Accounts or Halifax Ultimate Reward Current Accounts before 19th February 2012.
Lloyds TSB: No switching incentive.
Santander: £100 for switching your main current account and paying out from 2 Direct Debits or standing orders within 13 weeks of joining. Exisiting Santander mortgage and/or savings customers can get £200/£300.
HSBC: No switching incentive.
First Direct: £100 cashback for switching.
Nationwide: the building society has its FlexAccount with a promise to pay you £100 if they don’t contact all of your Direct Debit companies within 10 working days. In practice I would suspect that they don’t pay this out very often, as all they have to do is contact the companies, not actually transfer the Direct Debits within the 10 days.
Barclays: No switching incentive.
Natwest: No switching incentive.
RBS: No switching incentive.
All the switching incentives depend on meeting a number of requirements, so check these out with each bank before you switch to make sure that you qualify.
- HSBC Launches “Connected Money” App (May 9, 2018)
- Monzo Killing Off Its Prepaid Cards (January 23, 2018)
- Santander Becomes First UK Bank To Launch Voice Banking Technology (March 23, 2016)
- Chip: Automatic Savings App Launched (October 13, 2016)
- Mobile #1 Channel For First Direct Customers (November 10, 2018)