Get up to £200 for switching your current account
Cash perks of up to £200 for switching your current account may seem too good to miss, but it’s vital to check the account you’re moving to is suitable for your needs.
Here, we look at some of the switching incentives currently available, and what you need to do to qualify for them.
Alastair Douglas, CEO of TotallyMoney said: “Changing banks might seem daunting — especially if like many, you’ve been with the same provider for a few years. But with the Current Account Switch Guarantee, you can transfer balances, Direct Debits and overdrafts, while payments sent to your old account will be redirected to your new one. So you won’t need to worry. And 99.7% of switches are complete within seven working days.”
Lloyds Bank
Switch your current account to Lloyds Bank before December 10th, and you should receive £200 within three days of the switch being made, provided you’ve met all the bank’s eligibility criteria.
To qualify, you’ll need to use the Current Account Switch Service (CASS) to transfer your account to either a Club Lloyds, Silver with Club Lloyds or Platinum with Club Lloyds account. You’ll need to move a minimum of three active direct debits across as part of the switch process.
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Bear in mind that all three Lloyds accounts charge a £3 monthly fee in return for a reward. Each year, you’ll be able to pick from a 12-month subscription to Disney+, six months of Vue or Odeon cinema tickets, a magazine subscription, or a Coffee Club and Gourmet Society membership. However, the £3 charge is waived every month you pay in £2,000 or more to your account.
The Silver and Platinum with Club Lloyds accounts charge an additional £11.50 and £22.50 per month respectively as they come with extra benefits such as family travel insurance, breakdown cover and mobile phone insurance. All three of the Lloyds accounts offer you access to the bank’s Regular Saver account, which pays a competitive 6.25% annual equivalent rate (AER).
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Nationwide Building Society
Nationwide is paying current account switchers £175 to move to its FlexDirect account, FlexAccount or its FlexPlus packahed account which charges £13 a month for a range of benefits including travel insurance. The building society will also pay 1% cashback on debit card spending for those with a FlexDirect current account and offers a £50 interest free overdraft buffer if you dip into the red. You’ll also earn 5% AER on your FlexDirect account balance up to £1,500 for a year.
To qualify for the bonus, you’ll need to apply for your Nationwide current account either online or via the building society’s app, and you must move your old account across including two Direct Debits within 28 days. You must also pay in £1,000 and make at least one payment using the debit card within 31 days of requesting the switch. Once you’ve met all these criteria, the £175 should be paid into your account within 10 days
First Direct
You’ll get £175 free when you switch your current account to First Direct. The account doesn’t pay any interest, but you’ll benefit from a £250 0% overdraft and access to a Regular Saver account paying 7%, along with fee-free overseas spending.
You’ll get the bonus if you open the account in-app (or online for joint accounts). You must switch from an account from a different bank including at least Direct Debits or standing orders within 45 days. You must also make five or more debit card payments and pay in £1,000 or more within this period. As long as you meet this criteria you should receive the £175 by the 20th of the following month.
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Co-op Bank
You can get a switching bonus of £75 for moving your current account to Co-op Bank, plus £25 a month for up to three months.
Again there are plenty of hoops to jump through before you qualify. For example, you must deposit £1,000 or more into your account, have two or more active Direct Debits, make ten or more card or digital wallet transactions, register for Co-op Bank’s online banking services or mobile app, and set up you debit card in a digital wallet (Apple Pay, Samsung Wallet or Google Pay).
To get the £25 a month for three months, you need continue to actively use your current account each month by depositing £1000 or more, making ten or more card or digital wallet transactions and having two or more active Direct Debits.
Mr Douglas said: “While the switching process is easy, you should always read the small print to make sure that the account is right for you. This is especially true if you’re looking to make the most out of a sign up bonus — as you’ll usually need to jump through a few hoops to land it.”