It’s good to get just a little one thing additional – and you can get some additional money only for switching your bank account. We’re right here to assist break down which banks provide you with cash for opening an account.
Which financial institution accounts provide cash?
Whereas switching incentives will not be as plentiful as they was once, there are nonetheless a number of banks that provides you with cash for opening an account.
In case you are a brand new buyer switching to the HSBC Advance account, you’ll obtain £125 on account opening in addition to a £20 Uber Eats voucher.
With a view to qualify, you could open an account by Sunday 9 Could and begin a change inside 30 days. This includes transferring two or more direct debits or standing orders across and paying in £1,750 a month.
On-line financial institution, First Direct, is providing £100 for opening an account. Much like HSBC, it is advisable open the account, change and pay in additional than £1,000 inside three months.
One other financial institution to present you cash for opening an account is Halifax. Its Reward account gives £100 whenever you open it and begin a change earlier than 4 Could 2021. Simply keep in mind that this account has a £3 month-to-month payment, however that is waived in case you pay in additional than £1,500 a month.
When you additionally spend £500 a month in your debit card or maintain a stability of £5,000 or extra within the account, then you can too select from the next rewards:
- £5 a month in money
- Three month-to-month digital journal subscriptions
- Two Rakuten on-line film leases a month
- One Vue cinema ticket and a voucher for half-price popcorn every month
Are there financial institution accounts that provide different incentives?
We’ve lined the financial institution accounts that provide you with cash, however there are different varieties of incentives on provide. If free money isn’t your factor, then could cashback or financial savings curiosity will attraction to you.
When you open a Virgin Money checking account, then not solely do you get a free 12-bottle case of wine from Virgin Wines, but additionally 2.02% curiosity on the primary £1,000 in your account. It additionally comes with a linked easy-access financial savings account.
You simply want to finish the change (together with at the least two direct debits) inside 31 days. Virgin Cash additionally asks that you just obtain and register for the cell banking app and add £1,000 to the linked financial savings account.
Santander’s 123 Lite account gives tiered cashback on sure family payments:
- 3% on water payments
- 2% on fuel, electrical energy, Santander home insurance and life safety
- 1% on Santander mortgages, telephone, broadband, cell and TV payments and council tax
Issues to notice are that the account has a £2 month-to-month payment and cashback is capped at £5 in every tier.
With a view to qualify for the cashback, it is advisable pay in £500 or extra a month, have two energetic direct debits and go browsing to on-line or cell banking at the least as soon as each three months.
If you wish to earn just a little curiosity in your present account, then Nationwide’s FlexDirect might be an choice. Open a FlexDirect account and also you’ll get an rate of interest of two% mounted for a 12 months on balances as much as £1,500.
To qualify, it is advisable pay in at the least £1,000 a month. Simply remember that the speed will drop to 0.25% after the primary 12 months. So then it might be time to switch.