We take a look at the best current account switching bonuses.
Banks use current account switching bonuses as a way of enticing new customers.
They can be an easy way to boost your cash pot if you're looking to change banks anyway and often come with other perks like interest-free overdrafts and access to savings accounts with better rates.
To compare the benefits and features of the top current accounts, you can visit the loveMONEY comparison centre, or you can read on to see a summary of the top offers.
HSBC – £200 for switch and stay
If you open and switch to HSBC's Advance account you'll nab £150, plus another £50 if you stick around for another year. You'll need to pay in £1,750 a month though. The offer is available to people who are switching from a non-HSBC account.
M&S Bank – £185 in gift cards
Sadly, it's not a cash reward, but you can pocket £185 in M&S vouchers when you join M&S Bank and stay for 12 months.
You just need to switch to the M&S Current Account or M&S Premium Current Account using the Current Account Switch Service and move a minimum of two active Direct Debits.
A £125 switching bonus will appear in your account once everything is wrapped up.
You can then get a £5 top up on the gift card each month that a minimum of £1,000 is paid into your account and two Direct Debits remain active, for up to 12 months after you switch.
So that's a total of £185 in year one – provided you meet all the criteria.
The fee-free M&S Current Account gives you access to a monthly savings account paying 5%, £100 fee-free overdraft and the chance to earn M&S Loyalty points each time you spend.
The M&S Premium Current Account offers all that plus a range of other benefits in return for a £10 monthly fee.
With the account, you can get yearly vouchers worth £95 including a birthday gift worth £10, 48 hot drink vouchers per year worth £127, preferential rates on selected products, access to exclusive offers and triple points in M&S stores and online.
First Direct – £100
First Direct offers a £100 incentive to those that open its 1st Account and pay in at least £1,000 within three months.
There’s a £10 monthly fee for the account after six months unless you pay in at least £1,000 a month or hold another First Direct product.
The account comes with a £250 interest-free overdraft, exclusive access to leading rates on loans and savings, plus an award-winning level of customer service with real people on hand 24/7.
It also comes with a satisfaction guarantee. First Direct promises to pay £100 to those unhappy with the account that decide to leave within a year of joining.
Finding the best deal
When switching current account, it’s important to consider what your long-term needs are as well as the short-term gains a cash or voucher bonus can provide.
Other accounts like the Santander 123 Current Account, for example, offer decent levels of interest that could provide more value in the long-term, and not just give your bank balance a quick boost.
You can compare the benefits and features of the top current accounts by visiting the loveMONEY comparison centre.
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