Banks have been rapidly pulling their switching offers for new customers. We reveal the one remaining option for those looking to earn a little extra cash
Traditionally, banks have used juicy current account switching bonuses as a way of enticing new customers.
With incentives of up to £200, these could be an easy way to boost your bank balance, especially if you're looking to change banks anyway.
Top deals disappearing the market
At the time of writing, however, these offers have been rapidly disappearing from the market. In fact, there is currently only bank offering a cash incentive to new customers.
This makes it more important than ever to look at the full range of benefits a bank can offer when searching for a new deal account.
For example, if you're constantly in the red and the account has no interest-free overdraft, you could quickly rack up hundreds of pounds in interest and charges.
Now we've got that out of the way, let's look at the only bank currently offering a switching incentive.
Starling Bank is a popular choice among switchers: click here to see if the bank is right for you
Triodos Bank - £60 voucher or charity donation
Triodos Bank will make a £25 donation to an existing customer’s chosen charity (Friends of the Earth, RSPB, or Soil Association) when they recommend someone.
The existing customer must be over 18 and have a current account, savings account, cash ISA, investment ISA, or joint account to qualify, and must use the Refer a Friend scheme.
It’s worth pointing out that existing customers can recommend as many people as they want but they will have a maximum limit of 30 charity donations within a 12-month period.
New Triodos customers will be able to choose from a £60 voucher for Ethical Superstore or Neal’s Yard, a charity donation, or a combination of both.
They need to open a Personal current account (which costs £3 a month) using the email address they used to register for the referral scheme, within 60 days of registration.
The new customer must use the unique link from the recommender and deposit £100 within 30 days of opening the account. Triodos employees and their family/household members are not eligible for this offer.
Finding the best deal
We mentioned this at the start, but it's worth repeating – whenever you switch accounts, make sure you consider what your long-term needs are, as well as the short-term gains a cash or voucher bonus can provide.
As ever, we'll keep an eye on the markets and update our website if new deals enter the market.