The big bank switch bribe is heating up again with several lenders having launched incentives worth up to £200.
Taking advantage of switch offers has always been seen as an easy way of making extra cash - especially during the cost of living crisis.
To get a switching bonus, you need to close and switch your current account using the Current Account Switch Service (CASS).
CASS guarantees to complete the transfer within seven days and everything is usually switched over automatically, including your balance, direct debits, and salary.
It is also completely free to switch.
But there are often other loopholes you need to jump through - such as depositing a certain amount of cash each month.
Mirror Money has compiled a full list of all the switching offers at the moment.
Santander - £200
Santander launched a £200 switching offer last week that both new and existing customers can benefit from.
The reward is available to those who switch to its Santander Edge account, 123 current account, Select current account, Private current account, and its Everyday current account.
To claim the cash, you need to set up two active direct debits within 60 days as well as a deposit at least £1,000, and log in to online or mobile banking.
Santander Edge comes with a £3 monthly fee but you can earn up to £20 back in cashback each month on certain bills.
To maintain the benefits of the Edge or 123 accounts such as cashback on bills, customers will also need to pay in £500 a month.
Santander will pay the £200 incentive directly into your qualifying account within 30 days.
First Direct - £175
HSBC sister bank First Direct launched this offer last year and gives all new customers £175 when they switch to its current account.
You must also pay at least £1,000 within three months of opening the account to get the cash and it is only available to those who haven't held an account previously with First Direct.
Customers may however hold an HSBC current account and still qualify for the offer, as long as the current account was opened before January 1, 2019.
If you switch, you should receive the funds within 28 days.
TSB - £200
TSB has announced is introducing a £200 switch offer for new customers from this Wednesday, February 1.
The money will be given to those who switch to a TSB Spend & Save or Spend & Save Plus current account.
Customers will get £125 cashback if they apply by March 3, 2023 and a further £75 will be paid into their accounts by October 31 if they keep their account open.
To get the first instalment, customers will need to set up at least two direct debits, use their debit card at least once and log into Internet Banking or the TSB Mobile Banking app by April 21.
To then claim the second payment and the full £200, those switching must each month pay at least £500 and make five debit card payments and two direct debits.
Customers who have received a switching incentive since October 1 last year will not be able to get the money.
Lloyds - £200
Lloyds has recently launched its £200 switching offer to lure in your new customers however the offer is only available to those switching to one of its premium accounts, which require a monthly fee.
These accounts include:
- Lloyds Silver – £10 a month
- Club Lloyds Silver – £10 a month + £3 Club Lloyds fee
- Lloyds Platinum – £21 a month
- Club Lloyds Platinum – £21 a month + £3 Club Lloyds fee
Unlike many other switching offers you don’t need any Direct Debits or a minimum balance to get the money once you have switched.
To get the cash you must not have received a switching bonus from Lloyds since April 2020 and once you've switched should receive the cash within three days.
The offer is only available until March 20 2023.
