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Featured - Account Types
What type of savings account do you need?Find out about the different types of savings accounts available to suit a variety of needs.
Savings
ISAs
Residential
Buy to let
Specialist mortgages
Featured - Debt and your credit score
How debt impacts your credit scoreA healthy credit score has its benefits, so make sure you manage your debt correctly.
Loans
Featured - Life Insurance
Life InsuranceFor peace of mind that your loved ones will be supported financially after you die, consider taking our life insurance. Find out more and compare policies.
Home & vehicle
Health & travel
Featured - Switching deals
In need of a cash boost?Providers often entice new customers with cash incentives for moving current accounts. Compare deals and find out how to make the switch:
Current accounts
Featured - Purchase Cards
Best purchase credit cardsExplore the best cards with a 0% introductory period.
Credit cards
Credit repair
Calculators & guides
Business savings
Business products
Business insurance
How much can I give as a cash gift?
How much can I give as a cash gift?Will your loved one's gift be tax affected?
Categories
Featured guides
Popular news
Latest news - by category
Other money & finance news
Featured Star Ratings categories
Other Star Ratings categories
Few people would turn down the opportunity to earn money for doing very little, which is why bank switching incentives have remained popular over the years. Although the last 12 months have seen many deals being removed, consumers looking to receive cashback or an incentive for switching bank accounts still have a few options available.
Currently, three providers offer consumers an incentive for switching bank accounts, these deals are:
Bank and account name | Switching offer and requirements* | Find out more |
first direct 1st Account |
£100 for accounts switched using the Current Account Switching Service Must pay-in at least £1,000 within three months |
See our bank accounts chart |
Virgin Money Current Account | 12 bottles of luxury wine from Virgin Wines and £50 to donate to any Virgin Money Giving charity OR 15,000 Virgin Red points for accounts using the Current Account Switching Service. Customers also need to register for the mobile app, set up two direct debits and pay-in at least £1,000 into a linked savings account with 31 days of opening the Current Account. |
See our bank accounts chart |
HSBC Advance and Premier Bank Account | £125 for new accounts when a minimum of two direct debits or standing orders are switched using the Current Account Switching Service within 30 days of opening. | See our bank accounts charts |
*Additional terms and conditions may apply to qualify for the switching incentives.
Most banks allow customers to switch current accounts under the Current Account Switch Service, which is designed to make switching as easy as possible for consumers. Under the scheme, banks will aim to complete the switching process within seven days and, in the event of something going wrong, they will refund any charges or lost interest incurred during the switching process.
Banks offering an incentive to switch often require customers to switch under the scheme and customers will usually only have to sign up to the new account through the scheme and the new bank will take care of the switch, including informing the old bank and transferring direct debits across. As long as the terms and conditions of the switching incentive are met, consumers should receive the incentive when the switch has been fully completed or the required amount of money has been deposited into the new account.
Consumers who have money paid into their current account, for example wages, should make the person who pays the money into the account aware of the switch and will likely have to provide the new account details.
Incentives are a good reason to switch bank accounts but consumers should also consider switching if they are unhappy with the customer service they are receiving from their existing bank or they can get a better deal, for example higher interest rates or lower overdraft fees, on a different account.
Consumers thinking about switching should visit our bank account chart to compare incentives currently being offered on bank accounts.
Information is correct as of the date of publication (shown at the top of this article). Any products featured may be withdrawn by their provider or changed at any time. Links to third parties on this page are paid for by the third party. You can find out more about the individual products by visiting their site. Moneyfactscompare.co.uk will receive a small payment if you use their services after you click through to their site. All information is subject to change without notice. Please check all terms before making any decisions. This information is intended solely to provide guidance and is not financial advice. Moneyfacts will not be liable for any loss arising from your use or reliance on this information. If you are in any doubt, Moneyfacts recommends you obtain independent financial advice.
Santander launched its new £150 switching offer, meaning there's now even more choice on the market for potential switchers. Find out more.
Santander launched its new £150 switching offer, meaning there's now even more choice on the market for potential switchers.
Its new current account switching offer could see customers receive the bonus in as little as seven days. Find out more.
Its new current account switching offer could see customers receive the bonus in as little as seven days.
The bank’s new incentive includes its Club Lloyds accounts, which come with a range of additional benefits. Find out how you can claim this latest offer.
The bank’s new incentive includes its Club Lloyds accounts, which come with a range of additional benefits.
Santander launched its new £150 switching offer, meaning there's now even more choice on the market for potential switchers. Find out more.
Santander launched its new £150 switching offer, meaning there's now even more choice on the market for potential switchers.
Its new current account switching offer could see customers receive the bonus in as little as seven days. Find out more.
Its new current account switching offer could see customers receive the bonus in as little as seven days.
The bank’s new incentive includes its Club Lloyds accounts, which come with a range of additional benefits. Find out how you can claim this latest offer.
The bank’s new incentive includes its Club Lloyds accounts, which come with a range of additional benefits.
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Moneyfactscompare.co.uk will never contact you by phone to sell you any financial product. Any calls like this are not from Moneyfacts. Emails sent by Moneyfactscompare.co.uk will always be from news@moneyfacts-news.co.uk. Be ScamSmart.
Moneyfactscompare.co.uk will never contact you by phone to sell you any financial product. Any calls like this are not from Moneyfacts. Emails sent by Moneyfactscompare.co.uk will always be from news@moneyfacts-news.co.uk. Be ScamSmart.
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