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Derin Clark

Online Reporter
Published: 17/03/2021
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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.

Is it easy to switch bank accounts for cash?

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.

How to switch bank accounts

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.

Disclaimer

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.

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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.