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£100 for opening bank account
Why we like it: Earn 1.00% AER (variable) interest on balances up to a maximum of £20,000. Up to 3% CASHBACK on various household bills. Monthly fee of £5. Cashback capped at £5 for each cashback tier each month. Must pay in £500 pm.
How to earn £100 for opening a bank account
If you are looking to move your current account to a different provider, there are various factors to consider when making your choice. Issues like what interest rate you will pay on your overdraft and earn on your savings will be important, but for many switching incentives are a key decider.
Many providers now make current account switch offers, which include cash when you change accounts and cashback for things like having Direct Debits coming out of your account or paying household bills from the account. These benefits can swiftly add up and make a real difference to which account offers the best deal for you.
Between the various switching bonuses and cashback offers available on some of the most popular current accounts, it is possible for savvy switchers to earn £100 or more when they change account. The follow accounts will earn you at least £100 for opening a bank account either upfront or within the first year the account is open.
M&S Current Account - £185 M&S gift card to switch and stay
One of the most generous offers, if you are a regular M&S shopper. Use the Current Account Switch Service to move your day-to-day banking to M&S and you will receive a £125 M&S gift card. You need to move at least two active monthly Direct Debits to the account to qualify.
Once the account is open, you will earn an extra £5 per month onto your gift card for the first 12 months you keep the account. All you need to do is pay in at least £1,000 a month and keep two Direct Debits active. In total this will give you £185 in M&S credit over the first year you have the account.
You will also get 5% AER/gross fixed for the first 12 months, plus a minimum £500 overdraft with the first £100 interest free.
Co-operative Bank Current Account - £110 cash switching bonus + up to £5.50 per month
Offering the highest cash switching offer currently is the Co-operative Bank Current Account. You can get a switching bonus of £110 cash if you use the Current Account Switch Service and a move at least four active Direct Debits to your new account.
If you then sign up for the Co-op’s Everyday Rewards scheme, you can earn as much as £5.50 extra per month in cashback. Over the first year, this adds up to a grand total of £176 in cash rewards.
The Co-operative Bank Current Account has the advantage of no monthly fee to pay and you can apply online within minutes.
First Direct 1st Account - £100 cash switching bonus
Open the First Direct 1st Account and you will receive £100 cash as a joining bonus. Again, you will need to switch your everyday banking to First Direct using the Current Account Switch Service and you will have to pay in at least £1,000 during the first three months you hold the account.
First Direct are so confident you will want to stay that they even offer you an extra £100 if you decide to leave within the first 12 months of opening your account. To qualify for this leaving offer, you must have paid in at least £1,000 a month for six months, be a first time customer with First Direct and you need to inform them of your decision with 12 months of opening the account.
Halifax Current Account - £75 cash switching bonus + £3 per month cashback
Switch your current account to Halifax and they will give you a £75 cash switching bonus, as long as you use the Current Account Switching Service. To earn the bonus you will need to move all active credits and debits from your previous current account to your new one.
On top of this, you can get £3 cashback per month if you pay in at least £750 a month, have two or more active Direct Debits and stay in credit. In total, over your first year, this adds up to £111 between the switching bonus and monthly cashback.
TSB Classic Plus Account - £120 cashback per year
With the TSB Classic Plus Account there is no upfront switching offer, but you can earn £5 cashback every month as long as you have at least two active Direct Debits. Spend with your debit card at least 20 times in any given month and you will earn another £5 that month. That adds up to a total of £120 cashback every year.
The TSB Classic Plus Account also gets you 3% AER variable interest on balances up to £1,500, making it one of the most generous accounts in terms of earning interest on your savings. To qualify, you need to pay in at least £500 a month, register for internet banking, paperless statements and paperless correspondence. As an added bonus, there is no monthly account fee to pay.
Is it worth opening a new bank account for a good switching offer?
When thinking about opening a new bank account, switching offers can be a good deciding factor, but it is also important to think about your long term needs. For example a Santander 1|2|3 Current Account offers interest of 1.5% AER on your entire balance up to £20,000, plus cashback of between 1-3% on a range of household bills.
This may not be the most attractive offer upfront, but it means if you are likely to keep a large balance in your account and pay a number of household bills out of your account, the interest and cashback you earn can soon add up and outweigh most switching offers.
It is therefore a good idea to think about exactly what you need from a current account and how you are likely to use it before making a decision about opening a new bank account. This can help to ensure you get the most out of your account on an ongoing basis.
Find the best bank accounts to switch to
Whatever your reasons for opening a new bank account, it is a good idea to spend some time researching your various options before making the switch. Check out the range of current accounts on offer from across the market to see which offers the best deal for you.