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£150 for switching bank account
Why we like it: SPECIAL OFFER - Get £170 when you switch to an HSBC Advance Bank Account.
Why we like it: SPECIAL OFFER - Get £150 when you switch to a First Direct 1st Account, or if you're not ready to switch £20 welcome when you open a current account.
/How to earn £150 for opening a bank account
A number of high street banks offer switch incentives for moving.
Cash incentives range from £100 to £150.
Whilst getting a nice cash reward for moving is a great bonus if you are looking to move your current account to a different provider, there are other factors to consider.
Factors such as what interest rate you will pay on your overdraft if used, the rate of interest (if any) you will earn on your savings as well as mobile banking features which may or not be important to 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 up to £150 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.
Deals come and go as high street banks compete for your banking business.
Open the HSBC Advance Account and you will receive £170 cash as a joining bonus. You will need to switch your everyday banking to HSBC using the Current Account Switch Service and set up at least 2 direct debits. You will also have to pay in at least £1,750 per month, or £10,500 within six months of holding the account.
First Direct 1st Account offer a £150 incentive for switching to their 1st Account, or £20 for opening account without switching. 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.
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.
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.