This comparison simply includes all savings accounts.
Which Current Accounts Pay You to Switch?
Why we like it: SPECIAL OFFER - Switch to a 1st Account and bank £175*. Get access to a Regular Saver Account - Put away between £25 and £300 for a fixed 12 month term. If you save £300 every month for 12 months and qualify for the 7.00% AER/gross p.a. interest rate, you'll earn approximately £136.50 interest (gross). Interest is calculated daily and paid 12 months after you opened the account. AER stands for Annual Equivalent Rate. This shows you what the rate would be if interest were paid and compounded each year. Gross is the rate of interest if interest were paid and not compounded each year. No partial withdrawals allowed. Early closure will result in interest being paid at the standard account variable rate. £250 interest-free overdraft (subject to status). No minimum monthly funding and no monthly account fee. No first direct fees for when spending abroad, withdrawing cash from the UK or when making a debit card payment in a foreign currency in the UK. Mobile banking app. UK based contact centre. *Open a 1st account on or after 9th September and before offer is withdrawn. Switch your everyday banking to using the Current Account Switch Service (CASS). Deposit a minimum of £1,000 (in single or multiple deposits) in your account and within 45 days of opening your first direct 1st Account. Complete a full CASS switch including at least two Direct Debits or Standing Orders must be made within 45 Days of us opening your first direct 1st Account. Register and Log onto digital banking, within 45 days of us opening your first direct 1st Account. Use your new 1st account debit card at least 5+ times. Be a new customer to first direct, who has not previously held a first direct product, or has opened an HSBC current account on or after 1 January 2018
When you switch bank accounts, it’s usually to get a better deal somewhere else. But, did you know that some current accounts will pay you to make the switch?
Yeah, there are some providers that want you to switch and they’ll pay you to do so. Now, we’ve got a table down below that tells you all about which providers will do this, but let’s also take a look at what switch incentives are on offer.
First Direct 1st Account - £175 cash switching bonus
First Direct 1st Account offer a £175 incentive for switching to their 1st Account. You will need to switch your everyday banking to First Direct using the Current Account Switch Service including at least two Direct Debits or Standing Orders, deposit a minimum of £1,000 (in single or multiple deposits) and register and log onto digital banking within 45 days of opening your first direct 1st Account.
So, when it comes to banks and switching incentives, it’s usually a financial reward. However, the Current Account Switch Service, used by a lot of banks, offers things like cinema tickets and cool freebies to balance out the cash prize. Switching your current account can seem like a challenge, and finding a new bank or building society takes time. But, it is worth it in the long run, especially if you pay attention to all the switch incentives. Remember to close your old account at the end though, or you might run into some problems!
