You Can Get Paid £150 By Your Bank — Here’s How
Get a free £150 just for switching banks.
Some UK banks are offering cold hard cash for switching your current account over to them.
Before we dive into the juicy stuff though, you’re probably wondering how to switch banks to begin with. Here’s how:
How to switch banks in the UK
It’s very easy to switch bank accounts using the Current Account Switch service website (Cass). Sites like USwitch also allow you to compare bank accounts too. Before you make the switch:
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Compare multiple banks and what they offer
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Read the fine print
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Apply for the new bank, who’ll then switch your current balance and direct debits over (ensure all of your direct debits are switched over when it’s all set up)
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Close your old bank account once the new one is definitely up and running.
Always check with your current bank if they’ll allow you to switch when you have an overdraft. In fact, we recommend checking all the T&Cs before switching. We know it’s boring, but it could save a hefty fee.
Try not to make the switch too often, as this could ring alarm bells when you’re applying say, for a mortgage.
Which banks will pay if I switch?
HSBC Advance
They’re offering £150 to people who switch over. To claim:
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Open an HSBC Advance account and start your switch within 30 days.
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Pay in at least £1,500 within 60 days and switch over two of your Direct Debits or standing orders to receive £150 in cash
Nationwide
Nationwide’s FlexDirect pays up to £125 to new customers. Here’s how to get it:
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Use the Cass service and ensure at least 2 active direct debits are added to the account
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If you’re an existing customer, you’ll need to use Nationwide’s internet banking service to switch your current account with another provider to claim their £125 bonus.
First Direct
First Direct used to only pay £100, but they now pay £130! They follow a similar process which you can check out on the First Direct website. You’ll need to deposit at least £1,000 in the first three months though.
We’ve got tons of student finance deals on the Student Beans website if none of these apply. Plus, you can even get fashion vouchers alongside cash when you make the switch via Student Beans too!
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