New. TWO big bank switch bribes launch. Get £200 free cash or (better for many bill-payers) £100 AND 2% bills cashback
As the temperature outside heats up, so does the banks' battle to attract your custom, with HSBC and NatWest joining Barclays' and First Direct's existing offers. So this is the time to spring into action...
Switching is easy. It takes just 7 working days, and your new bank switches payments in & out, incl direct debits. So if your current bank is pants (eg, are you a TSB customer fed up with its meltdown?), switch.
You must pass a not-too-harsh credit check and where you're switching you must use the banks' official switching services.
TOP FOR UPFRONT CASH / VOUCHERS
- New. Free £150 switching cash and £50 if you stay for a year. HSBC has revived its Advance account offer, which pays new switchers £150 within 50 days, plus a further £50 if still with it after a year. You can also access its 5% fixed regular saver, and some get a 6mth 0% overdraft.
How do I get it all? Open it by 30 Jun, and start a full switch, incl 2+ direct debits or standing orders, within 30 days and register for mobile or online banking within 60 days. Yet beware as this account requires a hefty £1,750 pay-in every month (equiv to a salary of £25,900+ going in).
- Free £185 M&S vchs and good service rating (£125 paid upfront and £5/mth for a year). New switchers to M&S Bank* can get a £125 M&S gift card, plus £5/mth added to it for a year. You also get access to its 5% regular saver, and many get a £100 0% overdraft.
M&S Bank has done consistently well in our customer service polls over the years. Last time 62% rated it 'great', compared to just 41% with HSBC. Those with an M&S credit card can get £220 in M&S vchs via a similar offer.
How do I get it? To get the £125 you must fully switch, incl 2+ active direct debits, within 3mths of opening the account. To get the additional £5/mth, pay in £1,000/mth (equiv of a £12,675/yr salary being paid in) and keep the direct debits active.
TOP FOR BILL PAYERS / ONGOING REWARDS
(PAYS MORE THAN FREE CASH FOR MANY)
- 
New. Free £100 AND ongoing 2% cashback. NatWest now pays a £100 bonus to switchers (incl some existing NatWest customers) on most of its current accounts. The standout of its accounts is NatWest Reward* which, for a £2/mth fee, gives 2% cashback on council tax, energy, broadband etc bills paid by direct debit.
For those with average bills (eg £100/mth-ish on energy) the cashback is worth £66/yr after the fee. For bigger bills (eg £140/mth on energy) it could be £135/yr. Add that to the free cash and some earn more here than with HSBC in the first year, and as this is an ongoing deal, stay longer and it should beat it for most bill payers.
How do I get it? To get the £100 you must switch by 15 Jun, pay in £1,500+ and log in to online or mobile banking by 13 Jul. Then pay in £1,500/mth (equiv to an annual salary of £21,500) to get cashback.
PS: You can earn 1-3% cashback on the same bills as NatWest above, plus up to £10/mth if you've a Santander mortgage, with Santander 123 Lite - which could win for some.
- Free £132 for switchers over first year, then £48/year after that: beats NatWest for ongoing rewards if you've smaller/no bills. New switchers to Barclays* who sign up to its Blue Rewards scheme get £14/mth for the first year. There's a £3/mth fee, but it still leaves you up £11/mth in year 1. From year 2, you're £4/mth+ up after the fee.
How do I get it? Each month, pay in £800+ (£9,800/yr salary) and pay out 2+ direct debits, plus sign up for online or mobile banking.
You can get more rewards if you've certain products with Barclays, eg, a mortgage or loan - see full list.
TOP FOR SERVICE AND/OR SMALL OVERDRAFTS
- Top service + freebie incl £170 headphones or £150 Expedia vch. With First Direct* it's all about service - it's topped every bank customer service poll we've done, with 91% rating it 'great' in our latest. It also lets you save up to £300/mth for 1yr in a linked 5% regular saver, and some get a £250 0% overdraft.
What are the freebies? New switchers can choose one from a set of tech products, vchs and online courses (eg, learn yoga, balloon modelling or how to iron). These incl £170 Bose wireless headphones, a £140 Fitbit or £150 Expedia vch (see full options).
How do I get it? To get it all you must switch and pay in £1k+ within 3mths of opening your account. You're then emailed a link within 2 weeks with instructions on how to get the freebie. To avoid a £10/mth fee, pay in £1k/mth+ (equiv £12,675/yr salary) or have an average £1k+ balance.
TOP PACKAGED ACCOUNT DEAL - PAY A FEE & GET INSURANCE
- £700's worth of FAMILY travel, phone and breakdown insurance for £156/yr. Nationwide's FlexPlus* pay £13/mth and get worldwide family travel insurance, family smartphone insurance and UK and European car breakdown cover for all account holders. A family needing them all could pay up to £700/yr separately.
If you are referred by a friend who has a Nationwide account and you switch, you both get £100.
Full eligibility info and more options in Best Bank Accounts and Best Packaged Accounts.
Bank switching FAQs
If you're unsure how it all works, this should help...
Q. How difficult is switching? It's easy. In fact, in our last Twitter poll, 85% said it was hassle-free. Under banks' switching services, your account is switched and your old one closed, all within seven working days. And the banks do the hard work of moving money and payments across.
Q. What if money is paid into the old account or something goes wrong? The bots behind the scenes sort it, so for at least 3yrs any money paid into the old account or wrongly earmarked to come out of it is transferred to the new one. If hit with charges due to a switch error that leads to a missed payment, this should be refunded by the new bank.
Q. I don't qualify for one of these accounts, what can I do? Sadly, 1m+ don't have a bank account. Yet as long as you've ID, you should be able to get what's called a basic bank account where there's no overdraft. See Basic Bank Accounts for help.
