High street banks are reintroducing account switch offers to the market in a boon for savers.
Santander, First direct and Virgin Money are among the financial institutions offering deals which could see new customers pocket up to an extra £200.
Here is a full list of the banks and building societies in the UK that are currently offering account-switching cash offers:
- First direct - free £175 bonus for switching accounts
- Santander - free £175 bonus for switching accounts
- Virgin Money - 10 per cent interest on balances up to £1,000
- Danske Bank - free £200 bonus for switching accounts
- Barclays - free £125 “worth” in Avios points for new Premier customers.
Free cash deals for account switching are used by banks and building societies to incentivise new customers to take out their services.
However, customers will need to check if they meet the eligibility criteria for any offerings on the market.
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Banks are re-launching account switch deals
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First direct
This deal is not open to existing customers and those joining the bank will need to make two direct debits or standing orders from their old bank.
Customers can use the Current Account Switch Service to facilitate the move between accounts and must pay £1,000 within 30 days of opening the new account.
Furthermore, they must use their debit card five times in the first 30 days to qualify for the money.
It should be noted that customers must not have opened a first direct account in the past or an HSBC account since January 1, 2018. Money is paid by the 20th of the month after meeting the criteria.
Santander
To get this free £175, new customers must switch to one of the bank’s Edge, Edge Up or Private accounts.
As well as this, new Santander customers must set up two direct debits before or after the switch and deposit £1,500.
The old account must be from a different bank but this deal is still available to existing customers.
Notably, those who take advantage of this offering could get £15 cashback via TopCashback or Quidco.
Virgin Money
Under this switching bonus, new customers can get 10 per cent gross interest but only on balances of up to £1,000.
In comparison, the standard interest rate is two per cent on amounts of £1,000 or more with the bonus being paid on the last working day of the month.
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Virgin Money is among the banks offering these account switch deals
GETTYDanske Bank
New customers for this bank could get a staggering £200 if they open either a new Danske Reward, Choice or Freedom current account.
To be eligible they must deposit £1,000 within 60 days but this deal is only available to those living in Northern Ireland.
Barclays
While the bank’s previous £175 switching deal is no longer around, new Barclays Premier customers will earn Avios points that can be changed to £125 worth of Nectar points.
It should be noted that this is only for new customers who have large amounts of money saved with Barclays.