Bank switches are a great way to earn some extra money. Now in the run up to Christmas, three major banks are offering cash incentives for new customers.
Also one bank is offering an exclusive rate for savers on top. Switching bank accounts can be an easy way to give your balance a quick boost.
Cash incentives are launched by banks in a bid to lure new customers in, but it's always important to check the small print.
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You can read more money saving tips here.
It's also worth noting most of these offers have certain criteria that you need to meet in order for you to get the cash.
Once you decide on your bank switch, you'll need to use the current account switching service (CASS) which takes just 7 days and the new bank handles it for you.
Here is a full list of the offers available now:
TSB
If you switch your current account to TSB you could get up to £210. The bank is offering a £150 switch incentive if you open either its Spend & Save account or Spend & Save Plus account.
You could also earn up to £60 in the first six months via cashback. To be eligible you need to complete the full switch using the CASS by October 31.
Also you must log into the TSB mobile banking app at least once, make a minimum of one debit card payment every month, and have two active direct debits every month.
If you do all of this then £150 will be paid directly into your new bank account by November 30. To earn up to £60 cashback you need to make 20 or more debit card payments each month for the first six months.
Nationwide
Nationwide also launched a £200 switching incentive for customers. To qualify for it customers must complete a full switch using CASS.
A minimum of two active direct debits must be transferred to the new account and you must complete the switch within 60 days of starting it.
Customers can get the cash when switching to one of the building society's three main current accounts: FlexPlus, FlexDirect, or FlexAccount.
First Direct
First Direct is offering new customers £175 if they make the switch. Anyone who makes the switch before October is in with a chance to win a £12,500 cash prize too.
To get the £175 you'll need to deposit £1,000 within three months of opening your account. And again, the switch must be done through CASS.
After the switch is finalised, you should get the £175 paid within 28 days, as long as you've paid in £1,000 within the first three months of having the account.
You will also be entered into the draw for £12,500 which will be selected on November 8. It's worth noting you won't qualify if you previously opened an account through HSBC or First Direct on or after January 1, 2020.
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How do I switch my current account?
It takes a few steps to switch your account via the Current Account Switching Service (CASS). You just have to contact the new bank you've chosen and apply for the account you want – they should sort the rest.
If you are accepted, they will offer to make the switch for you automatically and ask you to choose a date to move. The switch will then happen without you having to do anything.
Your old bank should speak to the new one and all of your direct debits, current balance and salary will be transferred across. Once this is done, you will receive your new cards, log-in details and any PINS.
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