Three banks are handing customers a total of £500 straight into their accounts – just for switching away from their existing accounts.
Martin Lewis’ weekly tips sent via his Money Saving Expert site has let bank customers know that they can get a total of £350 across two banks right now.
Nationwide and First Direct are offering £175 each to customers to switch their banks.
Switching is done automatically once you apply, because both banks are signed up to the free universal seven-day switch service, which will move your direct debits and standing orders automatically.
Then, any payments going to your old account, such as wages, are automatically forwarded too, making the switch painless.
First Direct is giving £175 to customers as long as they have never had a First Direct or HSBC account since 2018 (HSBC is its parent company). The money will be paid by the 20th of the month after the switch is complete, and will also offer 7 percent interest on a linked regular savings account, up to a maximum of £136.50 a year interest, as well as a 0 percent £250 overdraft and fee-free overseas spending.
Nationwide is handing £175 to customers who haven’t had an account since August 2021, and will pay the money within 10 days of the switch.
It also offers 6.5 percent interest for one year, up to £200 a month, which makes a maximum of £84.50 interest possible, and a linked £50 free overdraft.
Finally, if neither of those are open to you, Co-Op is offering £150 but it isn’t instant, and gives you £75 up front, followed by £25 a month for three months, with lots of strings attached.
But there’s nothing to stop you from switching multiple times. Some people have set up ‘stooge’ bank accounts to rapidly switch from account to account, claiming the switching bonus each time. This is entirely legal and possible, with only a soft credit check to worry about (so maybe don’t do it too much just before a mortgage application, but otherwise it’s fine).
