Savers in the UK could make an extra £200 just by making the decision to switch bank accounts.
Banks and building societies, including NatWest and Halifax, offer such deals as incentives to get new customers to sign onto their products.
Various savings and current accounts have these deals attached which could earn Britons hundreds of pounds.
However, various terms and conditions are attached to account switching deals so people will need to see if the product is right for them.
Despite this, the majority of bank accounts are readily accessible to most savers as they come with a minimum monthly deposit.
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Here is a list compiled by Defaqto of the banks and building societies in the UK that are offering account-switching deals:
|
Bank |
Product |
Account Type |
Minimum Monthly Deposit |
Monthly Charge |
Cashback Incentive to Switch Account |
Conditions of Cashback |
|
NatWest |
Select Account |
standard |
£0 |
£0 |
£200 |
Apply online or via the app, deposit £1,250 and log into the app within 60 days of opening the account. Within seven days of conditions being met the cashback will be paid. |
|
Royal Bank of Scotland |
Select Account |
standard |
£0 |
£0 |
£200 |
|
|
Ulster Bank |
Select Account |
standard |
£0 |
£0 |
£200 |
|
|
NatWest |
Reward |
standard |
£1,250 |
£2 |
£200 |
|
|
Royal Bank of Scotland |
Reward |
standard |
£1,250 |
£2 |
£200 |
|
|
NatWest |
Reward Silver* |
added value |
£0 |
£10 |
£200 |
|
|
Royal Bank of Scotland |
Reward Silver* |
added value |
£0 |
£10 |
£200 |
|
|
NatWest |
Reward Platinum* |
added value |
£0 |
£20 |
£200 |
|
|
Royal Bank of Scotland |
Reward Platinum* |
added value |
£0 |
£20 |
£200 |
|
|
First Direct |
1st Account |
standard |
£0 |
£0 |
£175 |
Open the account and pay in at least £1,000 within three months of opening the account. Within 28 days of the conditions being met the cashback will be paid. |
|
Halifax |
Reward Current Account + Reward Extras |
standard |
£1,500 |
£0 |
£150 |
Switch account and the cashback will be paid within 10 working days of starting the switch. |
|
Halifax |
Reward Current Account |
standard |
£0 |
£3 |
£150 |
|
|
Halifax |
Ultimate Reward Current Account |
added value |
£0 |
£17 |
£150 |
|
|
Halifax |
Ultimate Reward Current Account + Reward Extras |
added value |
£1,500 |
£17 |
£150 |
Katie Brain, the consumer banking expert at Defaqto, broke down why savers should take advantage of these deals.
She explained: “It’s never been easier to switch banks thanks to mobile and online banking systems, online identity verification and the Current Account Switching Service.
“Therefore, people should shop around to ensure they’re not missing out on good offers.”
The savings expert highlighted that account switching deals offer more than just an extra £200.
Ms Brain added: “It’s not just the cash incentives to open an account that people should look at though.
“Whilst it’s nice to receive some additional money for not having to do anything apart from switching, there are other perks and benefits to accounts too so find the one that is best for you.
“With some accounts, you can continue to make money through your account via rewards too.”
