Woman doing her banking in front of the Christmas tree

How switching bank accounts could get you up to £130

author: Fiona Peake

By Fiona Peake

Switching bank accounts might sound like a tedious job, but it’s actually really quick and easy to do – and could earn you an extra £130 in time for Christmas.

It’s no secret that 2021 seems to have flown by in the blink of an eye, but with Christmas already upon us, now is the perfect time to start putting some money aside for those well-deserved festive treats.  

Of course, Christmas isn’t about stuff, and there are plenty of ways you can do the holiday on a budget, but if you’re looking for easy ways to make fast cash – switching bank accounts could be the unexpected answer you’ve been looking for. 

Forget being on hold to the bank or spending hours going through direct debits and standing orders. Now you can setup a current account switch in a matter of minutes and the Switch Guarantee will take care of the rest.  

Which banks are offering a switching incentive? 

Like anything, it’s important that you do your own research before committing to a new bank. Along with some attractive bonuses, many of the banks on this list have some caveats to their offers.

Whilst you will get a signing up bonus for making the switch, you will also be subject to their terms and conditions, some of which include a monthly minimum deposit or a set number of direct debits. You also need to be mindful of any fees that may be applicable. 

All that said, if you’re not particularly loyal to your current banking provider and fancy a change, then it’s definitely worth checking out the switching offers available here: 

Royal Bank of Scotland (RBS) 

RBS is currently offering a generous switching bonus of up to £150 on not one, but three of their current accounts. Here’s what you need to know: 

  • you will initially receive £100 for making the switch to any of the three RBS current accounts, including their Select AccountReward Account and Premier Reward Account  
  • to qualify for the £100 bonus, you must also deposit a minimum of £1,500 and log in to either the online or mobile banking app before the 30th December 2021
  • stick with your new account for at least 1 year and make ten or more transactions between January 2022 and September 2022 to receive an additional £50
  • depending on the account you opt for, monthly fees range from £0 - £31 pcm

The deadline for RBS’s switching bonus is 4:59pm on the 18th November 2021. 

Santander 

Whether you’re looking to switch to a basic account or want some additional benefits, Santander offers a switching bonus of £130 across three of their current accounts. Available for both new and existing customers: 

  • choose between Santander’s Everyday account123 Lite account or 123 Current Account and receive £130 for switching
  • to qualify, you must pay a minimum of £1,000, transfer at least two direct debits, and register and log in to the mobile app
  • you must also consistently pay at least £500 into the account each month
  • depending on the account you opt for, monthly fees range from £0 - £4 pcm

There is currently no deadline for this offer. 

Nationwide 

If you’re an existing customer of Nationwide, switching current accounts could earn you £125. For new customers making the switch, a £100 bonus is up for grabs. Here are the details: 

  • you can get your welcome bonus within 10 calendar days by switching to Nationwide’s FlexAccountFlexDirect or FlexPlus accounts 
  • depending on the account you opt for, monthly fees range from £0 - £13 pcm

There is currently no deadline for this offer. 

HSBC 

You can get a switching bonus of £110 in your account within 40 days of switching (as well as other incentives) with HSBC. Here are the details: 

  • the switching bonus applies to their Advance Account
  • you can’t be a previous customer of HSBC or their sister bank First Direct since 2018
  • as well as the £110 bonus, you will also receive a £30 voucher for Uber Eats or The Dining Out Gift Card
  • you must pay at least £1,750 a month into your account (this is the equivalent of a £25,000 salary) 
  • there are no monthly fees for this account

There is currently no deadline for this offer. 

Lloyds 

If you’re thinking of joining Lloyds for the first time, you could get a switching bonus of £100. Here’s what you need to know: 

  • you can benefit from this switching bonus across either of Lloyds Club accounts, including Club Lloyds and Club Lloyds Platinum
  • the offer is only open to new customers
  • both accounts have fees, however, you can waive the fees on the Club Lloyds account if you pay a minimum of £1,500 into your account each month

The deadline for Lloyds’ switching bonus is 19th October 2021. 

Virgin Money 

Virgin Money offer an alternative incentive to switching to them, in the form of vouchers worth £150. These can be used on the Virgin Experience Days website and become valid within 14 days of switching (once you’ve met the qualifying criteria). Here are the details: 

  • this switching offer applies to their M Plus Account
  • you can use the £140 all at once, on multiple experiences or top it up yourself for more expensive experiences
  • there are no monthly fees for this account

There is currently no deadline for this offer. 

Please note that the majority of high street banks will be subject to a credit check. 

How does switching bank accounts work? 

The Current Account Switch Guarantee makes switching to a new current account quicker and easier than ever before. They take care of everything, from handling your direct debits and standing orders, to ensuring everything from your old account is transferred to your new one by your preferred date. They will also redirect any payments accidentally made to your old account. 

The service is free and usually completes within 7 working days. 

But first, there are a few things you need to do: 

  1. do your research – don’t pick the bank with the most appealing switching bonus. Instead, make sure the bank account you’ve chosen to switch to will meet your needs in the long term, (e.g., will you still get access to the same overdraft limit, or will you be paying more to use it?) It’s also important to make sure you meet the criteria of your chosen account
  2. once you’ve picked the bank account for you, simply set up your new account and request them to close your old one
  3. the Current Account Switch Guarantee will take care of the rest

If you’ve decided to press pause on switching bank accounts, take a look at other ways you can cut costs this Christmas. 

Disclaimer: All information and links are correct at the time of publishing.

author: Fiona Peake

By Fiona Peake

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Woman doing her banking in front of the Christmas tree Woman doing her banking in front of the Christmas tree