These banks will pay you cash to switch your account

There's plenty of choice when it comes to switching bank accounts - and some will offer you up to £175 for making the move. Here's how you can cash in on the best deals.

Which banks give bonuses for switching?

HSBC's Advance account will pay you £175 to switch. However, the minimum pay-in to get the bonus is £1,750 per month, along with a requirement of at least two direct debits or standing orders.

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You can get the lower amount of £75 for opening an ordinary HSBC bank account, and it doesn't have a minimum pay-in.

You can see the full terms and conditions on the HSBC website.

You can earn up to £175 for switching your bank account (Photo: Shutterstock)


The NatWest Reward account pays out £175 to customers who open an account and request to switch over their old bank account by 2 April 2020.

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To get the reward, however, you'll have to pay in £1,500 or more and log into the NatWest mobile banking app by 10 May 2020.

This account also gives you cashback of £3 for every month that you use the mobile app and pay out two direct debits of at least £2. The account has a monthly fee of £2, however.

For a fee-free account, you can get your £175 with NatWest's NatWest Select or RBS Select account. These accounts don't come with cashback, however.

For full terms and conditions, please see the NatWest website.

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NatWest is one bank offering a bonus to switchers (Photo: Shutterstock)

First Direct

Switching to a First Direct bank account will earn you a bonus of £100, with much lower pay-in requirements than HSBC and NatWest.

To qualify for the bonus, you'll have to pay in £1,000 within three months of opening the account.

How do I go about switching my bank account?

To easily switch your bank, you can use the Current Account Switch Service (CASS), which will close your account and move all your money, direct debits and standing orders across to a new account.

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This service will also move any payments supposed to go into your old account into your new one - so you don't need to worry about your salary ending up in the wrong place.

You'll have to close your bank account in most cases to get the bonus (Photo: Shutterstock)

Do I have to close my old account?

To be eligible for most of the switching bonuses, you will have to close down your old account. Check the small print for each account carefully before making any decisions.

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