Cash Bonanza! How to Snag £200 Switching Banks – And Earn 7% Interest While You’re At It!
The Best Bank Switching Deals: How to Maximize Your Earnings!
Are you looking for the best switching deals to boost your savings or earn a quick cash bonus? Switching bank accounts can be a clever way to make money while getting better banking perks. In this guide, we’ll dive into the latest switching offers from major UK banks and building societies, explain what you need to do, how much you can make, and reveal any catches.
Why Switch Your Bank Account?
Switching is simple. Banks and building societies offer cash incentives to attract new customers, and some deals can land you up to £200 or more. Plus, by switching, you might unlock better interest rates on savings or exclusive perks like cashback.
The Best Current Bank Switching Deals (October 2024)
1. First Direct – £175 Switch Bonus + 7% Regular Saver
Bonus: £175 for switching your current account.
Interest Rate: Access to a 7% Regular Saver account, where you can deposit up to £300/month.
What’s the Catch? You must deposit £1,000 within the first three months of account opening and set up two direct debits.
2. HSBC – £200 Switch Bonus + 7% Regular Saver
Bonus: £200 for switching.
Interest Rate: 7% on their Regular Saver (up to £250/month).
What’s the Catch? You need to switch via the Current Account Switch Service (CASS) and deposit £1,500 within 60 days. Set up at least two direct debits or standing orders.
3. Nationwide – £200 Switch Bonus
Bonus: £200 for switching to their FlexDirect account.
Interest Rate: 5% AER on balances up to £1,500 for the first 12 months.
What’s the Catch? You must have two active direct debits and pay in at least £1,000 per month.
How Does Bank Switching Work?
Switching your bank account is made easy with the Current Account Switch Service (CASS), which guarantees a smooth transition in just 7 days. The new bank takes care of transferring your payments, direct debits, and standing orders from your old account.
What’s the Catch with Switching Deals?
Direct Debits: Most banks require you to have at least two active direct debits or standing orders to qualify for the bonus.
Deposit Requirements: Some accounts require you to deposit a minimum amount within a set period (e.g., £1,000 or £1,500 within 60 days).
Exclusions: If you’ve had an account with the bank you’re switching to in the last 12-24 months, you might not be eligible for the bonus.
How Much Can You Make?
Switching offers typically range from £100 to £200. The First Direct £175 bonus and HSBC £200 bonus are some of the best around, and they also offer high-interest regular savers (up to 7%!). With the right moves, you could easily make £200+ in cash bonuses and earn interest on savings within the year.
How Long Does It Take?
The switching process takes just 7 days using CASS.
Once completed, most banks will pay your bonus within 30 days, provided you meet the requirements (e.g., setting up direct debits and depositing a minimum amount).
Frequently Asked Questions (FAQs)
1. What’s the best time to switch? The best time is when your current bank no longer offers competitive benefits or interest rates. Also, switching when cash offers are high (like now) makes it more rewarding.
2. Do I need direct debits to switch? Yes, most banks require at least two active direct debits to qualify for the bonus.
3. Can I switch if I have an overdraft? Yes, you can switch with an overdraft, but make sure your new bank offers terms that are manageable for you.
4. Will switching impact my credit score? No, switching through the CASS service will not affect your credit score.
5. Can I switch multiple times to get more bonuses? Yes, but check the bank’s terms. Some may exclude you if you’ve held an account in the past 12-24 months.
Final Thoughts:
Switching your current account can be a smart way to earn extra money and take advantage of better savings rates. Whether you’re after HSBC’s 7% saver or Nationwide’s £200 bonus, there’s a deal out there for you. Just make sure you meet the requirements and set up your direct debits to qualify for the bonus.
Switch now and start earning!
