Switch Incentive Current Accounts
- Some current account providers offer cash incentives to customers who switch bank accounts over from their current bank.
- You can compare the switching bonuses offered by some of the UK’s leading banks in the table below.
- Compare up-to-date information on account features to find your ideal account.
What type of current account are you looking for?
- 2% back in Rewards on 7 types of household bills if paid by Direct Debit
- On average NatWest customers earn £83 in Rewards per year. Based on monthly bills of £345 excluding the monthly £2 fee
- Includes NatWest's mobile app & Emergency Cash
First Direct 1st Account
- Switch your current account to first direct and receive £100 cashback
- Get another £100 if you leave within 12 months (conditions apply)
- £250 interest free overdraft
Maximum Interest (AER) [?]
Minimum Monthly Credit
- No interest is paid on in-credit balances on this account
- 0% EAR up to £250
- 15.9% EAR over £250
Switching incentive details
- Open a 1st Account then switch your banking using the Current Account Switch Service and pay in at least £1,000 within three months of your account opening and get £100 adeed to your account.
- This offer is limited to one payment per customer or joint relationship. Incentives are paid within 28 days of all criteria being met.
- Offer only available to people who haven't previously held any account with first direct.
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In order to lure you away from your current banking provider, many banks now offer enticing switching incentives in the form of cash bonuses. These incentives have become increasingly common since the Current Account Switch Service was introduced in 2013. This scheme was put in place to increase competition in the current account market by taking the hassle out of switching bank accounts and ensuring that all switches were carried out within 7 days.
Now that more and more people are moving their finances around the banks switching incentives have become increasingly lucrative to the savvy customer.
Switching incentives usually have a number of terms and conditions attached to the offer, so please ensure that you carefully read these before making any decisions to ensure that you will qualify for any bonuses.
Helpful links for current account issues
Financial Conduct Authority (FCA) - The UK financial regulator's website features lots of useful information for banking customers covering everything from knowing your rights to how to stop unauthorised payments.
Financial Service Compensation Scheme (FSCS) - The FSCS is the best place to find out if your bank is covered by the compensation scheme and for advice on making a claim.
Financial Ombudsman Service - If you've complained to your bank and are still having ongoing problems then the Financial Ombudsman is the next step - their website covers everything you need to know about making a complaint.
Money Advice Service - The government's Money Advice Service provides unbiased advice on choosing, opening and managing a current account.
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