FOUR major banks are offering switching bonuses to customers – and you could earn up to £175 from them.
Martin Lewis’ MoneySavingExpert.com revealed the four banks in his weekly newsletter.
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They include First Direct, NatWest, Nationwide and Virgin Money.
Switching bonuses are regularly offered to customers to try and entice them away from one bank to another.
But there are usually terms and conditions attached that consumers should be aware of.
Below, we reveal what each bank is offering and what you have to do to get your money.
First Direct
The bank is offering £175 to new customers who switch to its 1st Account.
But you have to open an account and pay in £1,000 or more within the first three months.
Once you’ve done this, the £175 will be paid within 28 days.
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You also won’t be able to complete the switch if it’s from a HSBC or First Direct account.
Customers moving onto the First Direct 1st Account will get interest-free arranged overdrafts on any balances up to £250.
NatWest
The bank is offering new and existing customers £175 if they switch to a NatWest Reward or RBS Reward account.
NatWest and RBS are owned by the NatWest Group.
Customers will also be able to bag £36 a year in cashback, however the accounts come with a £2 a month fee.
If you don’t want to pay the fee, you can open a new NatWest Select or RBS Select account instead – and you’ll still get the £175 cash bonus.
One thing to bear in mind is you won’t be eligible for the switching bonus if you previously switched to a NatWest or RBS account since October 2017.
You also must be switching from a non-NatWest account if switching to NatWest, and a non-RBS account if switching to them.
The deadline to make a switch to a NatWest account is 5pm on November 3 and 5pm October 20 for RBS.
Plus, you have to pay in £1,250 or more and use mobile banking by December 16 to get a bonus through a NatWest account and December 2 for a RBS account.
If you’ve done that, you’ll get the £175 by January 12 for NatWest and January 29 for RBS.
Nationwide
The building society is offering new customers £100 if they switch to a FlexDirect account and existing customers £125.
You have to make two direct debits and start a switch within 30 days of opening the account though.
Once you’ve done this, the bonus should be paid within 10 days.
Newbies to the Nationwide FlexDirect account will get interest-free arranged overdrafts on balances up to £2,750 for the first year of the account opening.
Remember though, an interest-free overdraft should only be used in an emergency or to tide yourself over if you’ve had an expensive month.
Virgin Money
Newbies who switch to a Virgin Money M Plus account get 25% cashback on UK supermarket and fuel spending up to £160 per month for two months.
You have to open a M Plus Saver account online or via the app, pay in £1,000 or more to it, have two direct debits and sign up to Virgin Money cashback using the mobile app all within 45 days.
You should then receive an email within 14 days confirming you’re eligible for cashback and can withdraw the £1,000 if you want.
How do you switch bank accounts?
Switching bank accounts is easy – you just need to open your new account and the new bank will let your existing one know you’re moving.
It’s done using the Current Account Switch Service (CASS) and all in all the whole process should take around a week.
You don’t have to move direct debits across as the CASS should do this for you.
But, there are some steps you can take before switching to make the process smoother.
You can choose your switch date, organise transferring your old bank statements across to the new account.
You can contact your bank to get hold of old statements.
