Full list of the best bank switching bonuses that could get you £200 cash days before Easter

Switching bank accounts has long been an easy way to get free cash.

Currently, four major banks are offering new current account customers free cash worth up to £220.

We have listed the best paying switching benefits

HSBC is offering new Advance and Premier account customers up to £220 towards switching – the highest offer in five years.

NatWest and the Royal Bank of Scotland (RBS) are offering newcomers £200 to switch, while Lloyds Bank is offering new customers £175.

Switching bank accounts has never been easier thanks to the Current Account Switching Service (CASS).

Through CASS, customers can choose their transfer date and leave it to the banks to move any active direct debits to their new account.

We’ve listed the best bank accounts you can switch to right now to get up to £220 in free cash, and explain what you need to do to qualify for each account.

HSBC

up to £220 free cash, including £10 per month cashback for a year. In addition, you get access to a linked saver who pays 5%

The current switching offer at HSBC means new customers can get up to £220 by switching from their current bank to an HSBC UK Advance or Premier account.

The money is paid out in separate amounts. You will receive one lump sum of €100 for switching, and after that you can earn €10 per month in cashback for 12 months.

Certain criteria must be met to get the full £220 and the switching process must be done through CASS.

CASS is a free service that allows you to easily exchange your old current account for a new one.

You just need to contact your new bank to apply for their checking account. If you are accepted, they will offer to transfer for you.

To receive the first payment of £100 you must meet the following criteria:

Apply for an HSBC Advance or Premier bank account on or after March 11 and successfully open the account
Change an existing account from another bank using the CASS within 30 days of opening the account
The switch must include at least two direct debits or standing orders
Deposit at least £1,500 into the account within 60 days, divided into one or more payments
Make at least 20 transactions with your HSBC debit card
Register and log in to mobile banking
Open an Online Bonus Saver account and deposit a minimum of £50

If new customers complete all the steps above, they will receive €100 in their checking account within 30 days.

To get the extra £120, they must complete some of the above steps every month for a further 12 months.

Customers must continue to log into mobile banking, pay £1,500, complete a minimum of 20 transactions and keep their direct debit active each month, as well as making a monthly deposit of £50 into their online bonus savings account.

For each month they meet these criteria, €10 will be paid into their account up to a maximum of €120 or twelve monthly payments, before the 20th of the following month.

Please note that this extra money is dependent on meeting the monthly criteria, so if you miss a month you will miss out on the £10 bonus payment for that month.

NatWest and Royal Bank of Scotland

£200 free cash and up to £36 cashback per year. In addition, you get access to a linked saver who pays 6.17%

NatWest and the Royal Bank of Scotland (RBS) are offering newcomers £200 to switch their current accounts to an Everyday, Reward or Premier account using the CASS.

To receive the money, you must deposit €1,250 into your new checking account and log into the mobile banking app within 60 days of switching.

Once you have done this, the money will be deposited into your account within seven days.

You cannot switch if you have received a switching incentive from the NatWest Group, of which RBS is part, since 1 January 2020.

Customers who switch to NatWest or RBS’s Rewards bank account can also earn up to £5 cashback when they use their card, but they will have to pay £2 per month.

This means that they can earn a total of € 36 cashback over the entire year.

The Everyday checking account from both banks does not offer cashback, but is free of charge.

Meanwhile, there are three Premier accounts to choose from: Premier Select, Premier Reward and Premier Reward Black.

There are no monthly fees for the Premier Select account, but there are £2 and £31 monthly fees for the Premier Reward and Premier Reward Black accounts respectively.

Lloyd’s Bank

£175 free cash and a 12 month Disney+ subscription. In addition, you get access to a linked saver who pays 6.25%

Lloyds Bank is offering a £175 cash bonus to anyone who switches to one of three current accounts from another bank.

The Lloyds offer is only available to customers switching to a Club Lloyds, Club Lloyds Silver or Club Lloyds Platinum current account.

Customers must switch from a current account to Lloyds by Thursday, March 28 to avoid missing out.

They will then need to make two direct debits to qualify for the cash bonus, which will be paid out within ten working days of the start of the switch.

Customers can also choose from one of the following rewards:

Disney+ free for a year (a saving of £79.90)
Six movie tickets
Membership of the Coffee Club and the Gourmet Society
Magazine subscription

However, there’s a catch: the Club Lloyds bank account has a monthly fee of £3 unless you pay at least £2,000 every month.

How can I switch bank accounts?

Switching bank accounts is a simple process and can usually be done through the Current Account Switch Service (CASS).

Dozens of major banks and building societies have signed up; there is a full list on the CASS website.

With the switching service, switching banks would take seven working days.

You do not have to remember to transfer the direct debit when you move, as this will be done for you.

All you have to do is apply for the new account you want, and the new bank will notify your existing account that you are moving.

However, there are a few things you can do before you switch, including choosing your switch date and transferring any old bank statements to your new account.

For old statements, you must contact your existing bank.

When switching to another checking account, consider what other benefits come with membership of a specific bank or building society.

Some banks offer 0% overdraft fees up to a certain limit, and others may offer better rates on savings accounts.

And some banks offer free travel or cell phone insurance with their checking accounts, but these accounts may charge a monthly fee.

Not interested in free money?

Switching checking accounts has long been an easy way to get free cash from banks luring new customers.

However, these lucrative deals may not be for everyone.

But other benefits, such as free travel insurance, interest-free overdrafts and cashback, can make switching providers worthwhile.

Best for overdrafts

Overdraft debt can easily add up, so if you tend to end up in the red, make sure you have an account with the lowest possible fees.

First Direct’s Free 1st Account offers an interest-free overdraft on balances up to £250.

New customers of Nationwide’s free FlexDirect account will receive an interest-free overdraft on balances up to £1,500 for the first year after account opening.

Keep in mind that an interest-free overdraft should only be used in an emergency or to save yourself during an expensive month.

The best for cashback

You can earn money for free from banks with great cashback benefits.

The Santander Edge account pays one percent cashback on selected household bills and travel expenses.

Please note that earnings are limited to £20 per month and the account has a monthly fee of £3.

The app-only Chase checking account also pays customers one percent cash back on most debit card spend.

You can get up to €15 per month cashback without monthly costs.

The best for savers

Switch current accounts and you’ll get access to the best savings rates.

For example, those who open a Santander Edge account will get access to a linked saver, which pays 7% interest on pots of up to £4,000.

And Barclays bank account customers can join the Blue Rewards program and apply for a linked Rainy Day Saver, which pays 5.12 per cent interest on up to £5,000.

Best for frequent travel

Virgin Money’s Club M account costs £12.50 per month or £150 per year, but you get free global travel insurance when you switch to the account.

Plus you get free mobile phone insurance, plus UK and European breakdown cover with AA, which typically costs over £150 a year.

The free services can save you money if you are a driver and travel often.

But do your amounts carefully to make sure it’s a good deal for your circumstances.