Which banks offer money for switching banks in 2020?

You’ve heard about “new year, new you” but what about “new year, new bank”? Many people are looking to get their finances in order after the over-indulgence of the Christmas season, and several UK banks will be taking advantage of this. They will offer incentives for switching your current account to them, such as cash bonuses or even gift cards. If your current bank doesn’t have the perks to keep you as a customer, check out some other banking options that could be more beneficial and make the switch.

Get £175 for Switching to HSBC Advance or Premier

So far the only bank offering a big cash bonus for switching banks is HSBC. You can switch your current account to one of two HSBC account types to receive £175. All you have to do is apply for an HSBC Advance account or open an HSBC Premier account and then complete the switchover within 30 days using the Current Account Switching Service. You must meet their eligibility criteria in order to do this, which includes having at least 2 Direct Debits or standing orders. The Premier account is for bank customers who earn at least £75,000 a year and have investments with HSBC, so many people will not be able to open one of these accounts. However, the Advance account is available for anyone who can pay in at least £1,750 a month (£21,000 a year).

Get £75 for Switching to HSBC

If you want a cash bonus from HSBC but have a lower income than the eligibility criteria listed above, you could still get £75 for opening a regular HSBC bank account. There is no minimum pay-in requirement, but you must set up at least two Direct Debits or standing orders. HSBC will pay your bonus into your account within 30 days of you completing the Current Account Switch Service process. Once you have an HSBC current account, you can also open an HSBC Regular Saver account and earn 2.75% interest on your savings. You can open a solo account or a joint account, but HSBC will only pay one £75 bonus into the account. All applicants must currently live in the UK or EU and be able to provide the details of their income, employment, and address.

Get £100 for Switching to First Direct

To get a slightly bigger bonus than HSBC’s offer of £75, you could switch to First Direct instead. First Direct is offering £100 to new customers who switch to their 1st Account current account. To be eligible you only have to be at least 18 years old, living in the UK, and not have an IVA or bankruptcy within the last 6 years. You have to pay at least £1,000 into the account within the first 3 months to qualify. First Direct will pay the bonus into your account within 28 days of you meeting this criterion. You could then also open a Regular Savings account with First Direct to access their best interest rate of 2.75%. If you are not happy with your First Direct account after 6 months, you can switch to another bank and First Direct will give you another £100 to apologise.

Get £100 from Nationwide for Recommending a Friend

If you and a friend could both use an extra £100 cash, then consider switching to Nationwide. When you have a Nationwide bank account, you can use their Recommend a Friend service to refer a friend from a different bank. Your friend must switch their main account to a current account with Nationwide, such as the FlexAccount, FlexDirect, or FlexPlus. If your friend is also already a Nationwide member, you can refer them to one of these account types to get the bonus if they do not already have one of these. You can recommend up to 5 friends and earn a maximum of £500 per tax year (6th April to 5th April). If you continue to recommend friends after this, they’ll still receive £100 for switching, but you won’t earn anything. The payment can take 30 days.

Get up to 15% Cashback with Santander

If you don’t want to switch your primary current account to another bank, but you still want to access some kind of perk that isn’t available with your main bank, then you can open a current account with Santander. You only have to be over 18 and living in the UK to open a single or joint Everyday Current Account with Santander. There will be no monthly fees or minimum payment requirements to maintain the account. This means that you don’t have to worry about setting up Direct Debits or moving money back and forth. However, to benefit from the 15% cashback offer, you must register for Retailer Offers and use your Santander debit card to make payments with your chosen retailers. These include Costa, Subway, MorrisonsJD Sports, and Vue Cinemas.