Savers may earn an additional £200 simply by switching accounts – full record of banks

Aug 24, 2023 at 5:10 PM

Savers within the UK may make an additional £200 simply by making the choice to change financial institution accounts.

Banks and constructing societies, together with NatWest and Halifax, supply such offers as incentives to get new clients to signal onto their merchandise.

Various savings and present accounts have these offers connected which may earn Britons a whole lot of kilos.

However, varied phrases and circumstances are connected to account switching offers so folks might want to see if the product is true for them.

Despite this, the vast majority of financial institution accounts are readily accessible to most savers as they arrive with a minimal month-to-month deposit.

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Here is a listing compiled by Defaqto of the banks and constructing societies within the UK which are providing account-switching offers:

Bank	Product	Account Type	Minimum Monthly Deposit	Monthly Charge	Cashback Incentive to Switch Account	Conditions of Cashback
NatWest	Select Account	normal	£0	£0	£200	Apply on-line or by way of the app, deposit £1,250 and log into the app inside 60 days of opening the account. Within seven days of circumstances being met the cashback can be paid.
Royal Bank of Scotland	Select Account	normal	£0	£0	£200
Ulster Bank	Select Account	normal	£0	£0	£200
NatWest	Reward	normal	£1,250	£2	£200
Royal Bank of Scotland	Reward	normal	£1,250	£2	£200
NatWest	Reward Silver*	added worth	£0	£10	£200
Royal Bank of Scotland	Reward Silver*	added worth	£0	£10	£200
NatWest	Reward Platinum*	added worth	£0	£20	£200
Royal Bank of Scotland	Reward Platinum*	added worth	£0	£20	£200
First Direct	1st Account	normal	£0	£0	£175	Open the account and pay in not less than £1,000 inside three months of opening the account. Within 28 days of the circumstances being met the cashback can be paid.
Halifax	Reward Current Account + Reward Extras	normal	£1,500	£0	£150	Switch account and the cashback can be paid inside 10 working days of beginning the swap.
Halifax	Reward Current Account	normal	£0	£3	£150
Halifax	Ultimate Reward Current Account	added worth	£0	£17	£150
Halifax	Ultimate Reward Current Account + Reward Extras	added worth	£1,500	£17	£150

Katie Brain, the patron banking professional at Defaqto, broke down why savers ought to make the most of these deals.

She defined: “It’s never been easier to switch banks thanks to mobile and online banking systems, online identity verification and the Current Account Switching Service.

“Therefore, people should shop around to ensure they’re not missing out on good offers.”

The savings professional highlighted that account switching offers supply extra than simply an additional £200.

Ms Brain added: “It’s not just the cash incentives to open an account that people should look at though.

“Whilst it’s nice to receive some additional money for not having to do anything apart from switching, there are other perks and benefits to accounts too so find the one that is best for you.

“With some accounts, you can continue to make money through your account via rewards too.”