Lots of people would love an extra wad of cash in their hands right now. Whether it was £10 or £100, it would certainly make a difference. It could go towards ever-rising utility bills, new shoes for the kids or to spend on food for that week. What if there was a way to get paid for pretty much not doing anything? Imagine that! Well, if you aren't that bothered about who you bank with, you could get paid £100+ for simply switching who your current account is with. It takes hardly any effort, most of the work is done for you an you can be enjoying that extra cash before you know it. Let's have a look at some of the best bank switching incentives 2022 and get you on the move to a company who will pay for your business.
What Are Bank Switching Incentives?
Firstly, what exactly are we talking about? Bank switching incentives are rewards for the customer, if they were to switch who they bank with. For example, you might be a Santander customer but another high street bank, TSB in this example might be offer £75 for people to switch to them. You can process the switch using the Current Account Switch Service. This is a free-to-use service that makes switching your personal or business account between banks and building societies easier. Most of the leg work is done for you and it is usually done within just seven days. They'll make sure than any future payments to your old account are forwarded on as well. So if you are not bothered about who you are banking with, you could make some extra money every year by switching to a different bank.
These incentives change throughout the year. Sometimes there aren't any of these cash incentives to tempt you into switching. However when they are active, the customer is in control. You can shift your banking to whoever will pay you the most money. You need to take into account other things, on top of that bonus cash. Consider looking at what savings rate is linked to the current account. What is the customer service rating of the bank? Is there a branch in your town should you need to visit? It is fine to be tempted in by the cash but you need to be happy with the company you are moving to as well.
The Best Bank Switching Incentives 2022
A lot of the popular high street banks offer incentives at some point during the year, however you'll fine names on the list you haven't considered previously moving to. Be sure that wherever you move your money, you have coverage from the Financial Service Compensation Scheme (FSCS). This guarantees up to £85,000 per person. You need to make sure your money is safe.
Get £150 From NatWest
At the time of writing, if you shift your current account to NatWest, they'll give you £150 for free. There are two options here. The first is the NatWest Reward account and requires you to pay in £1250+ every month. You'll get £5 cashback every month you use the mobile app and have 2 active direct debits of at least £2. There is a £2 per month fee for the account though, so let's say that reduces your cashback to £3.
You'll still get the £150 free cash if you open the second option which is the NatWest Select account. You don't have to pay the monthly fee however you wont get the cashback either. You will need to pay £1250 to begin with to activate the free money however you don't have a minimum monthly amount to pay in with the Select account. This is a great way of earning £150.
Enjoy £140 For Switching To Santander
Next on our list of bank switching incentives 2022 is the Santander 123 Lite account. You'll pay £2 per month however you'll get cashback capped at £15 a month on things like water bill, energy bills and Santander mortgage payments. You'll also get £140 for switching! There is a minimum pay in of £500. Within 60 days of opening you must have 2+ direct debits, pay in £1000+ and log on via online and mobile banking. The bonus will be paid within 90 days of opening the account.
The increased monthly cashback on offer might sway you to accept the slightly lower £140. Knowing you are going to get a higher pay out each month could be a great feeling. The 2% on energy bills could easily give you decent cashback, as could the 1% on Santander mortgages if you have one with the company. For those not wanting to pay a monthly fee, you could switch to the fee free Everyday Current Account. This will still give you the £140, but without any cashback on offer.
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How Does £130 AND The Best Service Sound?
Not many banks have high ratings for customer service. One of the better ones that continuously seems to top the rankings is First Direct. Switch to their 1st Account and you can get £130 for free, whilst taking advantage of that great customer service. There is access to a 1% linked regular saver account. Furthermore, lots of customers will be able to get a £250 0% overdraft as well. There is no minimum regular payment, however you need to pay in £1000+ within 3 months of opening. Then bonus is paid within 28 days of you doing this. So switch and pay it in on the same day and you'll have your bonus within a month!
Final Thoughts
There are lots of other incentives available. These include banks for those who want the best savings rate from their current account, insurance included in your account or 0% overdrafts. You'll find some big names you know available, including Nationwide and Virgin Money. There will also be names in the world of banking offering incentives that you might not have heard of, including Chase and Starling. However you bank, whatever you need from your banking, you can probably find it with a different provider, who will pay you to switch to them.
Don't just sit with the bank you have been with for years. Get yourself some cash for switching and becoming a new customer. Then do it again next year!
