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Are bumper cash deals for bank switchers starting to vanish?

First Direct and HSBC cut account bonuses, but Halifax reveals huge prize draw

Generous current account switching offers from HSBC and First Direct will close this week, but there are still decent cash bonuses on the table, and an improved sweetener for Halifax savers. 

First Direct has now stopped offering a £125 cash bonus for switchers moving to its account. This was an exclusive offer via MoneySupermarket, but you can still pocket £100 if you use the current account switching service to make the move to the online and telephone bank.

First Direct is a Which? Recommended Provider and rated highly in our last online security test.

HSBC is also bringing its latest switching offer to a close – you have until Wednesday 29th March to take advantage of a £200 bonus (you must  pay in £1,750 per month, switch two direct debits and register for online or mobile banking).

Is this the end for bank-switching bonuses?

Despite two of the biggest switching bonuses being either reduced or disappearing altogether, there are still generous incentives on offer, as you can see in our table below.

Halifax has also announced it will double the prize money available in the Halifax Savers Superdraw for June (two new prizes of £500,000 and 1,500 of £100).

To be in with a chance, you must register first and hold at least £5,000 in Halifax and/or Bank of Scotland savings accounts for the whole of May. From July, the number of prizes goes back to normal.

Halifax savers in Northern Ireland are excluded from this monthly prize draw due to gambling laws.

Bank accounts with the best switching bonuses

Here are the latest cash bonuses available if you’re willing to switch bank accounts.

This step-by-step guide to switching banks explains the best time of the month to do it and what to do if something goes wrong.

Current account Cash bonus How to get the switching bonus Customer score
First Direct 1st Account £100 Pay in £1,000 within three months of opening. Fee-free for first six months, then £10 fee unless you; pay in £1,000 a month, maintain an average balance of £1,000, or have another First Direct product (excludes Regular Saver). 85%
Nationwide FlexAccount, FlexDirect and FlexPlus Recommend a friend and share £200 Complete this form to get £100 each if a friend or family member switches to Nationwide and moves two direct debits (excludes FlexOne and FlexBasic) within 90 days. The FlexPlus packaged account costs £10 per month. 75%
TSB Classic Plus £10 per month until 30 June 2018 Get £5 if you make 20 debit card payments per month (excluding direct debits/standing orders and Paym) and £5 if you set up two direct debits per month. TSB also pays 3% credit interest on up to £1,500. You must not have had a Classic Plus account before. 71%
Co-op Bank Current £110 New customers must switch at least 4 active direct debits. Also pays cashback worth up to £5.50 per month. Co-op Bank recently announced it is up for sale – find out if you’ll be affected. 69%
M&S Bank Current and Premium £170 M&S voucher £50 switching bonus plus £5 a month for 24 months as long as you pay in £1,000 and pay out two direct debits. Its Premium packaged account costs £10 per month. 65%
Halifax Reward and Ultimate Reward £75 Not available if you switch from Bank of Scotland, or you received a Halifax bonus at any point since January 2012. Reward also pays cashback worth up to £3 per month. Ultimate Reward packaged account costs £15 per month. 64%

 

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