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Best bank accounts for switching bonuses

Earn a Christmas gift from the banks

You could earn £100 in cash by switching banks this Christmas

You could earn up to £100 by taking advantage of the current account switching incentives on offer this Christmas.

First Direct, Halifax and TSB will all pay you £100 if you switch to them using the Current Account Switch service.

Meanwhile, M&S Bank is offering switchers a £100 gift card, which you’ll have the opportunity to top up by a further £10 a month in the first year.  

As several banks have announced plans to cut the rates on their interest-paying current accounts, it could be the perfect time to switch.

Here, we round up the best bank account switching incentives on offer.

Best bank accounts for switching incentives

Halifax offers a £100 cash incentive for those switching to its Reward Current account. It currently pays account holders £5 for each month they pay in £750, pay out two direct debits and stay in credit. However, this drops to £3 a month from February.  

First Direct pays a £100 welcome bonus to switchers, provided they deposit £1,000 within the first three months. It will also pay another £100 to those who switch away between six and twelve months after opening the account, although certain terms apply.

You can bag £100 from TSB if you switch to its Classic Plus account via moneysupermarket.com. This deal only lasts until 11 December. The account currently pays 5% AER on balances up to £2,000, although in January this drops to 3% AER on balances up to £1,500.

Switching to M&S Bank will earn you a £100 M&S gift card. You’ll be eligible for a £10 monthly top-up for each month in the first year that you pay in at least £1,000 and pay out at least two direct debits.    

Find out more: best bank accounts for cashback – see our tables 

Best bank accounts for in-credit interest

If you typically stay in the black, consider a high-interest bank account for longer-term benefits.

Nationwide pays 5% AER on balances up to £2,500, falling to 1% AER after 12 months. Those with larger balances may prefer the Santander 123 account, which pays 1.5% AER on balances up to £20,000, but comes with a £5 monthly fee.

Most current accounts require customers to adhere to certain terms in order to earn interest, so always check that you can meet them before switching.

Find out more: best bank accounts if you always stay in credit – we round up the best deals 

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