After the Covid-1 virtually disappeared from the market during the outbreak outbreak, bank account switch bonuses are back in full swing. First live and NatWest is the latest to join the Switch Bonus Action. Both have recently introduced new cashback incentives for their customers who change their current account to them.
Here’s what you need to know about the new switch bonus from First Direct and NatWest and how you can take advantage of it.
What is the new switch bonus from First Direct?
First Direct’s new switch is worth the bonus worth 100 and is available to new customers.
To receive the £ 100 cash offer, you need to go to the bank’s first account using the Current Account Switch Service (CASS) and pay at least £ 1,000 within three months of opening the account.
This offer is limited to one payment per customer or joint account. You will receive the money within 28 days if all the criteria are met.
It is important to note that this bonus is only available to individuals who have not opened an account with First Direct or HSBC on or after January 1, 2018. You can keep an HSBC account and qualify for the bonus as long as you have opened it before. This date.
First Direct’s 1st account can be opened online or through the bank’s mobile app. The account charges no monthly fees and comes with an £ 250 interest-free overdraft.
Additional amounts of this amount, however, are subject to the rate of 39.9% EAR variables. So if you find yourself needing to borrow more, consider other less expensive options first, such as a 0% purchase credit card.
What kind of switch bonus is NatWest offering?
NatWest’s new Switch offer is available to new and existing customers.
Under the agreement, both sets of customers will get an additional 50 if they switch their current account to NatWest Select, Reward or Premier Current Account and if they are in the account. More information on these accounts, including the fees and parks for each account, can be found on the NatWest website.
To qualify for the offer, you must switch between 2 December 2021 using CASS. You need to pay at least 500 1,500 and log in to the bank’s mobile app or online banking at least once between 13 January 2022.
Your £ 100 bonus will be credited to your account by 11 February 2022.
Once you qualify for the 100 bonus, you’ll have the opportunity to earn an additional £ 50 if you make 10 eligible debit and / or credit transactions (excluding interest, fees and charges) into your account each calendar month. September 2022. The extra £ 50 will be paid to your account by November 20, 2022.
If you have received any cashback from NatWest (or RBS) since October 2017, you will not be eligible for the offer.
Is there any other switch bonus currently being offered?
Several other banks already have their own switching incentives.
Nationwide: £ 125 switch bonus for existing customers of the bank and £ 100 for new customers who use CASS goes to their FlexAccount, FlexPlus account or FlexDirect account.
Santander: New and existing customers who use their existing accounts 123, 123 Lite, Everyday, Select or Private Current Accounts using CASS will get the opportunity to earn open 130 bonus. To receive the bonus, you must set at least two direct debits and deposit a minimum of £ 100 on the first day. You need to log in to Santander’s online or mobile banking app at least once.
HSBC: If you go to HSBC Advance or Premier Current Account, you can get switch 110 bonus on additional £ 30 Uber It’s Voucher or Dining Out gift card. To qualify, you must switch using CASS and place a minimum of two direct debit or standing orders.
Ready to go First Direct or NatWest? Check out our article on how to change accounts for useful tips and information on how to do it.
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