Final days for households to claim up to £225 free cash from banks – how to apply
HOUSEHOLDS have just days left to get up to £225 free cash from the bank.
Both Halifax and TSB’s switching bonuses are ending on Thursday August 31 meaning newbies have just days left to claim the offer.
Customers signing up to Halifax’s New Reward or Ultimate Reward current account will receive £150 free.
The money is paid into your account within three working days of completing the switch.
Plus, you can earn £25 in cashback when spending £750 or more on one of the new Halifax debit cards each month.
If you do this for three months, you will receive £75 cashback – when combined with the £150 this adds up to £225 in total.
While newbies to TSB could get £200 for free if they too switch before Thursday.
All customers who switch to a TSB current account using the Current Account Switch Service (CASS) will get the bonus.
Customers get the first instalment of the switching bonus worth £125 by September 30 after setting up at least two direct debits, using their debit card at least once and logging into internet banking.
A further £75 in free cash will be paid into new accounts by March 31, 2024 – but only if they pay in at least £500 into the account each month as well as five debit card and two direct debit payments per month.
You can still switch bank accounts after that date, you just won’t get the bonus.
How do I switch bank account?
Banks and building societies regularly offer switching bonuses to entice new customers in.
It’s easy to make a switch – the vast majority of mainstream banks are signed up to the CASS.
You can find the full list on CASS’ website.
Through the service, you apply for the new bank account and your old one will let the new one know you are moving.
If your application is accepted the bank will then make the switch for you and ask you to choose a date to do it.
Your old bank will then talk to the new one and everything will be switched across, including your balance, direct debits and salary.
There are some steps you can take before switching, such as choosing your switch date, or organising transferring your old bank statements to your new account.
To get your old statements you should get in touch with your bank.
What other banks are offering switching bonuses?
If you’re a Halifax customer or want to look elsewhere for switching offers, then other banks are offering similar bonuses.
We checked and it doesn’t look like any of these bonuses are closing any time soon.
First Direct newbies can get £175 free cash and access to a 7% savers account.
You just have to pay in £1,000 or more within three months of switching and then wait up to 28 days for the £175 to appear in your account.
NatWest is offering switchers £200, although you can’t get the bonus if you made a switch from NatWest, RBS or Ulster since October 2017.
To get the £200 you just have to open the account online or on the app, switch in the account then pay in £1,250 or more and use the app within 60 days.
The £200 should then be transferred within seven days.
Meanwhile, TSB is offering customers £200 in free cash if they switch.
Lastly, RBS is offering new customers £200 switching to its current account online or via a mobile app.
You just have to deposit £1,250 into your account and log in to the mobile banking app within 60 days of starting the switch to trigger the payment.
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