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Get £150 in 5 mins – latest money earning bank switch deals?

Earn £150 in 5 mins bank switch to HSBCEarlier this year I switched my current account from NatWest to First Direct. There were 2 reasons for that :

  • I barely used it as it was my old ‘forgotten’ account
  • I came across a deal from MoneySupermarket, the deal was a £150 for a switch to FirstDirect with another £100 in case I leave First Direct after 6-12 months since signing up. I do not think this offer is available any more (these days you can get £200 in total for a switch&leave and it doesn’t have to be done via MoneySupermarket referral link).

So instead of closing down my unused NatWest account I did switch to First Direct & I got £150 soon after the switch. I now think about leaving them as I do not like their online banking and tedious security process…and there are some great bank switching deals on the market…

So where am I switching to? 

In the past I was recommending these accounts but now I am a fan of HSBC as they introduced £200 for a switch if you move an old account which have at least 2 direct debits or standing orders and you pay in £1750 each month. Ok so they will give me £150 soon after the switch and another £50 after the first 12 months with them. Not bad.

Are there any better deals?

Yes. But ‘better’ here depends on your circumstances.

How so?

So for example Co-operative Bank offers £150 after the switch as well and then they offer £4 reward each month if you have at least 4 direct debits and go paperless and pay in £800 every month & log in to the website or app at least once a month..and up to £1.5 cashback when shopping and paying for it using their card. So all in all you can get £216 after a year (£150 +( 12*£5.5)=£216).

Which one is my winner?

Both banks are equally good for the initial £150 welcome /switch bonus. But Cooperative gives you more -£66 for loyal 12 months of banking with them, whereas HSBC gives you only £50 for loyal banking with them for the first 12 months. The only differentiator here is the level of complexity for the criteria allowing you to get the additional ‘loyalty’ bonus.

Therefore my winner is:

Any of them banks depending on your situation and willingness to adhere to the loyalty bonuses requirements 🙂

HSBC accounts switch pros (£150 +50=£200 gain in total):

  • ideal for those who do want quick £150 bonus for account switch received super effortlessly
  • it is easy to set up 2 standing orders ( I believe they can be done between own bank accounts and I have a few) pay in £1750 monthly ( – ->in most banks the money can be ‘transferred’ over to another account, so there could be another standing order controlling that money in/money out transaction, so if you earn more than £1750 you can transfer your salary from your main account to this one for a day and transfer it back to your original account to pay the bills/use the cash as normal afterwards) to qualify for the additional £50 after 12 months.

Co-operative Bank account switch pros (£150 +66 +50.4=£266.40 gain in total):

  • ideal for those who do want quick £150 bonus for account switch received super effortlessly
  • ideal for those who can set up up to 4 direct debits & can go paperless and pay in £800 monthly to qualify for further £66 after 12 months of banking with Co-operative and fulfilling a few other requirements for their Everyday Rewards money
  • you can get additional £50.40 cashback if you set up the account coming from TopCashBack.

But why not to connect them two offers?

If you have at least  £1750/month to fluctuate between your accounts and have at least 6 direct debits or 4 direct debits and 2 standing orders you can use both offers..you just have to have two spare bank accounts to switch to those respective banks.

Wow this gets complicated how to get it done the quickest and the easiest?

So you can get £416 (without any casbhack) in total if you manage to switch to both banks but it will require some hassle….is it worth the time to invest in that ? No! So why wont you be clever and move to Co-op just for the initial £150 without any direct debits and other requirements for the loyalty bonus? Once done so why dont you go to HSBC and take the whole £200? That way you will have earned £350 in total , missed on the £66 from Co-operative loyalty bonus but spent that time saved on meeting their loyalty criteria on let say your hobby instead. £66 is not worth 4 direct debits and … and…. meeting their life long list of  Everyday Rewards acceptance criteria…

What do you think? Is that feasible? 

I think so, so see you soon as I am off to switch the account(s) 🙂 Co-op and &HSBC – double victory 🙂 I hope to report on it in my end of the year savings report.

Two more money saving friendly advice:

Do not be sceptical about switching your bank accounts as it is a very quick and easy process, essentially the new bank is doing everything for you (they get in touch with your old bank and organise the switch) it usually take up to 7 days and they transfer all direct debits/standing orders between the banks. The only thing to bear in mind is to not to switch the banks in the time of your bill payment so it does not affect their on-time payment. IF you pay the bills toward the end of the month choose the beginning of the month for a switch and all will be good.

Whatever you do check if you can get a cash back on your next purchase or bank switch , at the time of writing this article TopCashBack are offering £50.40 for the switch to Cooperative Bank. Simply open https://www.topcashback.co.uk/the-co-operative-bank-current-accounts/ and click on ‘get cashback now’ button, it will take you to a form which needs filling in, your account will be then opened and once it is up and running you do need to switch your current account to it.

About admin

I am not Martin Lewis but Martyna aka Money Saving Girl. When I first came to the UK I was on a super tight budget, so I know how hard it is not to have money or how to get creative to get 'more for less'. I share with you my money saving tips about anything which worked for me. Be it free samples, shopping tricks, iTunes, various discount apps, websites and reward programs. Occasionally I write about traveling or insurance.

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