New current accounts are currently being offered that pay a cash bonus at the opening of a new account. The best offer at the moment is £125, which is down from some of the higher offers in the past which hit up to £250.
In order to qualify for these deals, you must use the Current Account Switching Service. It could take up to seven days in order for your switch to be fully completed.
So which providers offer the best offers?
First Direct 1st Account – £125 cash if you apply via MoneySavingExpert
First Direct is a pioneer in cash incentives, having offered them since 1991. Their current offer is £125 for those who switch to the 1st current account through Money Saving Expert.
M&S Current Account – £125 M&S gift card* and £5 a month if you stay
The M&S offering has no monthly fee and comes with a £125 M&S gift card. For every month you pay in £1000, M&S will add £5 to the gift card, as long as you have more than 2 direct debits. This could earn you £185 per year.
Halifax Current Account – £75 cash plus £3 a month
Halifax is offering £75 for those who switch to their current account, and £3 per month with the Reward Current Account as long as two direct debits are active and £750 is paid in per month.
The banks that offer non-cash incentives
Non cash incentives can come in the form of higher interest rates, such as Nationwide's FlexDirect account which pays 5% on balances up to £2,500 for the first 12 months as long as £1,000 per month is paid in.
Always remember to take the full features and costs of any new bank in to account if you do decide to switch.
Contact Westminster Wealth Management today and one of our skilled advisers can construct a financial plan for you that will enable you to meet your financial goals.