Due to the similarity of most current accounts, providers are offering cash and other rewards in order to entice new customers to switch.
There are now 5 banks offering joining rewards, with HSBC becoming the latest participant, offering a reward of £200 for new customers.
HSBC – £200 if you switch and stay
£150 is offered to customers that switch to HSBC's Advance or Premier accounts with an additional £50 for those that remain there for 12 months while fulfilling the relevant criteria.
A night in one of 50 premium hotels is also part of the package for new Premier account holders who switch to HSBC via CASS (the current account's switching service).
First Direct 1st Account – £125 cash if you apply via MoneySavingExpert
First Direct was one of the first banks to offer a cash incentive for switching, with their first offer happening all the way back in 1991. £125 is on offer through MoneySavingExpert, which is up from the £100 you would receive from First Direct themselves.
M&S Current Account – £125 M&S Gift Card and £5 a month if you stay
M&S Bank's offering links your bank account with gift card offers. The account has no monthly fee and an overdraft of £100, which is interest free.
If you pay £1,000 a month in to the account and keep at least 2 direct debits active, M&S will top up your gift card with £5 per month.
NatWest current account – £125 cash
Natwest will pay you £125 for new and existing customers who use CASS as long as you apply online before March 16th.
Halifax Current Account – £75 cash plus £3 a month
Halifax will pay the above bonus to new customers within three days of the opening of the account. Halifax also offers additional incentives depending on the account chosen.
The banks that offer non-cash incentives
Some current accounts offer high interest rates instead of cash in order to entice new customers.
Nationwide's FlexDirect account offers customers who are able to pay £1,000 per month into their account the opportunity to earn 5% on accounts valued up to £2,500 for the first 12 months.
Santander's 123 current account enables the holder to earn 1.5% on amounts up to £20,000 with 3% cashback on household bills subject to further conditions.
In addition, Lloyd's offers 2% on accounts worth up to £5,000 and Tesco Bank pays 3% on balances up to £3,000.
A cash buffer is an integral part of personal financial planning. Once you have this in place, you can ensure any additional funds are used to build your future financial wealth.
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.
The value of investments and income from them may go down as well as up and you may not get back the original amount invested.
Latest current account switching offer: earn £200 cash and a hotel stay