Use current account cashback to fund Christmas

A new bank brand is celebrating its launch by offering the biggest cash incentive to switch we’ve ever seen - £250.

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The new bank brand, known simply as B, is app-based, with no physical branches. But customers do have access to a freefone helpline and email support service.

B is part of the same banking group at Clydesdale Bank and Yorkshire Bank. It is one of several banks that are offering generous cash hand-outs if you switch your current account to them, so if you aren’t happy with your existing account, now’s the perfect time to move.

However, don’t assume any cashback offered will land in your account immediately after making the switch. You may have to wait up to 70 days for it to appear, depending on which provider you go for.

Remember too that in all cases, you can only receive one cash incentive per bank, regardless of whether you open an account in joint or single names. But a couple acting independently could each open an account (providing they were each eligible) and each get the cash incentive.

Here’s our round up of the accounts that pay cashback when you switch to them, what you need to do to qualify, and when you’ll receive the money.

All banks require you to use the Current Account Switch Service - click here to find details of how it works.

B

What’s on offer: B will pay you £250 when you switch your current account to them using the Current Account Switch Service. This offer is available to new and existing Clydesdale Bank, Yorkshire Bank and B (CYB) customers who meet the qualifying criteria.

It excludes those who have already received a cash incentive for switching to Clydesdale Bank or Yorkshire Bank.

How to qualify:

You must complete a full switch from a non-CYB current account, to a Personal or Private current account using the Current Account Switch Service.

This must include the transfer of all active credit and debits from the account you hold with another bank or building society, and the completion of an account closure instruction for that account. 

The full switch must complete within 31 days of the date you instruct B to undertake the Current Account Switch.  The account must have two active direct debits, and these must either be transferred as part of the switch, or set up within 62 days of completing the switch.  They must be paid from your account in the first 62 days after your switch has completed, and you must not cancel them before you’ve received your £250 cashback.

You must also credit your account with a total of at least £1,000 within the 31 days following the completion of the switch and a further £1,000 in total in the following 31 days.

When you’ll receive the cashback:

You’ll be credited with £250 in your B account within 70 calendar days of your account switch being completed, provided you continue to meet all the qualifying criteria. Please note that this offer can be withdrawn at any time.

First Direct

What’s on offer: First Direct will pay you £125 when you switch your current account to its 1st Account, provided you’re a new customer.

How to qualify: You must open a 1st Account using the Current Account Switch Service and pay in at least £1,000 within the first three months.

After 6 months, first direct will charge a monthly £10 fee unless the customer pays in a regular £1,000 a month or has another first direct product.

When you’ll receive the cashback: The £125 cashback will be paid into your account within 28 days of meeting the above criteria.

This offer is available until 11 December 2017. Once you have paid in £1,000, the £125 cashback will be credited to your account within 28 working days. Customers must be 18 or over

HSBC

What’s on offer: Get £150 when you use the full Current Account Switch Service to switch your current account to the HSBC Advance account via MoneySuperMarket. The switch must include two Direct Debits or Standing Orders. T&Cs apply

Get a further £50 when you register for mobile or online banking and meet the account eligibility criteria for at least 9 of the first 12 months

How to qualify: Customers must pay in a minimum of £1,750 a month. Customers are not eligible if they hold a HSBC account or have done since January 2015

You will not find this offer on comparison sites outside Moneysupermarket Group. This offer is available until 26 November 2017.

When you’ll receive the cashback: You’ll receive £150 within 50 days of your switch completion date.

You’ll receive a further payment of £50 12 months later if you registered for mobile or online banking within 60 days of account opening and met the account eligibility criteria for 9 out of the first 12 months.

M&S Bank

What’s on offer: You’ll get a £125 M&S gift card if you switch your main current account to M&S Bank, and up to a further £60 on your card when you stay. The card can be used at M&S stores or on the M&S website.

How to qualify: Once you’ve opened the M&S current account or M&S Premium current account, you must switch to the bank within three months using the Current Account Switch Service, and transfer a minimum of two active direct debits.

Your card will then be topped up with £5 each month for 12 months, so long as you pay in at least £1,000 a month and at least two direct debits on your account remain active.

When you’ll get your reward: Your £100 gift card will be posted to you within one calendar month of completing the switch. Each month you qualify for the extra £10, your gift card will topped up by the 15th of the following month.

Finally...

Don't choose your current account based solely on the amount of cash you'll receive for making the switch.

Always check exactly what else each account offers, whether that's interest for staying in credit or a competitive overdraft rate, before making your decision.

Terms and conditions apply to all switching 

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Please note: any rates or deals mentioned in this article were available at the time of writing. Click on a highlighted product and apply direct.

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