A high-street bank is offering new customers £150 to switch their current account. Before you rush off to open one, you need to know how it works.
The cash is real, but it is not free money. To qualify you must move your salary into the account, set up at least two direct debits and pay in £1,500 a month for six months.
The small print
- The £150 is paid within 30 days of the account being open and the conditions being met, not on day one.
- If your pay falls below £1,500 in any month, you may lose the lot.
- You cannot have held an account with the bank in the past three years.
- Some banks take the bonus back if you close the account within 12 months.
Is it worth doing?
For most people on a regular salary, yes. £150 is a decent return for an hour of paperwork, and switching is protected by a seven-day guarantee that moves your direct debits for you.
But check the account itself. If it comes with a monthly fee or poor rates on an overdraft, a bonus can be quickly wiped out. A free account with a lower payout often wins over a two-year contract with a flashy headline.
Our verdict
If you are sure of your income and want a fresh start, take the money. If your finances are tight, or your pay is irregular, leave it. And never switch to a bank just for the bonus without reading what happens when it ends.
Spotted a deal you want us to check? Email money@dailysplash.example.
