Time is running out to get paid Â£ 125 just to switch bank accounts, money experts say.
Many banks run cash offers and other perks to persuade you to open a checking account with them.
The best deal right now is Â£ 125, offered by First Direct and HSBC.
The First Direct offer is the best for most consumers. The bank will pay you Â£ 125 if you sign up and deposit Â£ 1000 into your checking account within three months.
You don’t have to keep the money there all the time.
HSBC also has a switch bonus of Â£ 125 for new customers, but only for high income earners who can afford their Premier or Advance checking accounts.
To get the Premier Account, you need to earn at least Â£ 75,000 per year and have a mortgage, investment, life insurance or protection product from HSBC.
To apply for the Advance account, you must pay Â£ 1,750 per month or Â£ 10,500 over six months, and be approved for an authorized overdraft of at least Â£ 1,000.
But those who want the free Â£ 125 “may wish to act quickly,” according to financial experts Moneyfacts.
The First Direct offer will disappear on July 12 and the HSBC option could disappear at any time.
Rachel Springall, Moneyfacts, said: âAs we have seen before, the benefits of change can be reaped quickly and consumers could not only receive a cash benefit or a gift card for the change, but they could also receive a cash benefit or a gift card for the change. earn other rewards or save money by moving away from their existing checking account provider. “
But customers should check with the new bank before moving, and not just think about the cash on hand.
This includes overdraft fees and other benefits and costs associated with using the new checking account.
Springall said: “It is important to be careful when comparing offers and consumers would be wise not to be blinded by an initial advantage, as it is the whole of a deal that must be weighed before s ‘commit to a new checking account. “
Other banks also offer attractive savings offers.
Virgin Money is offering new customers Â£ 150 to spend on the experience of their choice.
This is done via a Virgin Experience Days gift card, which can be spent on things like a helicopter ride or a cooking class.
To get this offer, you must redeem your checking account with at least two direct debits.
Then you have to pay at least Â£ 1000 into the M Plus Saver account which is next to your checking account, and keep it until Virgin sends you the card.
How to exchange your checking account
You can change your bank account for free online using the Change of Current Account service, or CASS.
This ensures an easy change within seven days, with all your details and direct debits copied to your new bank.
Your new bank will open an account for you and send you a new bank card, while your old bank will automatically close your account.
Over six million current accounts have been exchanged and over 40 banks and building societies have joined the program.