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Biggest-ever bank account switch bribe is back

Clydesdale and Yorkshire Banks have brought back their £150 bonus for switching current accounts.

The incentive is the biggest cash bribe you’ll find on the market and is available to new and existing customers.

Getting the bonus

In order to qualify you’ll need to use the Current Account Switch Service to transfer your main bank account.

You’ll also need to switch a minimum of two active Direct Debits and pay in at least £1,000 within 31 days of completing the full transfer.

Clydesdale and Yorkshire Banks will credit the £150 to the new account within 70 days of the switch completing, providing you meet the qualifying criteria.

What the accounts offer

The £150 bonus applies to any of the five Clydesdale Bank or Yorkshire Bank current accounts.

This includes ReadyCash, Cash Account Plus, Current Account Direct, Current Account Control and the Signature Current Account.

The Current Account Direct is probably the best account to go for. It pays 2% in-credit interest on balances up to £3,000. Interest is paid as long as you deposit £1,000 a month into the account. It also comes with a competitive overdraft which charges 9.9% EAR.

ReadyCash is a basic bank account suitable for everyday banking, while the Current Account Plus also covers the basics but comes with a linked savings deal and planned overdraft.

For those that want to avoid bank charges there’s the Current Account Control. It costs £7.50 a month but ensures you remain free of unplanned borrowing charges.

And the Signature Current Account comes with added benefits like worldwide travel insurance, mobile phone insurance, gadget insurance and UK breakdown cover for £13.50 a month.

Other cash incentives to consider

The Clydesdale and Yorkshire switching bonus can’t be beaten at the moment but there are others to consider.

Halifax is the nearest contender offering £125 to switchers. With the Reward Account you’ll get £5 each month you deposit £750, pay out two Direct Debits and stay in credit. So in one year you could bag £185!

First Direct is offering a £100 bonus to those that switch to its 1st Account. With this online account you can get exclusive access to First Direct products and an interest-free £250 overdraft.

The Co-operative Bank is also offering to pay £100 to those that complete a full switch to either its Standard Current Account, Current Account Plus or smile Current Account. As an extra sweetener it will also pay £25 to a charity of your choice.

If cash doesn’t float your boat

If you aren’t tempted by the cash on offer, many current accounts also offer interest on balances to tempt switchers.

Nationwide will pay 5% on balances up to £2,500 for the first 12 months with the FlexDirect account and TSB is offering 5% on balances up to £2,000 with its Classic Plus account.

For bigger balances Santander offers to pay 3% on balances up to £20,000 with its 123 Current Account.

Compare current accounts at lovemoney.com

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