Switching banks? This is what you could be earning

Switching banks: not as much of a hassle as you'd think, and definitely more rewarding than many realise.

- KARL MATCHETT

Essentially, it’s free, it’s regulated and your money is protected. It also only takes about a week to complete – and given the ongoing battle between banks and building societies for your custom, several will offer you rewards to move to them.

The attractive headline amount of £175 to switch is, of course, a lovely bonus – but always make sure you know what else the bank offers to ensure it suits your needs, whether that’s local branches, access to high-interest rate savings accounts, a great app or anything else.

First Direct: £175

An ongoing offer with First Direct and still the best one on the market at present. Opening a 1st Account with them earns you a cash reward of £175, but you can’t have had an account with them before or an HSCBC account since 2018.