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Banks offering you free cash to help with cost of living – First Direct to Virgin Money

As the cost of living continues to pinch, there are little things we can all do to try and make the most of offers and deals – take a look at these bank account switch deals, one of which could offer you £170 in cold hard cash

Switching to these accounts can get you cash or points

Times are tough right now for Brits, as fuel prices continue to rise and nationwide train strikes force people into cars.

The cost of living crisis has been rumbling on for months now, a perfect storm of rising energy bills, the war in Ukraine, Covid and a wealth of other global challenges.

That’s why so many people are looking for opportunities to get their hands on a few extra quid wherever they can to help themselves get through these difficult months.

One way to do this that with ease is to find the best switching deals being offered by banks.

They all want to have your money in one of their accounts, and so it is in their interest to do everything possible to wow you into signing up with them.

According to MoneySuperMarket , there are a few great new customer deals available at the time of writing.

Please remember that the following information may be subject to change if banks tweak their offers.

Bank accounts currently offering money to switch

Times are tough right now and every little bit goes a long way


Getty Images/iStockphoto)

First Direct, 1st Account – £150 to switch

There are some details to watch out for here.

First Direct says: “Switch using the Current Account Switch Service, deposit £1,000 within 3 months of account opening. New customers only who have not opened an HSBC current account on or after 1 January 2019. Current Account subject to status. Offer can be withdrawn at any time.”

Virgin Money, M Plus Account – Get 20,000 Virgin Points when switching to M Plus Account to spend on rewards

Again, there are details that should be noted, mainly that involve you putting a substantial amount of money into the account when you first open it.

Virgin Money said: “To qualify for 20,000 Virgin Points, make sure you read and follow these simple steps.

“Apply online for an M Plus (or Club M) Account, then complete the next steps within 45 days of your account opening date.

“Download and log in to the Virgin Money mobile banking app.

“Switch your existing current account to us using the ‘Current Account Switch Service’, including at least two Direct Debits.

“Save £1,000 into your M Plus (or Club M) Saver and keep this in your account until we email your Virgin Red promo code to you.”

From here the bank says it will send you 20,000 points to use with Virgin Red, a rewards service.

It also “excludes M Account, existing M, M Plus and Club M customers”.

You can get a sausage roll from Gregg’s for 200 points, a trip to Vue cinemas for 1,350, or fly to New York with Virgin Atlantic for £20,000 and £268 additional points.

HSBC, Advance Bank Account – Get £170 when you make the jump.

It said: “To claim your bonus, open an HSBC Advance Account and start your switch within 30 days using the Current Account Switch Service. You’ll also need to pay in £1,500+ within the first 60 days and switch 2+ Direct Debits or standing orders.”

If you meet these criteria then the money is yours. But again it requires a fair of cash to be put in upfront.

Nationwide, Nationwide FlexDirect – If you switch to a Flexdirect you could have £100 on the way if you’re a new customer and £125 if you’re an existing customer.

Nationwide says: “Complete a full switch online to a FlexDirect from another building society or a bank, and make sure you switch over 2 Direct Debits as part of your switch. We may change, replace or withdraw this offer at any time.”

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