Which Banks Give You Money for Opening an Account in the UK [Updated for 2023]
Written by, Marija Petkova
Updated August, 24, 2023
If you’re unsatisfied with your current bank, you can switch to another one and get some extra cash in the process.
Which banks give you money for opening an account in the UK?
Keep on reading to find out.
Banks That Pay You to Open an Account
First Direct
First Direct is one of the online banks offering potential clients money to open a bank account in the UK. According to the current UK Customer Satisfaction Index, First Direct is the highest-ranking organisation for client satisfaction across all sectors and industries.
Clients that make the switch can get a £175 switching bonus if they pay at least £1000 in the first three months of opening the account.
One of the eligibility requirements is that potential clients should not have been registered for an Individual Voluntary Agreement or declared bankrupt in the past six years.
Monese
Monese is not one of the banks that pay you to open an account, but they will pay you if you refer the bank to a friend and they open an account.
So, how does it work? When you invite a friend to join Monese, you can earn up to £150 or up to £10 for each person you refer.
Halifax Reward
Among banks offering money to open an account, Halifax will do that if you switch from another bank. By making the switch and closing the account in your previous bank, you will receive £150. However, this applies only if you opt for the Halifax Reward Current or Ultimate Reward current accounts.
You can also earn an additional £75 cashback by spending £750 in September, October and December on your debit card.
Halifax charges a £3 monthly fee for maintaining your account, which you won’t have to cover if you pay £1,500 or more into your account per month.
NatWest
NatWest is one of the banks offering money to open accounts, but only if you apply online or via its app from 14th February 2023. Those who successfully switch to NatWest will get £200, in a scope of 7 days, after they deposit £1,250 into their new account.
NatWest charges a £2 monthly fee and offers 1% in rewards that clients can use as gift cards and cash back, but only with the bank’s retail partners.
In case you’re looking to do cryptocurrency transfers, it’s good to know that Natwest conducts additional financial crime checks too.
Santander
From January of this year, Santander another one of the banks that pay you to open an account. Actually, you’ll receive £200 if you switch to their Santander Edge account, or any of their other current account.
It’s also available to existing customers who want to make the switch.
On top of that, Santander Edge also gives cashback on essential bills and spending.
Santander Bank is a reputable bank with locations and thousands of ATMs across the Northeast. The downside to switching to this type of account is large overdraft fees and poor interest rates. It would be worth noting that the Bank of England lowered the average interest rate to 0.1% in March 2020.
Nationwide
As of August 2023, you can receive £100 for opening a bank account with Nationwide. However, this applies only to students who do not have a current student account and have been accepted onto a full-time UCAS course in the UK.
Apart from that, to be eligible, you must pay at least £500 per term from the date when the account was opened.
What’s more, you can also opt for an up to £1,000 interest-free overdraft in year one, up to £2,000 in year two, and £3,000 in your third year.
Royal Bank of Scotland
The Royal Bank of Scotland promises clients £200 for switching to the bank.
To qualify, you have to apply online or via the mobile up from February 2023. On top of that, you’ll have to deposit £1,250 into your new qualifying account and log into the mobile app no later than 60 days after you’ve made the deposit.
The Royal Bank of Scotland doesn’t charge monthly maintenance fees for new customers.
HSBC
HSBC promises a $100 reward plus a yearly subscription to Headspace for every student who either opens or upgrades to an HSBC Student Bank account. However, in order to be eligible, you’ll need to make 5 qualifying transactions with your HSBC debit card within 30 days.
You are also getting an interest rate of up to £1,000, regardless of the year you’re in. This can rise to £3,000 by your third year.
Bottom Line
Banks are heavily dependent on their clients, which is why they give extra incentives, such as cash, cashback, and special discounts, to potential clients to get them to open an account. If you’re not satisfied with your current bank, you can easily switch to another bank and reap the extra benefits that come with it.
Frequently Asked Questions And Their Answers
Does Barclays give you money to switch?
If you wonder which banks give you money for opening an account in the UK and if Barclays is one of them, then you’re in luck. Barclays offers bonuses and rewards for clients who join Barclays Avios Rewards.
My name is Marija, and I'm a financial writer at DontDisappointMe. Although finance might not be everyone's cup of tea, my 10+ years of working in one of the biggest banks in my country, and my interest in extensive research on everything finance/investment-related, have made me somewhat of an expert in the field (if I do say so myself). No longer having the passion to work in a corporate setting, I decided that I couldn't let all of this knowledge go to waste so I started writing. And, here I am! Today I try to share my knowledge with my audience in the hopes of making this topic as simple and interesting as possible. In my leisure time, I like spending time with my family and travelling to new locations.