Which Banks Give You Money for Opening an Account in the UK
Written by, Marija Petkova
Updated December, 15, 2022
If you’re unsatisfied with your current bank, not only can you switch to another one, but you can also 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
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, the bank will send you £50.
First Direct
First Direct is one of the online banks that offer potential clients money for opening 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 £150 switching bonus and a £250 interest-free overdraft.
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.
Halifax Reward
Among banks offering money to open an account, Halifax offers a minimal amount as a welcome bonus but provides other rewards. Clients that open an account get a monthly £5 Halifax Reward, two movie rentals with Rakuten TV, one cinema ticket at UK Vue, and three digital magazines subscriptions.
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 between 24th January 2022 and 7th April 2022 by 5 pm. Those that successfully switch to NatWest will get £150 after they deposit £1,250 into their new account.
What’s more, new clients are required to deposit the money before 12th May 2022.
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
If you switch to a 1|2|3 Lite Current Account by Santander, you will get an extra £140 cashback. The bank charges a £2 monthly fee but offers up to 3% cashback on selected household bills, capped at £5 in each cashback tier.
To become eligible for an account, you’ll need at least £500 into it every month and you’ll be required to log onto online or mobile banking once every three months.
As a reputable bank, Santander Bank has locations and thousands of ATMs across the Northeast. The downside to switching to this type of account are large overdraft fees and poor interest rates. It would be worth noting that the the Bank of England lowered the average interest rate to 0.1% in March 2020.
Virgin Money
Clients who open a Virgin Money Current Account will receive a £150 gift card which may be used for a Virgin Experience day, such as a supercar driving experience or a gourmet meal at the Shard’s top. The account also offers a remarkable 2% AER interest rate, but only up to £1,000.
Potential clients are asked to apply online, switch to their new account within 45 days, and make at least two money transfers to qualify. You’ll also need to download the app and deposit £1,000 into the associated savings account.
Nationwide
Nationwide FlexDirect pays potential clients £100 for opening a current bank account. Those who already are FlexDirect members are eligible for £125 for switching to a current account.
To be eligible, you must pay at least £1,000 each month into the account. Newcomers will also get a 2% AER but only in the first 12 months on balances up to £1,500 after which the rate drops to 0.25%.
What’s more, the account is interest-free for the first year and the bank doesn’t charge a maintenance fee.
If you refer up to 15 friends or family members to Monese, you’ll receive £20 once they order their Monese cards and complete their first card transaction with the bank.
Royal Bank of Scotland
The Royal Bank of Scotland promises clients £150 for switching to the bank.
To qualify, you have to apply between 3rd February 2022 and 21st April 2022 by 5 pm, deposit £1,250 into your new qualifying account, and log into the mobile app before 26th May 2022.
The Royal Bank of Scotland doesn’t charge monthly maintenance fees and offers arranged overdrafts, though not every client is eligible.
This offer could help boost savings especially those who have saved money during the first weeks of quarantine and a great headstart for those looking for an account to put their funds in.
HSBC
HSBC promises a $450 reward for anyone who creates a new Premier checking account.
The bank requires clients to make regular monthly direct deposits of at least $5,000 for at least three months. Eligible clients can also receive a minimum arranged overdraft of £1,000, which is optional.
What’s more, those with advanced accounts at HSBC get discounts when they shop at ASOS, Not On The High Street, and Costa Coffee.
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
What bank pays you to open an account?
There are plenty of banks that pay potential clients to open an account, but among the best options are First Direct, HSBC, Monese, and Halifax.
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.