Savers looking to earn some extra cash have only a few days left to take advantage of a £175 bank switching incentive from Bank of Scotland. The offer is available until August 4 for new customers who open a Classic, Silver or Platinum current account and switch using the Current Account Switching Service (CASS). To qualify for the payment, customers must move an existing current account from another bank and transfer at least three active direct debits as part of the switch. Any direct debits set up after the switching process has started will not count.
Eligible customers will receive the £175 bonus within 14 working days of their switch beginning. As bank account switches take seven working days, someone who starts the process today would receive the cash by August 20. All three eligible accounts offer up to 15% cashback when spending with selected retailers. Customers can also earn interest on balances of up to £5,000 by signing up to the Vantage add-on.
The Classic Account has no monthly fee. The Silver Account costs £11.50 a month and includes benefits such as AA Breakdown Family Cover, European family travel insurance and mobile phone insurance. The Platinum Account costs £22.50 a month and includes worldwide multi-trip family travel insurance, along with the other benefits available with the Silver account.
However, not everyone will qualify for the switching bonus. The offer is only available to customers switching from a current account held with another bank. It is not available to anyone switching from a Halifax, Lloyds or another Bank of Scotland current account, as they are under the same parent company, Lloyds Banking Group.
Customers are also excluded if they have already received a switching incentive since January 1, 2023, for moving to a Lloyds, Halifax or Bank of Scotland current account. The same rule applies to joint accounts if either account holder has previously received a qualifying switching bonus.
The promotion also excludes Student Current Accounts, Smart Start, Under 19s and Basic Accounts. New accounts can be opened online, by phone or in a Bank of Scotland branch.
Although the Current Account Switching Service automatically transfers most payments, customers will still need to update some details themselves.
This includes changing any subscriptions or regular payments that use their old debit card details, updating digital wallets such as Apple Pay or Google Pay, arranging any overdraft they want to keep and saving copies of old bank statements or transaction histories if required.
