M&S Bank has increased the reward given to consumers who move their current account, with £185 in gift vouchers now offered to switchers.
Customers who move to M&S Bank using the Current Account Switch Service (CASS) with two active Direct Debits will receive a £125 M&S gift card when the transfer completes.
Those who pay in £1,000 a month will receive a further £5 voucher every month for a year, bringing the total switching bonus up to £185.
The bank had previously offered £50 in vouchers to switch plus a further £5 each month for two years – which was a cumulative reward of £170.
The offer applies to both the bank’s standard account and the M&S Premium Current Account, which costs £10 per month.
Both accounts have a £100 interest-free overdraft as standard and account holders are able to open an M&S Monthly Saver paying 5% interest for a year – although savings are capped at £250 per month. Customers also earn loyalty points on debit card spending but no interest is paid on balances.
Paul Stokes, head of products at M&S Bank, says: “We want banking with M&S to be as rewarding as possible, which is why we’re welcoming new customers with a £125 M&S gift card when they switch to us, and the potential to receive a further £60 in the first year.”
What other switching bonuses are available?
If you’re an M&S shopper then this £185 offer is the best on the market. For those looking for cold, hard cash, consider the Co-operative Bank’s current account. This offers £110 to switchers and holders can earn up to £5.50 each month in cashback, but you must have four active direct debits and pay in £800 each month.
First Direct’s 1st Account offers £100 to switch and a further £100 if you leave within six months. To qualify, you’ll need to transfer via the Current Account Switching Service and deposit at least £1,000 in the first three months.
Finally, Halifax will pay anyone who switches to its Reward Current Account a £75 up-front bonus, plus a £3 reward each month you pay in £750 or more, pay out at least two different direct debits and stay in credit. The same introductory bonus is available on its Ultimate Reward Account, although that charges a £10 monthly fee.
Also consider whether an interest-paying current account will better suite your needs that an upfront bonus. See our guide to the best current accounts.