Danske Bank is offering new customers a free £200 cash bonus if they switch current accounts, but the offer is only available in Northern Ireland.

Danske Bank is among the last financial institutions offering this deal as experts warn of switching incentives “vanishing” from the market.

Eligible customers will need to switch to the bank’s Reward Account.

This latest offering from Danske Bank is attached to the financial institution’s Reward Account.

The product does have a £2 monthly fee but gives £5 a month cashback for customers who meet certain criteria.

These include:

The Reward Account’s overdraft has a 39.9 per cent EAR variable interest rate linked to it.

Danske Bank is offering a lucrative deal

Anyone looking to take advantage of this cash incentive deal will need to be a resident in Northern Ireland.

However, existing Danske Bank customers such as savings account holders can live elsewhere in the UK.

Customers looking to get the free £200 must not have had a previous Danske Bank before.

Furthermore, they must not have benefitted from the bank’s switch offer since January 1, 2023.

Those wanting to take advantage of this offer will need to open a Danske Bank Reward account online through the financial institution’s website or app.

After making the decision to switch to the Reward account from another bank, they will have to pay £1,000 into it within 60 days.

Qualifying Danske Bank customers will then be paid their £200 cash bonus for switching within 10 working days.

Earlier this year, the bank confirmed it would be closing four of its branches in a blow to customers.

Virgin Money also launched a brand new current account switch deal earlier today

The affected locations include its sites in Carrickfergus, Knock, Saintfield and at Shipquay Place in Derry/Londonderry.

These branches will close down on Friday June 7 but Danske Bank has said there will be no job losses.

Aisling Press, Danske Bank’s Managing Director of Personal Banking, explained: “Sometimes it also means we need to make difficult decisions to close certain branches that are being used less.

“This isn’t an easy decision to make, and we consider lots of factors including the customer impact of the closure and alternative services nearby.”