Bank Account Switch offers - Halal or Haram?

Are bank account switch incentives which give cash for switching accounts halal or haram? specifically one like this?

is it permissible for existing account holders?

Wa alaykum salaam,

These switch offers have a condition that you should deposit a particular amount also into the new bank account. There is a potential that such a requirement causes this offer to be a form of Riba, as it is being given in lieu of a condition that you give the bank a deposit, and deposits are in the ruling of loans. Therefore, it is best to avoid this unless it is from a Shariah compliant bank.

Allah knows best

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Thanks for sharing this, I wasn’t aware.

I’ve seen many people state they submit the deposit amount and then return it immediately and still benefit with the switching bonus. Is this still haram in this case?