Bank Account Switch offers - Halal or Haram?

#1

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?

#2

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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Bank sign-up bonuses
#3

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?

Thanks