Below is a list of currently active bank switching offers where a reward is offered. Almost all will require the use of the Current Account Switching Service, which closes your old bank account.
These are for reference only, as of course suitability and eligibility varies from person to person.
Before you switch, read up on whether it’s worth doing it, what to look out for and how it might affect your credit score.
Also make sure you read the fine print on anything you apply for.
First Direct are currently offering £150 if you switch to them using the Current Account Switching Service (your old account will be closed).
To qualify for the reward, you’ll have to deposit £1,000 in the first three months.
However, you’ll only get the reward if you’ve never had an account with First Direct and you’ve not opened a new HSBC account since 1 January 2019 – it’s fine if you’re currently a HSBC customer, as long as your account was opened before then.
Lloyds Bank have launched a £150 current account switching offer.
You have to open a Platinum Account or a Club Lloyds Platinum Account – they’re both fee-paying accounts.
The offer is available until 21 March 2022 and you have to use the Current Account Switching Service (your old account will be closed).
You can’t have received a switching bonus since April 2019, though.
Nationwide’s current account switching offer is one that both existing and new members can benefit from – something that I don’t think any other bank has done before.
The building society will pay £125 to existing members who switch over their current account and £100 to new members.
To qualify, you have to use the Current Account Switch Service (which means closing your old current account) and have two active direct debits set up on your Nationwide account.
There’s no firm deadline of when the offer will end. All the details are here.
Natwest is currently offering £150 if you switch to them using the Current Account Switch Service (your old account will be closed).
The offer is available to existing and new customers.
To qualify, you have to apply online or through their mobile banking app between now and 5pm 7 April 2022.
Then before 12 May 2022, you’ll need to deposit at least £1,250 a month into the account and log into Natwest’s mobile banking app.
You won’t get the switching bonus if you’ve already received one from Natwest, Royal Bank of Scotland or Ulster Bank between October 2017 and 24 January 2022.
It is a good excuse to get some free money and open their linked Digital Regular Saver, a Money Talk Best Buy, which pays 3.04% AER up to £1,000.
Royal Bank of Scotland
Royal Bank of Scotland is offering £150 if you switch to them – the deal is basically the same as those from Natwest.
Existing and new customers need to migrate another current account to a Select, Reward or Premier current account with RBS using the Current Account Switch Service (so your old account will be closed) by 21 April 2022.
You have to pay in at least £1,250 and log into the mobile banking app by 26 May 2022.
You can’t have benefited from another switching offer with RBS, NatWest or Ulster Bank between October 2017 and 3 February 2022.
Again, you can open their linked Digital Regular Saver, a Money Talk Best Buy, which pays 3.04% AER up to £1,000.
Santander‘s switching offer is for £140.
You have to apply for a 1|2|3 Current Account, 1|2|3 Lite Current Account, Everyday Current Account, Select Current Account, or a Private Current Account.
After switching over using the Current Account Switch Service, you’ll also need to set up two active direct debits, pay in £1,000 and log on to online or mobile banking within 60 days.
If you’re eligible, you’ll then be paid £140 within 30 days.
The 1|2|3 Lite Current Account comes highly recommended if you pay your own bills as you can get cashback on some of these – just make sure to double check that the cashback will be more than the fee.
Virgin Money are still offering their switching bonus but they’ve changed their offer again.
This time it’s a £100 Virgin Experience Days voucher – it ties you into the brand, but it’s a good saving if you think you might use it.
You’ll also get a bump on the interest rate from 2.02% AER to 5.02% AER on the first year for up to £1,000.
To qualify, you have to open a new M Plus or Club M account, and you can’t be a current or recent customer (have closed your account since 30 November 2021).
You also need to deposit £1,000 into your current account and keep it there until they’ve emailed you the voucher.
The offers below have expired but it may still be worth checking to see if a new one has recently been launched.
HSBC is currently offering a £110 cash incentive if you switch to their Premier or Advance bank accounts.
You’ll also receive a £30 Uber Eats voucher or The Dining Out Gift Card.
You have to be a new customer, and haven’t held an account with HSBC or First Direct since 1 January 2018. You also need to use the Current Account Switch Service to transfer over at least two direct debits or standing orders within 30 days.
Both accounts have eligibility criteria as well so do check these.