Best current account switching offers (updated June 2024)
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This post was originally published in September 2021. It was last updated in June 2024 with the latest available offers, and was correct at the time of publication.
Below is a list of current account switching offers where a reward is offered – usually some free money.
Almost all will require the use of the Current Account Switching Service (CASS), which closes your old bank account. And if you don’t use CASS, you might not get the reward.
Of course suitability and eligibility for these accounts vary from person to person so do think carefully about whether they are suitable.
And while I try to update this page regularly, offers change all the time so it’s worth clicking through and checking directly.
Before you switch, read my thoughts 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
First Direct is currently offering £175 if you switch to them using the Current Account Switching Service, but there are a few additional requirements.
To qualify for the reward, you have to deposit at least £1,000, make five or more debit card payments, and log on to digital banking within 30 days of your account opening.
You also have to move over at least two direct debits or standing orders
However, you’ll only get the reward if you’ve never had an account with First Direct. You also can’t have opened an HSBC current account on or after 1 January 2018.
It’s worth having a First Direct account even if you can’t get the switching bonus as they still have one of the best linked regular saver at the moment, paying 7% AER in interest.
Lloyds Bank
Lloyds Bank is currently offering £175 if you open a new Club Lloyds, Club Silver or Club Platinum account using the Current Account Switch Service.
All of these are fee-paying accounts, although the fee for Club Lloyds is waived if you meet specific criteria.
To qualify, you have to make the switch by 30 July 2024 and move across at least three direct debits.
But confusingly, you can be an existing Lloyds customer, but you can’t be switching into an existing Lloyds account.
If you’ve switched to Lloyds, Halifax or Bank of Scotland since April 2020, you also won’t be able to get the switching bonus.
Nationwide
Nationwide is currently offering a switching bonus of £200 for existing customers only.
As part of the deal, you needed to switch from another bank or building society to a FlexPlus, FlexDirect or FlexAccount current account.
To qualify, you have to use the Current Account Switch Service and move at least two active direct debits over to your Nationwide account.
Crucially, you have to have been a customer since at least 31 March 2024 to qualify. And you can’t have benefited from a switching offer since 18 August 2021.
Santander
Santander is currently offering £175 if you switch to a Santander Edge, Santander Edge Up or Private (v2) current account.
After switching over using the Current Account Switch Service, you also needed to set up two active direct debits, and pay in £1,500 within 60 days.
Unfortunately you won’t qualify for the bonus if you’ve ever taken up a switching offer from Santander.
TSB
TSB is currently offering £100 if you switch your current account over to them, and a couple of additional rewards if you stay with them.
To qualify for the switching bonus, you have to open a Spend & Save or Spend & Save Plus current account with them.
Then you need to switch from another bank to them using the Current Account Switch Service by 5 July 2024.
Once your account is open, you have to log into the TSB Mobile Banking App, and make a minimum of five payments using the debit card on your new account.
Both of the qualifying current accounts will give you £5 a month cashback if you pay using your debit card at least 20 times a month. For the first six months, TSB will double this to £10 a month.
If you’re still with them in January 2025, and have used your debit card at least 20 times in December 2024, you’ll be able to choose from one of the following rewards:
- A night away for two at a choice of hotels
- Two Odeon cinema tickets each month for three months
- NOW Entertainment membership for six months
Expired offers
The offers below have expired but it may still be worth checking to see if a new one has recently been launched.
Natwest
Natwest isn’t offering any switching incentives right now.
It previously offered £200 if you switched to them using the Current Account Switch Service. The offer was available to existing and new customers.
To qualify, you had to apply for a NatWest Select, Reward, Premier Select or Premier Reward Account online or through their mobile banking app.
Within 60 days of opening your account, you had to deposit at least £1,250 and log into Natwest’s mobile banking service.
It was a good excuse to get some free money and open their linked Digital Regular Saver, a Money Talk Best Buy, which pays 6.17% AER up to £5,000.
HSBC
HSBC isn’t currently offering a switching bonus.
It previously offered a £110 cash incentive if you switched to their Premier or Advance bank accounts.
You also received a £30 Uber Eats voucher or The Dining Out Gift Card.
You had to be a new customer, and haven’t held an account with HSBC or First Direct since 1 January 2018. You also needed to use the Current Account Switch Service to transfer over at least two direct debits or standing orders within 30 days.
Royal Bank of Scotland
Royal Bank of Scotland doesn’t have a current switching offer.
It previously offered £200 if you switched to them – the deal was basically the same as the one from Natwest.
Existing and new customers needed to migrate another current account to an RBS Select, Reward, Premier Select or Premier Reward Account using the Current Account Switch Service (so your old account will be closed).
You had to pay in at least £1,250 and log into the mobile banking service within 60 days.
Again, you could open their linked Digital Regular Saver, a Money Talk Best Buy, which pays 6.17% AER up to £5,000.
Virgin Money
Virgin Money just ended its latest switching offer.
This time it offered a 10.47% AER interest bonus on its current accounts when you switch.
You had to open an M, M Plus or Club M Account by 31 May 2024, and use the Current Account Switch Service to switch by 26 June 2024. At least two direct debits were needed for this one.
The bonus rate would have been paid between 1 July 2024 and 30 June 2025, and would only be applicable up to a balance of £1,000.
You couldn’t be an existing customer, or have closed an account since 30 April 2024.
