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This post was originally published in September 2021. It was last updated in May 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.

These are for reference only, as of course suitability and eligibility varies from person to person. 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.

Virgin Money

Virgin Money is offering a switching offer that doesn’t include a cash incentive again.

This time it’s offering a 10.47% AER interest bonus on its current accounts when you switch.

You have 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 are needed for this one.

The bonus rate will be paid between 1 July 2024 and 30 June 2025, and is only applicable up to a balance of £1,000.

You can’t be an existing customer, or have closed an account since 30 April 2024.

Previously they offered a £100 Virgin Experience Days voucher – it tied you into the brand, but it’s a good saving if you would normally use it.

You also got 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 had to open a new M Plus or Club M account, and you couldn’t be a current or recent customer.

You also needed to deposit £1,000 into your current account and keep it there until they’ve emailed you the voucher.


Expired offers

The offers below have expired but it may still be worth checking to see if a new one has recently been launched.

First Direct

First Direct doesn’t have any switching offers right now.

It previously offered £175 if you switched to them using the Current Account Switching Service.

To qualify for the reward, you had to deposit £1,000 in the first three months but there was no need to set up any direct debits.

They still have one of the best linked regular saver at the moment, paying in 7% AER in interest.

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 2020 – it’s fine if you’re currently a HSBC customer, as long as your account was opened before then.

Lloyds Bank

Lloyds Bank doesn’t have a switching offer right now.

It previously offered £200 when you switched to one of their premium current accounts. The offer was available to existing Lloyds customers too.

You had to open one of the following current accounts:

  • Lloyds Silver Account – £10 a month fee
  • Club Lloyds Silver Account – £10 a month fee plus £3 a month Club Lloyds fee unless you deposit £1,500 a month (£2,000 a month from 1 April 2023)
  • Lloyds Platinum Account – £21 a month fee
  • Club Lloyds Platinum Account – £21 a month fee plus £3 a month Club Lloyds fee unless you deposit £1,500 a month (£2,000 a month from 1 April 2023)

Nationwide

Nationwide doesn’t have a switching bonus right now.

Previously they offered a generous £200 to switch.

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 (which means closing your old current account) and have two active direct debits set up on your Nationwide account.

And you can only get the bonus for the first sole and first joint current account you’ve switched to the building society since 18 August 2021.

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.

Santander

Santander‘s previous switching offer was for £200.

You had to apply for one of these current accounts:

  • Santander Edge current account (new) – £3 monthly fee, pay in at least £500 a month and have two direct debits
  • 1|2|3 Current Account – £4 monthly fee, pay in at least £500 a month and have two direct debits
  • Everyday Current Account – free
  • Select Current Account – £4 monthly fee, pay in at least £5,000 a month, or keep £75,000 in any Santander investment, savings or current accounts
  • Private Current Account – £4 monthly fee, pay in at least £500 a month and have two direct debits but must have at least £500,000 in savings and investments or salary over £250,000

After switching over using the Current Account Switch Service, you also needed to set up two active direct debits, pay in £1,000 and log on to online or mobile banking within 60 days.

TSB

TSB doesn’t have a switching offer right now.

It previously offered £200 if you switched to them and stayed with them.

The offer was split into two stages – £125 for switching to them, and £75 for staying with them.

To get the £125, you had to apply for a TSB Spend & Save or Spend & Save Plus Account online, on their mobile app or in one of the branches.

The process must be done through the Current Account Switch Service.

And then you had to make at least one payment using your debit card, log into the mobile banking app at least once and have two direct debits set up.

To get the further £75, you have to make at least five debit card payments, pay in at least £500 and have at least two active direct debits every month.

Basically, you had to be really using your account rather than just switching to get the bonus.