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.
First Direct is currently offering £175 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; there’s no need to set up any direct debits.
They also 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 currently have a switching offer that will give you £200 when you switch to one of their premium current accounts. This offer is available to existing Lloyds customers too.
You have 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)
The offer is available until 20 March 2023 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 2020, though.
Natwest is currently offering £200 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 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’ll need to deposit at least £1,250 and log into Natwest’s mobile banking service.
You won’t get the switching bonus if you’ve already received one from Natwest, Royal Bank of Scotland or Ulster Bank between 1 October 2017 and 13 February 2023.
It is 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.
Royal Bank of Scotland
Royal Bank of Scotland is offering £200 if you switch to them – the deal is basically the same as the one from Natwest.
Existing and new customers need 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 have to pay in at least £1,250 and log into the mobile banking service within 60 days.
You can’t have benefited from another switching offer with RBS, NatWest or Ulster Bank between 1 October 2017 and 13 February 2023.
Again, you can open their linked Digital Regular Saver, a Money Talk Best Buy, which pays 6.17% AER up to £5,000.
TSB is offering £200 if you switch to them and stay with them.
The offer is split into two stages – £125 for switching to them, and £75 for staying with them.
To get the £125, you have to apply for a TSB Spend & Save or Spend & Save Plus Account online, on their mobile app or in one of the branches by 3 March 2023.
The process must be done through the Current Account Switch Service (so your old account will be closed).
And then by 24 March 2023, you have 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 between 1 April 2023 and 30 September 2023.
Basically, you have to be really using your account rather than just switching to get the bonus.
The offers below have expired but it may still be worth checking to see if a new one has recently been launched.
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.
HSBC is no longer 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.
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.
Virgin Money don’t currently have a switching offer on.
Previously they offered 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 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 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.