The best bank switching offers (March 2024)

One of the quickest ways to make some extra cash is to take advantage of the very competitive current account market and get a switching bonus.

There are always a number of these and it can be hard to know which is the best for you. In this article we’ve broken down the offers at each major UK bank.

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Andy says: why switching is worth it

If you’ve been with the same bank since your first job or University, you’re probably missing out. Since seven-day switching was introduced in 2013 the banks have been offering free cash, high interest and other extras to get you to move to them.

Just from switching, I made £1,900 between 2013 and 2018 – and a few hundred more since. And there’s more to be made from other benefits just by opening additional bank accounts. Many accounts have freebies, high interest linked savings accounts and better banking apps which are all worth grabbing.

Top Bank switch account offers

We’ll update this page as new offers appear – though do check the terms and conditions at each bank before you apply to ensure it hasn’t changed.

Do remember that you’ll be credit checked when you make an application. And you can read more about how to switch bank here.

First Direct £175 switching bonus

First Direct currently offers £175 for opening a 1st Account with them and switching in. Here’s my full analysis of the offer.

You can also currently get a £36.75 bonus if you apply for the account via cashback site TopCashback. If you’re not already a Quidco user you can get a welcome bonus of up to £17 when you join.

Switching bonus£175
Bonus paidBy the 20th of the following month after meeting the criteria
Open to existing customersNo
RequirementsMove two direct debits or standing orders from your old bank
Pay in £1,000 within three months of opening the account
Switch using the Current Account Switch Service and close old account
ExclusionsNot already have or ever had a First Direct account
Not have opened an HSBC account since 1st January 2018
Offer limited to once per person
Offer ends22 April 2024

Club Lloyds £175 switching bonus

The new switching bonus from Lloyds Bank is worth £175 and runs from Tuesday 13 February to 28 March 2024. Once the switch has completed you’ll get the payment within 3 working days.

It’s only for Club Lloyds, Club Lloyds Silver and Club Lloyds Platinum accounts and only for new accounts.

Existing Lloyds customers can take advantage though you don’t qualify this time if you’ve received a switching bonus from Lloydsor Halifax since April 2020.

Only one payment will be made per customer, so you can’t get it twice via joint accounts.

All the details on how to do this, and Andy’s full analysis of the offer can be found here.

Switching bonus£175
Bonus paidWithin 3 working days of completing the switch
Open to existing customersYes, though you need to open a new qualifying account
RequirementsOpen a new Club Lloyds, Club Lloyds Silver or Club Lloyds Platinum account
Switch using the Current Account Switch Service and close your old account
Switch two active direct debits
The old account must be from a different bank
ExclusionsOffer limited to once per person
Cannot have received a switching bonus from Lloyds or Halifax since April 2020
Offer ends28 March 2024 (last date to start the switch)

Natwest £200 switch offer

A new offer from Natwest started on 15 February 2024, with no published end date. You can get £200 for a switch from another bank into a new or existing account.

As with RBS when it has run it’s been available to existing customers, though you couldn’t get the money from Natwest too.

We’ve written a full analysis of this offer with more details on how it works.

Switching bonus£200
Bonus paidWithin 7 Days of completing criteria
Open to existing customersYes
Eligible accountsSelect, Reward, Premier Select or Premier Reward (for new customers, longer list for existing customers)
Requirements Pay in £1,250 within 60 days of switching
Log on to online or app banking within 60 days of switching
Switch using the Current Account Switch Service and close your old account
You must start the switch from the Natwest website or your mobile app
The old account must be from a different bank
ExclusionsOffer limited to once per person
Cannot have received a switching bonus from RBS, Ulster or Natwest since 1 January 2020
Offer ends2 April 2024

Previous Natwest switch deals

  • In both 2018 and 2019 Natwest offered switching bonuses on three occasions between £100 and £150
  • It returned in October and November 2020 offering £125.
  • It ran 24 January 2022 until 7 April 2022 offering £150.
  • A £175 offer ran September to November 2022.
  • A £200 offer ran February to September 2023
  • A £200 offer started February 2024

Santander £185 switch offer

Santander has rarely offered any switching incentives – but in 2021 it launched an offer for new and existing customers which have run every year since then.

The latest is for £185 and began on 18 March 2024

You need to switch into an Edge, Edge Up Everyday, Select or Private account. Here’s our full analysis.

Switching bonus£185
Bonus paidAround 90 days after requesting the switch
Extra cashback£20 to £25 via TopCashback or Quidco
Open to existing customersYes
RequirementsOpen a new or hold an existing Edge, Edge Up, Everyday or Private current account
Set up two Direct Debits before or after the switch
Deposit £1,500
Switch using the Current Account Switch Service and close your old account within 60 days of starting the switch
The old account must be from a different bank
Not have received a bonus already
Offer endsUnknown

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Other bank switch offers

HSBC up to £220 switch & stay bonus

This is a high paying offer, but you’ll have to jump through lots of hoops not just for the first £100 switch bonus, but for 12 further months for up to £120 on top.

All the details on how to do this, and Andy’s full analysis of the offer can be found here.

£100 switch offer

Switching bonus£100 cash
Bonus paidMoney paid within 30 days of completing the requirements
Open to existing customersNo
RequirementsOpen a new HSBC Advance current account
Pay £1,500 into the account within the first 60 days in one or more deposits
Switch two Direct Debits or standing orders
Switch using the Current Account Switch Service and close your old account within 30 days
The old account must be from a different bank
Open an Online Bonus saver and add £50 in the first 60 days
Spend with the debit card 20 times in the first 60 days
Open the HSBC app in the first 60 days
ExclusionsNot had an HSBC or First Direct current account on or since 1st January 2019
Offer endsUnknown

£10 a month details

Monthly bonus£10 cash
Bonus paidOn the 20 of the following month
StartStart the requirements in the calendar month after receiving your first £100
Monthly requirementsPay £1,500 into the account
Monthly requirementsPay two Direct Debits or standing orders
Pay £50 into your Online Bonus saver
Spend with the debit card 20 times
Open the HSBC app
Offer ends12 months after starting

RBS £200 switching offer

RBS launched a £200 switch deal on 15 February 2024.

As with Natwest when it has run it’s been available to existing customers, though you couldn’t get the money from Natwest too.

I’ve written a full analysis of this RBS offer with more details on how it works here.

Switching bonus£200
Bonus paidWithin 7 Days of completing criteria
Open to existing customersYes
Eligible accountsSelect, Reward, Premier Select or Premier Reward (for new customers, longer list for existing customers)
Requirements Pay in £1,250 within 60 days of switching
Log on to mobile app banking within 60 days of switching
Switch using the Current Account Switch Service and close your old account
You must start the switch from the RBS website or your mobile app
The old account must be from a different bank
ExclusionsOffer limited to once per person
Cannot have received a switching bonus from RBS, Ulster or Natwest since 1 January 2020
Offer ends2 April 2024

Barclays Premier “£125” switching offer

Barclays launched a new £175 switching deal in November 2023, which has now ended.

However there’s still an offer for new Barclays Premier customers who switch in. They’ll earn Avios points that can be changed to £125 worth of Nectar points.

This is only for customers who have large salaries or huge amounts saved with Barclays (it might be possible to get accepted as a joint couple who meet this requirement combined). You also have to be brand new to Barclays too.

You need to add on Barclays Avios Rewards which costs £12 a month, though you’ll earn most of that back in Avios points (1,500 a month = £7.50 when converted to Nectar). So effectively you’re looking at a net spend of £54 over the year – though of course that’s if you keep Avios Rewards once you’ve got your bonus.

If you stop Avios Rewards after four months, you’ll have spent the equivalent of £18, giving you a profit of £107 (as Nectar points).

You can’t have both Blue Rewards and Avios Rewards at the same time.

Switching bonus25,000 Avios points (worth £125 if converted to Nectar)
Bonus paidFour months after opening the account
Open to existing customersNo
RequirementsOpen a new Premier Banking account
Earn £75,000 a year or have £100,000 saved / invested with Barclays
Add Barclays Avios Rewards to your account
Switch using the Current Account Switch Service and close your old account
The old account must be from a different bank
ExclusionsOffer limited to once per person
Offer endsUnknown

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Ulster £200 switching offer

Ulster launched a £200 switch deal on 15 February 2023.

As with Natwest and RBS when it has run it’s been available to existing customers. Though technically you can’t get the money from Natwest and RBS too, in the past some have been able to.

We’ve written a full analysis of this Ulster Bank offer with more details on how it works here.

Switching bonus£200
Bonus paidWithin 7 Days of completing criteria
Open to existing customersYes (more here)
Eligible accountsSelect (for new customers, longer list for existing customers)
Requirements Pay in £1,250 within 60 days of switching
Log on to mobile app banking within 60 days of switching
Not have received a switching bonus from Ulster, RBS or Natwest since 1 January 2020
Switch using the Current Account Switch Service and close your old account
You must start the switch from the Ulster website or your mobile app
The old account must be from a different bank
ExclusionsOffer limited to once per person
Offer ends2 April 2024

Previous Bank switch account offers

TSB up to £225 switching offer

A new switching deal runs from 15 January 2024 until 31 January 2024. It was worth up to £225.

To get the full amount you’ll need to get an extra cashback bonus via cashback sites Quidco and TopCashback, and from the accounts themselves. Read my full analysis here.

Switching bonus£125
Additional bonusDouble cashback for six months (Up to £60 total)
Cashback site bonusUp to £40
Bonus paidBy 29 March 2024
Open to existing customersYes
Switching requirementsOpen a Switch and Save or Switch and Save Plus current account
Switch using the Current Account Switch Service and close old account by 15 March 2024 (start switch by 31 January 2024)
Add or switch two active direct debits
Use the debit card
Log in to online or app banking
Additional bonus requirementsMake 20 debit card transactions per calendar month for six months
Cashback site bonus requirementsMake two debit payments in three of the four months from opening
Pay in £500 a month in three of the four months from opening
ExclusionsNot already have received a TSB switching bonus since 1 October 2022
Offer limited to once per person and account
Offer ends31 January 2024

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Barclays Blue Rewards switching offers

Here’s more on the last switching deal for Blue Rewards from November 2023, and you can also read our full guide and analysis.

Before this the switching deals offered double Blue Rewards, though that version last ran in 2019.

Switching bonus£175
Bonus paidWithin 28 working days of completing the switch
Open to existing customersNo
RequirementsOpen a new Bank Account or Premier Current Account via the Barclays app
Add Blue Rewards if you choose the Bank Account
Switch using the Current Account Switch Service and close your old account within 30 days
Switch two active direct debits
The old account must be from a different bank
ExclusionsOffer limited to once per person
Not open to joint accounts
Cannot have had a Barclays current account since 31 October 2023
Offer ends30 November 2023 (last date to start the switch)

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Bank of Scotland switching bonus

Bank of Scotland isn’t running a switching offer right now.

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Chase Bank welcome bonus (ended)

The new £20 referral scheme began on 11 May 2022 and ended 7 June 2022. You do not need to switch. Here’s more on how it works, and how to refer your friends (earning up to £400).

Welcome bonus£20
Bonus paidUnknown
Open to existing customersNo
RequirementsUse the link below (automatically adds referral code)
Pay in £20 within 30 days of opening the account
ExclusionsNot already have or had a Chase Bank current account
Offer limited to once per person
Offer ends7 June 2022 at 23:59

Co-operative Bank £150 switching bonus (expired)

Co-operative Bank has launched a switching bonus worth £100, with another £50 available on top. It replaces the previous refer-a-friend promotion. My full analysis is here.

Switching bonus£100
Savings bonus£50
Switch RequirementsOpen up either a Standard or Everyday Extra current account (or already hold one of the listed accounts)
Then within 6 weeks complete the following:
Switch using the Current Account Switch Service and close old account
Then within 30 days of the switch completing do the following:
Deposit £1,000
Set up two direct debits
Use the debit card at least five times
Set up online banking
Savings requirementsHave £25 in the qualifying savings accounts 45 days after the switch completion
ExclusionsNot already have a bonus from Co-operative Bank since 1 November 2022
Offer limited to one welcome offer per person and account
Open to existing customersNo
Switch bonus paidWithin 40 days of completing the switch
Savings bonus paidWithin 60 days of completing the switch
Offer endsUnknown

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Halifax switch deal (ended)

Until 31 August 2023 Halifax is offering up to £225 for switching to a new Halifax Reward or Ultimate Reward account.

The Reward account is my pick of the two and you can earn a £5 monthly reward. The Ultimate Rewards account has added features such as insurance but comes with a £17 monthly fee.

It’s open to existing Halifax customers too, even if you already hold one of these accounts. Here’s more information about how to get the £225.

Switching bonus£150
Bonus paidWithin 3 working days of completing the switch
Additional cashback bonusUp to £75 (three x £25)
Additional cashback paidBy the 20 of the following month
Open to existing customersYes
RequirementsOpen a new Reward or Ultimate Reward account
Switch using the Current Account Switch Service and close your old account
The old account must be from a different bank
Additional cashback requirementsSpend £750 a month in some or all of September, October and November 2023 with the debit card
ExclusionsOffer limited to once per person
Not have received a switching bonus from Halifax or Lloyds since April 2020
Offer ends31 August 2023 (last date to start the switch)

Halifax has regularly been offering cash bonuses of between £75 and £150 since switching began in 2013. More recently it ran offers in April/May and July/August 2021 (£100) and October/December 2021, March/May 2022 (£125) and July/August 2022 (£150).

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HSBC Advance & HSBC Global Money offer (ended)

There’s up to £260 up for grabs with this opening offer (£205 from HSBC and £55 with TopCashback), though there are a few steps involved. You don’t have to switch an account to HSBC to get this one. We think that this deal will end on 6 November 2023, so you’ll have to be quick if you want to take advantage.

You can get £125 when you:

  • Open a new HSBC Advance or Premier Account
  • Deposit £1,500+ within 60 days
  • Make 5+ payments with your HSBC debit card
  • Register and log in to the HSBC mobile banking app
  • Open an HSBC Global Money Account within the app

The money is paid into your Global Money Account within 20 days.

You can then get another £80, plus a chance to win £3,000 if you use your Global Money debit card 5+ times by 21 April 2024.

The money will be paid into your Global Money Account between 1 May 2024 and 8 May 2024 and the prize draw takes place on 29 April 2024. 

There aren’t any requirements to have direct debits or standing orders set up with this account. However you can’t have had an HSBC account since 1 October 2018, or opened a First Direct account since that same date.

You can also currently get £55 in cashback when you open a HSBC Advance account through TopCashback, which brings the total amount to £260.

Plus, if you’re a new TopCashback customer, you can get £15 when you spend £15 via it.

Welcome bonus£205 cash
Additional Quidco cashback£55 when you apply through TopCashback
£15 extra if you’re a new TopCashback member
Bonus paid£125 paid within 20 days of completing the switch and £80 paid between 1 and 8 May 2024
Open to existing customersNo
RequirementsOpen a new HSBC Advance or Premier current account
Pay £1,500 into the account within the first 60 days in one or more deposits
Make 5+ payments on your HSBC debit card
Register and log in to the HSBC mobile banking app
Open an HSBC Global Money account
Make 5 payments with your HSBC Global Money debit card by 21 April 2024
ExclusionsNot had an HSBC current account or opened a First Direct current account since 1 October 2018.
Offer ends6 November 2023

HSBC switch offer (ended)

You can get a £200 bonus when switching to the HSBC Advance current account, but that could be increased to as much as £250.

Cashback site Quidco is offering £40 extra when you apply via their site.

You need two Direct Debits or standing orders to qualify for the bonus. Unless you have spare Direct Debits you want to move, I’d go for the latter and simply transfer money from another bank account (and then back again!). Here’s my guide to the offer.

The account requirement of a £1,750 monthly deposit doesn’t need to stay in the account.

Switching bonus£200 cash
Additional Quidco cashback£40 when you apply via Quidco
£10 extra when you sign up to Quidco
Bonus paidMoney paid within 30 days of completing the switch
Open to existing customersNo
RequirementsOpen a new HSBC Advance current account
Pay £1,500 into the account within the first 60 days in one or more deposits
Switch two Direct Debits or standing orders
Switch using the Current Account Switch Service and close your old account within 30 days
The old account must be from a different bank
ExclusionsNot had an HSBC current account on or since 1st January 2020
Not opened a First Direct 1st account since 1st January 2020
Offer ends3 July 2023

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Metro Bank switching offer (ended)

Metro introduced a brand new referral offer in 2020, but that ended 18th December 2020. The offer was £50 for both the person referring and the person signing up and switching. It was capped at £250 for the existing Metro customer. I’ll update it here it returns.

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Monzo account opening offer

You can get £5 free cash from Monzo when you join for the first time. You’ll need to get a refer-a-friend link from an existing customer. These links can be limited, so make sure the landing page explicitly says you’ll earn £5. If it doesn’t, see if you can find another link. You’ll get the fiver once you’ve done this.


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Nationwide switching offer (ended)

This decent switching offer restarted 21 September 3 2023, offering £200.

You can also claim this offer twice. Once for a personal account and once for a joint account (though this latter one is one payment for both parties in the joint account). I’ve written in detail about this switching offer here.

Switching bonus£200
Bonus paidWithin 10 days of the switch completing
Open to existing customersYes (more details here)
RequirementsOpen a new or already have a FlexPlus, FlexDirect or FlexAccount
Transfer two Direct Debits
Switch using the Current Account Switch Service and close your old account within 30 days of starting the switch
The old account must be from a different bank
Not received a bonus from a switching ofer since August 18 2021
Offer ends21 December 2023

Nationwide used to offer a refer-a-friend promotion where both people got £100 if the new customer switched from another bank. This was paused when the pandemic started in March 2020 and was replaced by the new switching offer in August 2021.

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Revolut account opening offer (ended)

You can get a £10 free credit from Revolut when you join for the first time via this link and access to one month’s free Premium.

To get the tenner you need to top up your account from another bank and then spend at least £1 on the card.

You’ll have to pay if you want a physical card so I wouldn’t bother. There’s a virtual card you can use straight away from the app or add to your phone’s wallet.

You don’t have to take the one-month free Premium but if you do it has to be within 72 hours of signing up. If you don’t want to continue with Premium once the initial month you can easily downgrade in the app. Don’t forget or you’ll pay £6.99 a month. If you ordered the card you’ll have to pay for it, so again, don’t do this unless you’re going to stick with Premium.

Full terms and conditions are available when you click through. Ends 31 December 2022.


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Triodos referral offer (expired)

Sign up to Triodos’s current account via a referral link and you can get a £60 voucher to use at Ethical Superstore or Neals Yard. Or you can choose to have the money donated to charity. The existing customer that refers you will have a £25 donation made on their behalf.

You don’t need to switch to get the bonus, but you must pay in £100.

Here’s more on the current deal.

Referal bonus£60 voucher or charity donation
Open to existing customersNo
RequirementsOpen a new Triodos current account via a referral link
Put £100 in the account within 30 days
Offer endsOngoing

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Virgin Money switching offer (ended)

Virgin Money has offered six different switching offers since December 2020 under the name “Brighter Money Bundle”. The latest is for 25% cashback on supermarket and fuel shopping (details here).

Until 31 October 2022 you can also get an extra £30 Amazon voucher if you open the account via the budgeting app Snoop, and there’s a £5 Amazon welcome offer when you sign up too

So far it looks like they’re changing the offer every three or four months. Previous offers have included:

  • 15 bottles of wine from Virgin Wine (Dec 20 to Mar 21)
  • 12 bottles and a £50 charity donation (Mar 21 to summer 21)
  • £150 Virgin Experiences voucher
  • £100 Virgin Experience voucher and 3% bonus interest (Jan 22 to April 22)
  • 20,000 Virgin points (April 22 to August 22)

Here’s more on the current deal.

Switching bonus25% cashback on supermarket and fuel spending for 60 days, up to £160 (more details)
Bonus paidYou’ll get an email with the details to start earning cashback within 14 days of meeting the switching criteria, then you have 60 days to earn the money
Extra offer£30 Amazon if you apply and switch via Snoop, and a £5 voucher if you’re new to Snopp until 31 October 2022 (more here)
Open to existing customersNo
RequirementsOpen a new Virgin M Plus current account
Put £1,000 in the linked M Plus Saver account until you have received the offer code
Transfer or set up two Direct Debits which must remain active until you have received the switching offer code
Switch using the Current Account Switch Service and close your old account
Sign up for the Virgin Cashback in the app
ExclusionsNot had a Virgin Money, Clydesdale, Yorkshire Bank current account since 30 April 2022
Not previously had a “Bundle” or “Points” switching offer from Virgin Money
Offer endsMidday 30 September 2022

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122 thoughts on “The best bank switching offers (March 2024)

  1. I have a dummy NatWest Select account. Can I open an extra Select account and switch this new account to Club Lloyds to get the switching bonus? For the 2 active direct debits, other than Moneybox, plum, paypal, etc., does Revolut also work?

  2. Never switched accounts before , once switch does you account that you switch from remain active or is it closed . Also the first direct switch does it require an active direct debit or just meet the opening criteria and adding funds to the criteria

    1. Active direct debit but doesn’t have to have paid out yet.

  3. Hi, I tried switching to First Direct but since i am on a work visa here ( non resident), they are asking me to get my documents verified (since My passport is not a valid document and i dont have a driving license). Please suggest free ways to get documents verified. My GP has confirmed they cant do it.

  4. Maybe there’s a reason you aren’t doing it but for current offers you could have a (current) tag like you do with the (ended) ones

  5. Hello Andy,

    I currently have an HSBC advance account and would like to do the switch offer with TSB. IF I have an advance opened after January 2020, do you know if I will get the £175?

    Thanks,

  6. Hi Andy,

    I just switched to Barclays Avios Rewards to receive the 25000 Avios, however as it says we only receive after 4 months, that means I can only switch to Barclays Blue Rewards after 4 months in order to receive the 25000 avios points?

  7. Does anyone know if i can switch from my second Starling account to get a switch offer.Unsure as when opened a second Starling account they make you share your debit card with the first account.But you do get a seperate sort code/acc numbers.As wish to keep the first starling account but not the second?
    Thanks.
    Mark.

    1. I know its late from your question but if you do a free credit score it tells you all the dates you opened accounts but it wont specify which of the two Starling accounts so you will have to work that out yourself, it just gives the month and year.

  8. Seems like Coops £125 refer a friend is back, though not being marketed as a switching deal. Might be worth letting people know

  9. Top cashback have just upped their HSBC Advance cashback to £42 beating Quidco if you aren’t a new user

  10. Hi Andy,
    Can a Revolut account be used to get the switching bonus deals?

    1. Revoult does not participate in Current Account Switching Service so no

  11. Hi Andy,

    Thanks for all your work, I’ve discovered your guides a few weeks ago and I’ve already started getting some of the bonuses!
    I wanted to do the Co-op refer a friend next but unfortunately I don’t know anyone with a Co-op bank account. Do you or someone else here have an account and would be happy to share their details with me so I can sign up?

    Thanks!

    1. Did you manager to sort This?

  12. christopher paul mcgrath October 6, 2022 at 2:27 pm

    Hi, i run a voluntary community club, and have a HSBC community bank account ( i deposit cash (coins) monthly and have 5 annual bank transfer payments each year, i also make a monthly bank transfer (variable amounts to the same payee) .
    My Question: which is the best community type bank account that has fewest charges, and pays interest.
    OR is it better to have a normal current bank account or business bank account? .
    Thanks

  13. Just to say thanks for all the information on your website. I started switching in March this year and just acheived over £1000 today, the end of June.
    It took a bit to streamline the operation and get everything lined up date wise, some pay quickly others take months and you have to keep a lookout for new offers and closing dates.
    Keep up the good work.

  14. Hi Andy, The Virgin ROI needs update.

  15. Hey Andy, thanks for the links. You should now have £20 from Chase, and pending a ,£25 charity donation from Triodos and a £5 from Monzo.

    Meanwhile I have £20 from Chase, and pending an ethical supermarket voucher from Triodos, and a ,£5 from Monzo.

    And we’re just getting started.

  16. Hi Andy, regarding the TSB Spend & Save account, I just wanted to share the method I’m using to get the “£5 per month for 6 months” offer, with very little effort.
    Firstly, open an account at the beginning of the month, as it counts as the first of the 6 months and means you will have plenty of time to use the debit card 30 times.
    Secondly, to make 30 transactions on the debit card each month, I used my Amazon account and topped up my gift card balance with 30 x £1 top-ups, over a few days. It takes about 15 minutes in total but is obviously only useful if you intend to buy something from Amazon, as you will end up with £180 on your gift card balance after 6 months. However, the gift card balance is valid for 10 years, so you don’t need to rush and make unnecessary purchases.
    Finally, transactions take a few days to appear in the TSB account, so ensure all 30 transactions are completed by around the 25th of each month. The £5 is then paid around the 10th of the following month.
    Hope this helps a few of your readers / viewers.

    1. Thanks Karl, really useful

      1. Hi Andy,

        Whats your opinion on Co-operative Bank? I am thiking to open a bank account. Do you have a referral-a-friend offer?

        1. There’s not really anything going for it. The rewards are a lot of effort for not much. Sadly you need to be a customer to share a referral offer (you need their account details etc)

    2. Thanks for that tip. Will try it next month.
      Might rescue me from my coffee addiction.

    3. RBS is now asking for crazy ID for new account/switching.
      Not only ID like passport but ALSO LIVE VIDEO to prove it is you. What’s next, anal probe and cheek swab?
      And it is handled by a 3rd party I have never heard of (and trust even less than banks).
      Who gave RBS the right to ask for more proof of ID than the government requires for their purposes?
      Is it worth trading your own biometric data for the switching bonus? Not sure.
      I want to go back to barter.

  17. Fantastic summary, as ever, Andy. However, one small point regarding the Nationwide BS section. It says “Access to 1% AER (variable) Start to Save regular [s]aver”. As far as I can see, it actually allows access to the 2.5% Flex Regular Saver (although only £200 a month). I don’t see any reference at all to a Start to Save regular saver in their current blurb.

  18. Hi Andy, excellent job! I was encouraged by your post recently and switched my long HSBC bank to Natwest. The swich is completed now, no bonus yet received. My question is: can I still swich another back account to RBS? I believe one of the criteria for the switch no a bonus received from RBS or Natwest since 2017? Thanks

    1. Hi Zak, that’s right, RBS and Natwest are effectively the same bank so there’s a cut off on getting another bonus from either one. You could try Nationwide or Santander though? Potentially First Direct, depending on when you openen your HSBC account

  19. Hi Andy! I’ve been watching your videos in YT and struggling what bank to pick that bests fits me. I arrived here in the UK last September and for now, using Revolut wherein I get my monthly pay. I am planning to apply for a Halifax Reward Card and have my payroll sent there then debit an amount of 500 to my Revolut. At the same time, apply for a Santander 123 lite and have DD of my bills to get cashback rewards as well. then have another savings account for the “saving” probably Virgin money, not sure here for now. Would this be okay? I am just thinking to maximize my spending and all the cashback/rewards I could get. another question can I use Revolut to pay in for the requiring 500 of Santander 123 lite? I hope I am getting this right. hoping to hear from you soon, Thank you very very much.

    1. Hi Mary, yes I think that all sounds like a good plan. And absolutely you could use £500 from Revolut for Santander

  20. Does monese actually give you an account number & sort code? If i were to open an account with Monese, could i then use that as an account to switch for one of the other bonus banks?

    1. Sadly you can’t use Monese to get a switching offer. Most offers require you to use the Current Account Switching Service, and Monese isn’t part of this (it’s not a full bank). Here’s a list of participating banks https://www.currentaccountswitch.co.uk/banksandbuildingsocieties/Pages/banks.aspx

      1. Ahh i see, get you. Thanks so much for the response, most helpful, i learn so much from you 🙂

  21. Hi Andy, in the Halifax section the amount you have written still says £100 not £125 🙂

  22. I am what you would call a “serial switcher” so excluded from some of more recent deals. However recent Nationwide deal was especially lucrative, as gave bonus on joint account in addition to individual payouts……do have any of the other current switches offer similar incentive ie we can claim on both joint and individual accounts? Thanks SM

    1. HI Stuart, at the moment sadly not. It’s usually one bonus per person regardless of the number of accounts.

  23. Hi Andy,

    Thank you SO much. One quick question:

    I have just bagged £125 from Nationwide to switch my Club Lloyds to them. Can I now switch this account to Santander to bag another incentive or will Nationwide take the £125 from me if I don’t keep the account open for a certain period?

    Thank you!

    1. Hey Maximum. You’ll be fine to switch again. If it doesn’t say in the terms and conditions that you have to keep the account after payment then you won’t be penalised

  24. Hi Andy, is the Monese deal still active? I tried using your referral code and have been spending money on the card bu have not yet received any bonus

  25. When you say you can have multiple of the RBS/NatWest current accounts, do you mean a second as a joint account per provider, or that you can have multiple individual accounts? If so, how many can one person have, and does this also give access to multiple of the Digital Regular Savers?

    1. One of each – so one Natwest and one RBS Digital Regular Saver

  26. Hi Andy, I have a Tesco Current Account lying dormant with just a few pennies in it. There are no direct debits set up. Can I still switch this account to another bank to get a switching bonus?

    1. Yes, you can do that to any account. You just need to check if the other account has any requirements

      1. Interesting that to switch a personal account from Monzo you need NOT to have or to close a joint account with them. Starling does not have this requirement, I have checked with them.

  27. Hi Andy, thank you very much for all the info you share with us, I already subscribed to your newsletter not to miss a thing! I’m thinking of switching banks, but the problem is that I currently have a Barclays basic current account, not a regular one. Do you know by any chance if that affects the eligibility for the switching bonuses?

    1. Hi Irene, thank you!

      Yes you can still switch a basic bank account over, though if there was a reason you had a basic account in the first place (eg poor credit history) you might find it harder to get accepted for the accounts offering incentives.

  28. Great to discover you Andy! Coming up to 64 years of age, (hopefully like the song, I will still be needed, haha!) so try and keeping my expenses in good check! I discovered you as an M&S customer hoping to benefit from the imminent bank closure. Think I’ll opt for Virgin money, as you say, good way to give to charity and polish up my halo! Thank you. I look forward to the regular newsletter. Kind regards, Julia

    1. Thanks Julia! So glad I can help.

  29. Hi Andy, I switched from RBS to Halifax for £100 incentive on 11 Sept and received the cash. Is there anything stopping me from switching Halifax to HSBC for their £125 incentive now? Just not sure if there is any amount of time you need to keep your new account open before switching again. Thanks.

    1. Nope! That’s exactly what I did. It will impact your credit score a little but nothing to worry about if you’ve not got any major applications (mortgage, credit card etc) soon.

      1. Great! Thanks Andy. Brilliant website 🙂

  30. Hi Andy. I opened a Virgin Money account to access their fee-free overseas spending. I’ve also got their Regular Saver. Sorry if this is a silly question, but WHERE should my money sit in order to earn the 2.02% interest, in my Current Account, or in the Regular Saver? Many thanks and take care.

    1. Hi Christa. It’s in the current account for the 2.02%

      1. Great – thank you.

  31. Hi Andy,

    Might be worth mentioning the Tesco Bank Current Account – Although the bank is not taking any new applications and the interest rate has dropped to 0% from September, those who still have this account can still benefit from the rewards it offers: See below

    https://www.tescobank.com/current-accounts/rewards/

    1. Can I transfer my money from the Clydesdale savings account to the virgin money current account

      1. You should be able to transfer money from any savings account to any bank account – unless there’s a nominated current account. If so you’ll have to transfer it to that first.

  32. Santander 123 Lite is not worth it any more after 27 October when the fee goes up to £2. It would be OKish if they had kept the cashback categories untouched, but the cashback on mobile and home phone bills, broadband and paid-for TV packages is reducing to 1%, and cashback for water bills is increasing to 3%. So the bills which are usually more substantial will be attracting a lower cashback rate.

    1. I’m fed up with penny pinching Santander who still pay their Spanish customers 3% interest. We’ve been with them for many years, but enough is enough and we will be switching accounts when the banks reopen new current account applications.

      1. Yup, Santander can do one. Scottish resident and our water is part of our council tax so no 3% cash back from October.

  33. Is the natwest bank still offering a “golden welcome” of £175.00? when transfewrring your current account.

    1. All the welcome bonuses were stopped or paused when the lockdown began. Hopefully some will return but there are none on offer right now.

  34. Hi Andy!

    What is the best way to hold your savings in a bank? I have a Barclays Instant Cash ISA at the moment, but the rate only 0.40% (£1 to £29,999).

    I would not take a big risk. I can fixed that saved money for a while (1 year) it is necessary.

    https://www.barclays.co.uk/savings/isas/

    Could you offer a better one?

    Thanks.

    1. Hi, yes you can definitely beat that. Marcus has an easy access account offering 1.2% so that’s possibly your best bet. https://becleverwithyourcash.com/cash-savings-beat-inflation/

  35. Is the Natwest/RBS switch £175 offer still available? I don’t see anything mentioning this on the banks’ websites.

    1. Thanks for letting me know. It looks like Natwest, RBS and HSBC have all ended their switching incentives early due to the Coronavirus. The only free cash right now is £100 from First Direct, £100 if a friend refers you to Nationwide, £50 for signing up to TSB via Quidco and £20 from Monese. I imagine this could change again!

      1. The TSB deal with Quidco is rubbish, I opened my account on Dec 12th and despite having contacted Quidco 5 or 6 times (with responses to just wait and wait and wait) nothing has happened to get the credit into my Quidco account.

        1. Hey Martin, good to know. Did it come through as tracked or did it hit confirmed?

          1. Hi,
            I have just been released from insolvency (bankruptcy) in sep. I used Monzo the whole way through as my Lloyds account was closed. Monzo were incredibly supportive and I use them as a full banking service now. Is there any reason for me to change? Am I missing out on anything by using Monzo as my full account? I wouldn’t switch but I may open a regular account if the Benefit was evident. Thank you

          2. Hi Lou, if you are happy with Monzo then I’d stick with them. The reasons to switch are to get extra bonuses (eg cash incentives) or a better banking experience. You could look at opening a new account elsewhere to switch for those extras, but bear in mind your credit score will need building up after insolvancy.

        2. I had my £50 from quidco for the opening of the TSB account even after I closed it as well

  36. Can I switch from Natwest to RBS and still receive the switch reward?

    1. Yes, as long as you’ve not had a bonus from RBS or Natwest since late 2017

  37. One of your stated Requirements for Natwest is:

    Can’t have received a bonus from RBS

    However I can’t see this reference anywhere in the T&C’s of the new switch offer. So presume this condition no longer apply?

    1. Hi Nelo, I’ve downloaded the new T&Cs and the RBS line is still in there

  38. as per today Tesco has stopped accepting new applications for the bank accounts – temporarily?

    1. Hi Andy, hi all

      Note that with Barclays Avios Rewards, you also get an anniversary reward. This by default is an Avios upgrade voucher, but you now also have the option to choose 7000 Avios instead – which of course you can convert to Nectar if you choose to do so. This changes the math for whether you want to keep Avios Rewards long-term.

  39. Does switching adversely affect one’s credit score?

    1. There will be a credit check when you apply to open most current accounts, so it’s worth a) checking your credit report for any errors before applying, and b) avoiding any credit applications – if you can – if you’re planning on getting a mortgage in the next six months. Also, one thing that credit reports do like is a long relationship with a bank, so potentially moving away from someone you’ve been with for a long time could see your score dip. But you should be ok to go through with a switch absolutley fine.

  40. Hi,

    Im going to open my firt account and I feel a bit lost. I would be interested on Nationalwide which offer:
    5% interest on balances up to £2,500 for the first year, 1% after.

    Does it means if the interest gross is 4.89% per month , Could I get profits up to £122.25 per month with a balance of £2,500? is that correct?

    Thanks,

    1. Hi, no it’s annual. So you’ll get 5% on £2500 if there’s £2500 there the whole year

  41. It seems you can also get the £150 bonus at NatWest by switching to their fee free current account. Just wandering if the other banks offering switch incentives have a similar range of options?

  42. Hi, I don’t think the monese offer is correct. You dont get £15 for simply creating an account. You have to refer a friend who thensets up an account and deposits something into it.

    1. You should get £15 for opening the account and making a transaction via the link in the article. You can also get a further £15 for referring friends who do the same.

  43. robert pitchford October 3, 2019 at 2:46 pm

    HSBC NEVER RESPONDED TO MY APPLICATION TO SAY IF I COULD HAVE IT OR NOT .

  44. Hi I joined nationwide last year and I referred my uncle so we could get the £100 bonus,but recently received an email saying that we where not entitled to it, so just be careful with these things.

    1. Yes, always check the terms and conditions before signing up to any offer. What happed to you Tracy? Had your uncle already had the account?

    2. Hi,

      Switching via a refer a friend to Nationwide Current Account for the £100 offer but also wanting to open the FlexDirect. Just to clarify, if someone already has the savings FlexDirect, and you get a referral, are you entitled to another £100 bonus on top of opening the regular account?

      1. Hi Jo, you can only get a referral credit of £100 if you aren’t a Nationwide customer. If you already have a current account with them then you won’t get the bonus.

  45. Hi – I don’t think Halifax is having current account switch offer.

  46. HSBC have refused to pay out becuase I previously had an account with them in the last 3 years so beware!

  47. Lloyd’s Club current account give you limited Cashback also access to a club Lloyd’s Monthly saver currently at 2.5%

  48. In the Summary box at top of this article under Other Offers it indicates that Bank of Scotland offer free magazines or cinema tickets in addition to the 1.5% interest. I think that needs correcting as I believe it is only Lloyds Club account offers those extra incentives.

  49. Why does First Direct pay you extra £100 if you leave within twelve months but after 6 months? Do they want you to leave after 6 months???

    1. I think they hope it’ll attract people to switch but then not move on again. It does win lots of awards for customer service.

  50. M&S switching offer to get the £125, it says on their website need to have four active direct debits, not two as stated under requirments in the post

    1. Thanks Jan, they must have changed it. Will double check and update the post

  51. Oh I see… it’s not clear, I took “Swtich on” to mean switching accounts… but one finds it on the Ts&Cs… strange way to advertise!
    https://www.barclays.co.uk/important-information/blue-rewards-terms-and-conditions/

    1. Yes you’re right – there are two offers! So if you’re already with Barclays you can get double rewards for the first month, and if you switch to Barclays you get double rewards for a year! They really should make it clearer

    2. Yes you’re right – there are two offers! So if you’re already with Barclays you can get double rewards for the first month, and if you switch to Barclays you get double rewards for a year! They really should make it clearer

  52. Barclays site is slightly confusing… states double rewards for one month if switch before 31st October… says “Get a £14 loyalty reward when you pay two Direct Debits” whilst at bottom in two places says “We’ll give you £3.50 cashback monthly for your first 2 Direct Debit payments” or “£7 every month”- so the £14 per month might only be for one month… Unless I’ve missed something, the reality is it might be it’s worth £55 total…

  53. I wonder if Halifax will increase their switching bonus to £125 in the next few months, just as they did earlier this year…

    1. It’s been a while since it’s offer was over £75 but I wouldn’t be surprised if it does increase at some point

  54. Be great if you could separate the switch ones from the regular sign up offers.

    Are there any other tricks, I have a few of these already and don’t necessary want to lose the accounts, but happy to sign up for new accounts to get the bonuses.

    1. Thanks James, yes I can do something on this.

  55. TSB = the shit bank

    1. Hi Andy

      I think I’ve made a mistake that will make me ineligible for the NatWest bonus. The bank account I switched with didn’t have any direct debits on it. If I add 2 direct debits within 30 days of opening the account will I still get the bonus?

      Thanks

      Nina

      1. Hi Nina, I’m not sure. I’d expect not but call up Natwest and ask for their switching team to see if they can help.

  56. With TSB you get £5 for using your debit card 20 times, doesn’t need to be contactless

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