The best cash incentives available when you switch banks right now
We’ll update this page as new offers appear, though you should check the terms and conditions at each bank before you begin to ensure they haven’t changed.
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Additional bonus requirements: Make 10 debit card transactions a month for three months. Payout 2 direct debits every month for three months . Deposit £1,000 every month for three months
Additional bonus paid: Within 7 days of each "month" ending
Requirements
Request to start a switch to a new or existing Standard or Everyday Extra current account within 2 weeks of opening the account
Switch using the Current Account Switch Service and close old account within 8 weeks of requesting
Then within 30 days of the switch completing:
Deposit £1,000
Set up two direct debits
Use the debit card at least 10 times
Set up online banking
Added the debit card to a digital wallet
Exclusions
Not already have a bonus from Co-operative Bank since 1 November 2022
Offer limited to one welcome offer per person and account
1% cashback on everyday debit card spending. Available for your first 12 months as a new customer. Max £15 per month. Exceptions apply. Offer may be withdrawn or changed. 18+, UK residents.
More details ▼
Additional Info
Cashback terms: Capped at £15 cashback a month
Benefits: Round-up account: 5% AER (4.89% gross) variable, paid monthly. Chase current account required to open round-up account. Round-up balance transfers to elected Chase current or saver account on anniversary of account opening. T&Cs apply.
Linked saver account: 3.5% AER (3.45% gross) variable, paid monthly. Chase current account required to open saver account. T&Cs apply.
Zero fees from Chase when spending at home or abroad
Open multiple accounts for free
24/7 customer service
Restrictions: 18+ only, UK residents.
FSCS protected: Yes
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Hi,
I have tried to switch to Club Lloyds 3 times now from 2 different devices, spoke to their customer services and had my location turned on as they advised. Still failed 3rd time, only on the last part of having the account opened is when the page shows ‘something has gone wrong’. I have tried to switch from Chase, I had recently switched from Chase in October and had only been with Chase for 6 months now. Could that be the reason I am thinking?
Any thoughts/advice anyone?
There is only 4 more days remaining for the switch offer to end and I really wanted their regular saver.
Besides the super helpful content (thank you for that), this page has a new design! It’s very cool and comprehensive. Thanks for your continued effort!
What type of payment is bonus paid as? Does it count towards our saving interest tax free allowance, dividend tax free allowance, or CGT free allowance?
Same question but for cashback. Is it different with cashback via a bank vs cashback website?
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?
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
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.
Bills, other bank account documents like monthly statements? You should ask them what they require instead, but passport should’ve been accepted tho. Work contract? National ID? National insurance number?
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?
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?
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.
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.
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?
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
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.
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.
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)
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.
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.
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
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
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.
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?
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
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?
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
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?
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?
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.
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?
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.
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
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.
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.
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.
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
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.
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.
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.
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!
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.
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
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.
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.
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.
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?
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?
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.
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.
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.
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?
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.
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.
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
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
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…
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.
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?
Hi,
I have tried to switch to Club Lloyds 3 times now from 2 different devices, spoke to their customer services and had my location turned on as they advised. Still failed 3rd time, only on the last part of having the account opened is when the page shows ‘something has gone wrong’. I have tried to switch from Chase, I had recently switched from Chase in October and had only been with Chase for 6 months now. Could that be the reason I am thinking?
Any thoughts/advice anyone?
There is only 4 more days remaining for the switch offer to end and I really wanted their regular saver.
Thanks,
Lee
Does anyone know if you can setup and then switch multiple Chase accounts
Coop switch offer ended on the 24th of November
It’s still showing on their website
Besides the super helpful content (thank you for that), this page has a new design! It’s very cool and comprehensive. Thanks for your continued effort!
What type of payment is bonus paid as? Does it count towards our saving interest tax free allowance, dividend tax free allowance, or CGT free allowance?
Same question but for cashback. Is it different with cashback via a bank vs cashback website?
Its just direct credit so u can do what u want with it
It will be paid as cash into your account via BACS. Just like a normal incoming faster payment would.
With the Ulster bank switch, I applied for the switch before the offer end date, but the actual switch takes place after the end date.
Am I now ineligible for the bonus?
Yes should be. I got mine in same scenario 👍🏼
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?
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
Active direct debit but doesn’t have to have paid out yet.
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.
FirstDirect switching offer is back again but I am still stuck at this. Can someone help please??
Bills, other bank account documents like monthly statements? You should ask them what they require instead, but passport should’ve been accepted tho. Work contract? National ID? National insurance number?
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
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,
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?
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.
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.
Seems like Coops £125 refer a friend is back, though not being marketed as a switching deal. Might be worth letting people know
Top cashback have just upped their HSBC Advance cashback to £42 beating Quidco if you aren’t a new user
Hi Andy,
Can a Revolut account be used to get the switching bonus deals?
Revoult does not participate in Current Account Switching Service so no
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!
Did you manager to sort This?
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
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.
Hi Andy, The Virgin ROI needs update.
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.
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.
Thanks Karl, really useful
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?
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)
Thanks for that tip. Will try it next month.
Might rescue me from my coffee addiction.
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.
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.
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
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
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.
Hi Mary, yes I think that all sounds like a good plan. And absolutely you could use £500 from Revolut for Santander
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?
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
Ahh i see, get you. Thanks so much for the response, most helpful, i learn so much from you 🙂
Hi Andy, in the Halifax section the amount you have written still says £100 not £125 🙂
Ta!
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
HI Stuart, at the moment sadly not. It’s usually one bonus per person regardless of the number of accounts.
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!
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
Can I do a switch from my nationwide flex basic to flex whatever one I want for the switch deal(same bank just different card)??
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
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?
One of each – so one Natwest and one RBS Digital Regular Saver
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?
Yes, you can do that to any account. You just need to check if the other account has any requirements
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.
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?
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.
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
Thanks Julia! So glad I can help.
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.
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.
Great! Thanks Andy. Brilliant website 🙂
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.
Hi Christa. It’s in the current account for the 2.02%
Great – thank you.
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/
Can I transfer my money from the Clydesdale savings account to the virgin money current account
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.
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.
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.
Yup, Santander can do one. Scottish resident and our water is part of our council tax so no 3% cash back from October.
Is the natwest bank still offering a “golden welcome” of £175.00? when transfewrring your current account.
All the welcome bonuses were stopped or paused when the lockdown began. Hopefully some will return but there are none on offer right now.
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.
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/
Is the Natwest/RBS switch £175 offer still available? I don’t see anything mentioning this on the banks’ websites.
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!
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.
Hey Martin, good to know. Did it come through as tracked or did it hit confirmed?
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
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.
I had my £50 from quidco for the opening of the TSB account even after I closed it as well
Can I switch from Natwest to RBS and still receive the switch reward?
Yes, as long as you’ve not had a bonus from RBS or Natwest since late 2017
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?
Hi Nelo, I’ve downloaded the new T&Cs and the RBS line is still in there
as per today Tesco has stopped accepting new applications for the bank accounts – temporarily?
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.
Does switching adversely affect one’s credit score?
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.
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,
Hi, no it’s annual. So you’ll get 5% on £2500 if there’s £2500 there the whole year
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?
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.
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.
HSBC NEVER RESPONDED TO MY APPLICATION TO SAY IF I COULD HAVE IT OR NOT .
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.
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?
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?
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.
Hi – I don’t think Halifax is having current account switch offer.
HSBC have refused to pay out becuase I previously had an account with them in the last 3 years so beware!
Lloyd’s Club current account give you limited Cashback also access to a club Lloyd’s Monthly saver currently at 2.5%
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.
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???
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.
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
Thanks Jan, they must have changed it. Will double check and update the post
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/
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
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
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…
I wonder if Halifax will increase their switching bonus to £125 in the next few months, just as they did earlier this year…
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
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.
Thanks James, yes I can do something on this.
TSB = the shit bank
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
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.
With TSB you get £5 for using your debit card 20 times, doesn’t need to be contactless