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There are always a number of current account switching offers and new bank account offers, so which is the best for you? Here are some quick links to help you jump through the deals.

Switching & referral deals

You must switch and close your old account to get the headline bonuses listed below.

  • HSBC – £125 switch bonus, access to 2.75% Regular saver
  • Lloyds – £100 bonus (ends 9th November), up to 2% interest on savings (until 1st October), plus freebies 
  • Metro – £50 referral bonus
  • RBS – £100 bonus (ends 19th November), up to £3 monthly reward after fee
  •  
  • First Direct – ** PAUSED FOR NEW APPLICATIONS ** £100 switching bonus and another £100 if you leave, 2.75% Regular saver 

Interest and regular saver accounts

  • Nationwide – 2% interest for one year on £1,500
  • Virgin Money – 2.02% on £1,000
  • Lloyds – up to 2% interest on savings (until 1st October), plus freebies and £100 bonus
  • Bank of Scotland – Up to 2% interest on savings (until 1st October)
  • HSBC – 2.75% Regular saver, plus £125 switch bonus
  • Marks and Spencer Bank – 2.75% Regular saver
  • First Direct – ** PAUSED FOR NEW APPLICATIONS ** 2.75% Regular saver 

Cashback accounts

Reward offers

  • Halifax – £5 a month “reward” or cinema tickets/movie rentals after fee
  • Natwest –  up to £3 monthly reward after fee 
  • RBS – £100 bonus, up to £3 monthly reward after fee
  • Lloyds – free magazine subscription or cinema tickets, plus up to 2% interest
  • Barclays – Earn £3 a month for a year (after fee) 
  • Co-Op – Earn up to £5 a month extra 
  • TSB – Up to £5 a month for first six months

Fee-free overseas spending

Overdrafts

Until 31st October 2020 you can request a £500 interest-free overdraft from all UK banks. It’ll last for three months. 

** All efforts have gone into ensuring the accuracy of these deals, however changes do happen so make sure you read the terms and conditions of the account and any switching offer before applying**

September round-up of the top bank account offers Watch this video for a quick summary of the best deals for opening or switching an account.

Some articles on the blog contain affiliate links, which provide a small commission to help fund the blog. However, they won’t affect the price you pay or the blog’s independence. Read more here.


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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, cashback or high interest on your savings.

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.

Sadly a raft of banks have cut their high-interest rates in current accounts, but that doesn’t mean you won’t be better off moving your bank account. Here are the best current deals.

I’ll update this page as new offers appear, and every month I’ll remove expired offers – though do check the offer hasn’t changed before you apply. And do remember that you’ll be credit checked when you make an application.

And you can read more about how to switch bank here, or watch the video below

 


*Barclays Blue Rewards offer*

Barclays occasionally offers double Blue Rewards as a switching incentive so it’s best to wait for one of these to switch.

Here’s my Is the Barclays Blue Reward worth switching for? blog post

Barclays Blue benefits

You get

  • £7 a month Blue Rewards after the fee
  • Extra if you have a mortgage or home insurance with Barclays
  • Limited cashback

Requirements

  • Pay in £800 a month
  • Pay out two Direct Debits
  • Pay a £4 a month fee 

> Switch to Barclays Bank Current Account

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*Bank Of Scotland*

Vantange Account benefits

The Vantange add-on is available to Classic, Silver, Gold and Premier accounts.

You get

  • 1% on balances up to £3,999, 2% between £4,000 and £5,000 (drops 1st October 2020)

Requirements

  • Pay in £1,000 a month
  • Pay out two Direct Debits and stay in credit

> Switch to Bank of Scotland

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*Co-operative Bank current account offer*

Everyday Rewards benefits

The Everyday Rewards offer is available on the Co-op Current Account but you need to Opt-In.

You get

  • £2 a month credit
  • 5p cashback each time you use your debit card to a max of £3 a month

Requirements

  • Pay in £800 a month
  • Stay in credit or your overdraft
  • Use online or app banking once a month
  • Go paperless
  • Have four Direct Debits
  • Close old account

> Open a Co-operative Bank Current Account

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*First Direct switching offer*

* Since March 2020 the account has been closed to new applicants due to Coronavirus *

£100 switching bonus / £100 farewell

In 2018 First Direct replaced the cash switching bonus with a choice of freebies, but it brought back a £50 to £100 bonus in 2019.

Occasionally it increases to £125, and there’s the chance to get another £100 if you don’t like the account.

Since March the account has been closed to new applicants. However, if it comes back expect:

  • £100 bonus when you switch (paused)
  • £100 if you leave after six months (paused)
  • Your friend can get £50 if they refer you, though you’d probably only get the standard £100 bonus (also paused for the moment)
  • You need to pay in £1,000 within three months of opening the account
  • You have to switch from and close your old account

First Direct account benefits

You get

  • £250 0% overdraft
  • Access to 2.75% regular saver

Requirements

  • None

> Switch to First Direct and get £50

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*Halifax Rewards switching offer*

£100 switching bonus

Halifax was the first to bring back switching bonuses since lockdown began (and the first time it ran the offer since late June 2019). It was due to end on 14th September but closed early on the 8th September,

Halifax Reward account benefits

The Reward account changed massively in June 2020 – here’s my analysis.

You get

  • £5 a month reward or movie rentals or cinema tickets
  • Occasional cashback deals

Requirements

  • You need to pay in £1,500 a month to avoid a £3 monthly fee
  • You need to either spend £500 on the debit card or save £5,000 a month to get the reward
  • You have to switch from and close your old account for the bonus

> Switch to Halifax Reward Account


*HBSC Advance current account offer*

HSBC often runs a switching deal for £150/£175. The latest offer in September 2020 was £125.

£125 switching bonus

There’s no set expiration date for this promotion, so it could end any time. You can get £125 by opening up an HSBC Advance or HSBC Premier account and switching over an account with two active direct debits or standing orders.

The bonus will be paid within 30 days of the switch completing, so you’ll also need to meet the account eligibility requirement of paying in £1,750 a month. Of course once you’ve got the payment you can close it down or cancel it.

You need two direct debits or standing orders as well, but the latter are easy to set up. You can just transfer between accounts.

You can’t currently have an HSBC current account or had one since 1st January 2017 (I’m eligble for this by 2 days!). You also can’t get the bonus if you have opened a First Direct or M&S Bank account since that same date – though you can hold one of these as long as you applied before that cut off.

HSBC Advance benefits

You get

  • Access to 2.75% regular saver

Requirements

  • You must pay in £1,750 every month or £10,500 over 6 months

> Switch to HSBC Current Account

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*Lloyds Club current account offer*

£100 Switching offer

In October 2019 Lloyds offered its first bonus (£125). It came back in September 2020 for the Club Lloyds account. You’ll get the payment within 10 working days of starting the switch.

Here are the main points, but make sure you read the terms and conditions when you apply.

  • £100 switching bonus (ends 9th November 2020)
  • Existing customers are eligible for the bonus as long as they haven’t had one since April 2018

Club Lloyds benefits

Here’s my review of the account and analysis of the different freebies.

You get

  • 6 free cinema tickets, a Rakuten movie rental a month, an annual Gourmet Society subscription or an annual magazine subscription
  • 1% on balances up to £3,999, 2% between £4,000 and £5,000 (drops on 1st October 2020)
  • Access to a 1.5% monthly saver

Requirements

  • You need to pay in £1,500 a month to avoid a £3 a month fee
  • You need two direct debits to get the interest

> Switch to Club Lloyds Current Account

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*Marks and Spencer Bank (M&S Bank) switching offer*

M&S last ran its bonus in January 2020.

You get

  • Access to a 2.75% monthly saver
  • £250 interest-free overdraft
Requirements
  • Must switch and pay in 2 direct debits for regular saver interest

> Switch to M&S Bank


*Metro Bank current account offer*

£50 switching offer

Metro has introduced a brand new referral offer. You can get £50 until 18th December 2020. People referring friends have until 11th December to invite people. You’ll get the payment within 30 days of meeting the criteria (so that’s at least two months, if not longer after switching).

  • £50 if you switch with a referral code by 18th December 2020
  • Pay in at least £500 in the first two months
  • Make 10 debit card purchases in the first two months
  • Log in to internet or mobile banking within one month
  • Only for new customers opening a retail or banking current account

> Switch to an RBS Rewards Current Account

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*Natwest Reward current account offer*

In both 2018 and 2019 Natwest offered various switching bonus on three occasions.

Natwest Reward benefits

This account used to offer cashback on bills, but the rewards changed on 1st February 2020.

You get

  • Up to £5 a month (before fee)
  • Limited additional cashback offers (eg Argos)

Requirements

  • You need to pay a £2 a month fee
  • Have two direct debits of £2 or more

> Switch to Natwest Rewards Current Account

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*Nationwide FlexDirect offer*

£100 referral scheme

** REFERRAL SCHEME CURRENTLY PAUSED – I’ll update it if it returns **

If you have a friend with the account you can both get a £100 bonus (if you know me, just get in touch and I’ll share my code!)

Nationwide FlexDirect benefits

The 5% interest offer fell to 2% at the start of May. It’s possible to have both a solo and joint account with 2% for one year.

You get

  • 2% interest on balances up to £1,500 for the first year 
  • 0% arranged overdraft for the first year
  • Other accounts are available which offer free mobile and breakdown cover for £10 per month

Requirements

  • You need to pay in £1,000 a month to get the interest

> Open a Nationwide FlexDirect Current Account

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*RBS Reward current account offer*

£100 switching offer

RBS has offered a £150 bonus a few times, with a £100 offer returning in September 2020. The payment will be made by 29th January 2021.

  • £100 if you switch by 19th November 2020
  • Pay in at least £1,500 by 30th December 2020 
  • Log in to the app or online by 30th December 2020 
  • Keep the account open until 29th January 2021
  • It’s available for new and existing RBS customers across all the different current accounts.

My top pick is the Rewards account which can earn you an additional £30 a year.

RBS Reward account benefits

You get

  • Up to £5 a month (before fee) on Reward Account
  • Limited additional cashback offers (eg Argos)

Requirements

  • You need to pay a £2 a month fee for Reward account
  • Have two direct debits of £2 or more

> Switch to an RBS Rewards Current Account

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*Santander 123 current account offer*

From time to time there’s a £50 referral fee, though there hasn’t been one for a long time.

There are two accounts, the 123, which has a £5 fee but also offers interest, and the 123 Lite which is £1 a month. There have been big changes in 2020 and more are coming in October. Here’s my full comparison of the two accounts.

123 Account benefits

You get

  • 1% cashback on Council Tax and water bills, 2% cashback on gas and electricity bills, 3% cashback on mobile, TV, phone and broadband bills. (Capped at £5 per tier)
  • 0.6% interest on balances up to £20,000
  • Limited additional cashback offers

Requirements

  • You need to pay a £5 a month fee
  • You must have 2 direct debits
  • You need to pay in £500 a month
  • Not all companies take part in the bills cashback

123 Lite Account

You get

  • 1% cashback on Council Tax and water bills, 2% cashback on gas and electricity bills, 3% cashback on mobile, TV, phone and broadband bills. (Capped at £5 per tier)
  • Limited additional cashback offers

Requirements

  • You need to pay a £1 a month fee (£2 a month from 27th October 2020)
  • You must have 2 direct debits
  • You need to pay in £500 a month
  • You have to go paperless
  • You have to log in to internet or app banking once every three months
  • Not all companies take part in the bills cashback

Is it any good? See my Should you ditch Santander 123? blogpost. 

> Switch to Santander 123 Current Account

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*TSB current account offer*

The Classic Plus account has been closed to new customers and the interest rate for existing users will drop from 1.5% to 0% on December 2nd 2020.

It’s been replaced by the Spend and Save account. The cashback offer on Quidco has also finished.

TSB Spend and Save benefits

You get

  • £5 a month (first six months only)

Requirements

  • Spend 30 times on your debit card each month

> Switch to TSB Spend and Save Current Account 

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*Virgin Money account offers*

Virgin Money has taken over from Yorkshire Bank and Clydesdale and their digital B Bank.

Virgin Money benefits

You get

  • 2.02% interest on first £1,000 in account
  • Fee-free spending overseas

Requirements

  • None

> Switch to a Virgin Money account

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*Monzo account offers*

Here’s my review of Monzo.

You get

  • Free-free spending overseas (some limits on cash withdrawals)

Requirements

  • None

> Open a Monzo account

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*Monese account offer*

The free money from Monese seems to change regularly without notice so do check what the link says when you click through.

You get

** OFFER HAS BEEN PAUSED DUE TO COVID – I’ll update if/when it’s live again **

  • £5 when you open an account via the link below and using the code ANDR4552
  • An extra £15 once you’ve spent £500 using your card

Requirements

  • None

> Open a Monese account

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*Starling account opening offer*

You get

  • Free-free spending overseas 

Requirements

  • None

> Open a Starling account

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