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Here are some quick links to help you jump through the deals.

Switching deals

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

  • First Direct – £100 switching bonus and another £100 if you leave
  • HSBC – £175 bonus
  • Marks and Spencer Bank – £100 gift card, another £80 or £120 after one year – ends 6th Jan 2020.

Free cash deals

  • Monese – Up to £20 free cash (£5 when you open an account and an extra £15 if you spend £500 on your card

Referral bonuses

  • TSB – £50 via cashback site or £100 for switching via referral link, 3% interest
  • Nationwide – £100 each if a friend refers you (requires full switch), 5% interest for one year, 

Other offers

You don’t have to switch to get these extras. You can just open a new account.

  • Santander – 1.5% interest and up to 3% cashback on bills after fee
  • RBS –  2% cashback on bills after fee (ends 31st Jan 2020)
  • Natwest – 2% cashback on bills after fee (ends 31st Jan 2020)
  • Halifax – £2 a month “reward”
  • Lloyds – up to 2% interest on savings, free magazine subscription or cinema tickets
  • Barclays – Earn £3 a month for a year (after fee) 
  • Tesco – 1% interest
  • Bank of Scotland – 1.5% interest on savings
  • Co-Op – Earn up to £5.50 a month extra
  • Monzo – no offer

** 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**

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 in five years – and much more just from 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

 


*Monese account opening offer*

You get

  • £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

  • Spend once with your Monese card for the £5 credit

> Open a Monese account

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

You get

  • £100 M&S gift card for switching – Ends 6th January 2020
  • £80 gift card after one year (£120 if you have an M&S credit card) – Also ends 6th January 2020
  • £100 0% overdraft

Requirements

  • You need to pay in £1,250 a month to get the second gift card
  • You need to switch four active Direct Debits (previously was only two)
  • You have to switch from and close your old account

> Switch to M&S Bank


*Halifax switching offer*

Halifax ended its switching bonus in late June 2019, though it could return.

You get

  • £2 a month reward
  • Occasional cashback deals
  • £50 0% overdraft

Requirements

  • You need to pay in £1,500 a month
  • You need two Direct Debits to get the £2 reward
  • You have to switch from and close your old account for the bonus

> Switch to Halifax Reward Account


*First Direct switching offer*

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

You get

  • £100 bonus when you switch
  • £100 if you leave after six months
  • £250 0% overdraft
  • Your friend can get £50 if they refer you, though you’d probably only get the standard £100 bonus

Requirements

  • You need to pay in £1,000 within three months of opening the account
  • You have to switch from and close your old account

> Switch to First Direct and get £50

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*HBSC Advance current account offer*

HSBC often runs a switching deal for £150/£175.

You get

  • £175 bonus (for Advance and Premier Accounts) / £75 for Bank Account
  • Access to 2.75% regular saver

Requirements

  • Two Direct Debits or standing orders need to be switched
  • Activate online banking
  • You must pay in £1,750 every month

> Switch to HSBC Current Account

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*Nationwide FlexDirect offer*

You get

  • 5% interest on balances up to £2,500 for the first year, 1% after
  • 0% arranged overdraft for the first year
  • Other accounts are available which offer free mobile and breakdown cover for £10 per month
  • 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!)

Requirements

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

> Open a Nationwide FlexDirect Current Account

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*TSB Classic current account offer*

There’s been a £100 or £125 switching bonus a few times each year but none for a while

You get

  • £50 for opening an account via Quidco / £100 bonus if a friend refers you and you switch before 28th Feb 2020 (they also get £100) 
  • 3% interest on balances up to £1,500 (only with Classic Plus account)

Requirements

  • You need to pay in £500 a month and have two direct debits for the switch
  • You need to pay in £500 and make two transactions a month for the Quidco cashback
  • You need to register for internet banking and paperless statements

> Open a TSB account via Quidco

> Not used Quidco before? Get a £17 new member bonus

> Switch to TSB Classic Plus Current Account 

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*Lloyds Club current account offer*

In October 2019 Lloyds offered its first bonus (£125). This could return in 2020.

You get

  • 1% on balances up to £3,999, 2% between £4,000 and £5,000
  • 6 free cinema tickets, an annual Gourmet Society subscription or an annual magazine subscription

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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*Natwest Reward current account offer*

In both 2018 and 2019 Natwest offered various switching bonus on three occasions. The rewards change on 1st February 2020.

You get

  • 2% cashback on most household bills (changing in Feb 2020 to reward for having direct debits)
  • Limited additional cashback offers (eg Argos)

Requirements

  • You need to pay a £2 a month fee
  • Must pay in £1,500 a month
  • Can’t have received a bonus from RBS

> Switch to Natwest Rewards Current Account

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*RBS Reward current account offer*

RBS has offered a £150 bonus a few times, so watch this space. The rewards change on 1st February 2020.

You get

  • 2% cashback on most household bills (changing in Feb 2020 to reward for having direct debits)
  • Limited additional cashback offers (eg Argos)

Requirements

  • You need to pay a £2 a month fee
  • Must pay in £1,500 a month
  • You have to use your debit card once a month to get the extra £50
  • Can’t have received a bonus from Natwest

> 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.

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.
  • 1.5% 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

Is it any good? See my Should you ditch Santander 123? blogpost. There’s also a Santander 123 Lite which just offers the cashback but no interest for £1 a month.

> Switch to Santander 123 Current Account

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*Co-operative Bank current account offer*

You get

  • £4 a month credit
  • 5p cashback each time you use your debit card (Max £1.50 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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*Tesco Bank current account offer*

It’s possible to open two accounts and get 1% on each one. 

You get

  • 1% interest on balances up to £3,000
  • 1 Clubcard point per £8 spend (equivalent 0.125%)
  • You can open two

Requirements

  • Pay in £750 a month
  • Have three Direct Debits

> Switch to Tesco Bank Current Account

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*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.

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 

Is it any good? See my Is the Barclays Blue Reward worth switching for? blog post

> Switch to Barclays Bank Current Account

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*Bank Of Scotland*

You get

  •  1.5% on balances up to 5%

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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*Yorkshire and Clydesdale “B Account” switching offer*

You get

  • No offer

Requirements

  • You need to pay in £1,000 a month for at least two months
  • You need to have two active Direct Debits
  • You have to switch from and close your old account

> Switch to a Yorkshire B Account


*Monzo account opening offer*

You get

  • Nothing

Requirements

> Open a Monzo account

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