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.
- TSB – £50 via cashback site, plus 1.5% interest
- 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 £2,500
- Virgin Money – 2.02% on £1,000
- TSB – 1.5% interest on £1,500
- Lloyds – up to 2% interest on savings
- Bank of Scotland – Up to 2% interest on savings
- HSBC – 2.75% Regular saver
- Marks and Spencer Bank – 2.75% Regular saver
- First Direct – ** PAUSED FOR NEW APPLICATIONS ** 2.75% Regular saver
Cashback accounts
- Santander 123 – 1% interest (0.6% from August 2020) and up to 3% cashback on bills after fee
- Santander 123 Lite – Up to 3% cashback on bills after fee
Reward offers
- Halifax – £5 a month “reward” or cinema tickets/movie rentals after fee
- Natwest – up to £3 monthly reward after fee
- RBS – 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 £5.50 a month extra
Fee-free overseas spending
Also, the Virgin Money account
** 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**
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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
*Halifax switching offer*
Halifax ended its switching bonus in late June 2019, though it could return. 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
*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
* Currently closed to new applicants due to Coronavirus *
You get
- £100 bonus when you switch
- £100 if you leave after six months
- £250 0% overdraft
- Access to 2.75% regular saver
- 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
*HBSC Advance current account offer*
HSBC often runs a switching deal for £150/£175.
You get
- 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
*Nationwide FlexDirect offer*
The 5% interest offer is falling to 2% at the start of May so make sure you apply ASAP for this account if you haven’t already had the offer. It’s possible to have both a solo and joint account with 2% for one year.
** REFERRAL SCHEME CURRENTLY PAUSED – I’ll update it if it returns **
You get
- 2% interest on balances up to £2,500 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
- 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!) CURRENTLY PAUSED
Requirements
- You need to pay in £1,000 a month to get the interest
*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
- 1.5% interest on balances up to £1,500 (only with Classic Plus account).
Requirements
- 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
*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, a Rakuten movie rental a month, 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
*Marks and Spencer Bank (M&S Bank) switching offer*
M&S stopped its bonus in January 2020.
You get
- No bonus at present
- Access to a 2.75% regular saver
Requirements
- N/A
*Natwest Reward current account offer*
In both 2018 and 2019 Natwest offered various switching bonus on three occasions. 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
*RBS Reward current account offer*
RBS has offered a £150 bonus a few times, so watch this space. 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
*Santander 123 current account offer*
From time to time there’s a £50 referral fee. There are two accounts, the 123, which has a £5 fee but also offers interest, and the 123 Lite which is £1 a month. Here’s my full comparison of the two accounts.
123 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)
- 1% interest on balances up to £20,000 (falls to 0.6% in August 2020)
- 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
- 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.
*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
*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
*Bank Of Scotland*
You get
- 1% on balances up to £3,999, 2% between £4,000 and £5,000
Requirements
- Pay in £1,000 a month
- Pay out two Direct Debits and stay in credit
*Virgin Money switching offer*
Virgin Money has taken over from Yorkshire Bank and Clydesdale and their digital B Bank.
You get
- 2.02% interest on first £1,000 in account
- Fee-free spending overseas
Requirements
- None
*Monzo account opening offer*
You get
- Free-free spending overseas (some limits on cash withdrawals)
Requirements
- None
*Monese account opening 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 – 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
*Starling account opening offer*
You get
- Free-free spending overseas
Requirements
- None
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?
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?
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
With TSB you get £5 for using your debit card 20 times, doesn’t need to be contactless