The best bank switching, cashback, interest & overdraft offers (August 2022)

Your ultimate list of promotions, rewards and benefits you can get from switching your current account or opening another.

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.

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

Quick Links

Here are some quick links to help you jump through the deals, or keep scrolling to see more about each bank.

Switching bonus deals

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

Welcome cash deals

You can get these offers just for opening an account, though they sometimes require a referral link.

  • First Direct – £20 for signing up
  • Monese – Up to £30 for opening an account and spending
  • Monzo – £5 welcome reward
  • Triodos – £60 voucher or charity donation
  • TSB – £20 to £40 cashback for opening an account

High-interest current accounts

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 – Up to £3 monthly reward after fee
  • Lloyds – free magazine subscription or cinema tickets
  • Co-Op – Earn up to £2.20 a month extra
  • TSB – Up to £5 a month for first six months

Fee-free overseas spending

Overdrafts

  • First Direct – £250 interest-free overdraft
  • Lloyds – £50 buffer
  • Nationwide – 12 months interest-free overdraft
  • Monzo – possible 19%, 29% or 39% overdraft
  • Starling – possible 15%, 25% or 35% overdraft

Budgeting accounts

  • Starling
  • Monzo

Ethical banks

As rated by Ethical Consumer magazine. Listen to my podcast episode on the topic for more.

Student accounts

I’ve written a separate article looking at the best student bank accounts.

Business bank accounts

You can read about the best free business bank accounts in my separate article.

** 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**

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. 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.

My monthly round-up of the top bank account news and offers

If you want to find out which accounts I think are best, check out my Best current accounts article or watch this video. You can like and subscribe to my YouTube here.

All bank account offers

I’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.

Barclays

Barclays doesn’t have a specific reward account. Instead you can add “Blue Rewards” to most Barclays accounts.

Barclays switching offers

Barclays occasionally offers double Blue Rewards for a year as a switching incentive. It last ran this in 2019. Here’s my blog post asking Is the Barclays Blue Reward worth switching for?

However there’s an additional offer for new Barclays Premier customers who switch in. They’ll earn Avios points that can be changed to £200 worth of Nectar points.

This is only 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 that back in Avios points (1,500 a month = £12 when converted to Nectar). You can’t have both Blue Rewards and Avios Rewards at the same time.

Switching bonus25,000 Avios points (worth £200 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

Blue Rewards benefits

Factoring in the fee and assuming you’ll only have the basic two Direct Debits, you’ll make £36 a year by adding Blue Rewards to your Barclays current account. This will change in March 2022 when the fee increases to £5 and the reward is cut to £5. Read all the details of the changes here.

Benefits£5 a month reward
Extra if you have a mortgage or home insurance with Barclays
Limited cashback
Fee£5 a month
RequirementsPay in £800 a month
Pay out two Direct Debits a month
Access to online or app banking to claim your reward
ExclusionsCannot be added to Barclays Basic, Young Person’s, foreign currency or non-personal accounts
NotesYou can only add Blue Rewards to one account
You need to transfer your Blue Reward payments to your current account to use them

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Bank of Scotland 

The main current accounts at Bank of Scotland are the Classic and Platinum. The latter is a packaged account with added insurance and breakdown cover for a monthly fee of £21.

There’s no set reward account with BoS, but you can get the Vantage add on which offers interest on balances. The Club Lloyds account is similar but has extra freebies.

Bank of Scotland switching bonus

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

Bank of Scotland Vantage benefits

The Vantage add on is free but there are conditions to meet in order to get the interest. You’re able to get better interest rates elsewhere.

Benefits0.6% AER (variable) interest on balance between £1 and £3,999
1.5% AER (variable) interest on balance between £4,000 and £5,000
Limited cashback
FeeNone
RequirementsPay in £1,000 a month
Pay out two Direct Debits a month
Balance must remain above £0
Multiple accounts?Maximum of three
NotesShared FSCS protection with Halifax

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Chase

This new bank from Chase was launched in September 2021. You can read about the features in my analysis here.

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

Chase Bank benefits

Benefits1% cashback for first 12 months
1.5% interest on savings
5% interest on roundups
FeeNone
RequirementsApp only

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Co-operative Bank

Co-operative Bank is regarded as a more ethical bank. The Everyday Rewards bundle can be added to the standard Current Account.

Co-operative Bank switching bonus

Co-operative Bank has started a refer-a-friend switching bonus worth £50 for the new customer and £50 for the existing customer. It began 14 October 2021 and doesn’t have a set end date.

Though referrers can only get two rewards (max of £100), there’s no limit to how many people can use a link.

You will need the account number and sort code of the person referring you to get the bonus – so ask around friends and family if you want to take advantage of the promo.

Switching bonus£50
Bonus paidWithin 60 days of switch completion
Referral bonus£50 (maximum of two bonuses)
Open to existing customersNo
RequirementsOpen up either a Standard or Everyday Extra current account
Switch using the Current Account Switch Service and close old account
Complete a referral form once the switch is complete
ExclusionsNot already have a Co-operative Bank current account or had one since 1 June 2021.
Offer limited to once per person and account
Offer endsUnknown

Co-op Bank Everyday Rewards benefits

The is an optional extra you can add to your account but requires more effort than other accounts to get the money. The bulk of the £2.20 a month is dependent on using your debit card, which means you’ll likely get less if you don’t use it 60 times each month.

The monthly reward reduced on 1 July 2021, and the most you’ll get is £2.20 a month.

Benefits£1 credit each month
2p cashback each time you use your debit card to a max of £1.20 a month
FeeNone
RequirementsPay in £800 a month
Pay out four Direct Debits a month
Balance must remain above £0, or within arranged overdraft limit
Opt for paperless statements
ExclusionsYou can only have Everyday Rewards on one account

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First Direct

First Direct always scores well on customer service, but bear in mind there are no branches – banking is all on the phone or online. It’s also part of the HSBC group, so the FSCS protection is shared between the two.

First Direct welcome bonus

First Direct currently offers £20 for opening a 1st Account. You do not need to switch, though if you do you’ll get £150 instead (more on this offer below). You can’t combine both the £20 and £150 offers.

Welcome bonus£20
Bonus paidWithin four months of opening the account
Open to existing customersNo
RequirementsLog in to mobile or online banking within three months of opening
ExclusionsNot already have or had a First Direct account
Not have opened an HSBC account since 1st January 2019
Offer limited to once per person
Offer endsUnknown

First Direct 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.

Switching bonus£175
Bonus paidWithin 28 days of meeting criteria
Open to existing customersNo
RequirementsPay 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 had a First Direct account
Not have opened an HSBC account since 1st January 2019
Offer limited to once per person
Offer endsUnknown

First Direct has consistently offered some kind of switching bonus, though this was paused for most of 2020 due to the pandemic. The incentive has mainly been cash, though in 2018 First Direct briefly replaced it with a choice of freebies. For a while there was also a “goodbye” offer, giving you the chance to get another £100 if you didn’t like the account.

The lowest the offer has is been £50, and occasionally it increases to £125 and even £150, but expect £100 as the standard rate. A refer-a-friend offer ran until 2019.

First Direct 1st account benefits

First Direct traditionally offered the highest paying regular saver account, but since early 2021 this can be beaten or equalled elsewhere.

The £250 0% buffer is a useful feature for anyone who occasionally goes overdrawn by a small amount.

Benefits£250 0% overdraft
Access to 3.5% AER (fixed) regular saver (Save between £25 and £300 a month)
“Sweep” autosaving feature (moves spare money in account to savings)
FeeNone
RequirementsNone
NotesShared FSCS protection with HSBC

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Halifax

Halifax has a standard and packaged account, but the Halifax Reward option is my pick for a monthly reward of £5 cash, cinema tickets or movie rentals. The bank regularly offers switching incentives.

Halifax switch deal

Until 5 September 2022 Halifax is offering £150 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 £150.

Switching bonus£150
Bonus paidWithin 3 working days of completing the switch
Open to existing customersYes (more details here)
RequirementsAlready hold or open a new Reward or Ultimate Reward account
Not have received a switching bonus from Halifax since April 2020
Switch two active Direct Debits
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 ends5 September 2022 (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).

Halifax Reward account benefits

If you jump through a few hoops you can easily make £60 a year from this Reward account. There are alternative rewards available that could be worth more – check out my analysis for further details.

In the same article you can see why I prefer the £500 debit card method over the £5,000 savings options.

BenefitsChoice of £5 a month / Vue cinema ticket / 2 Rakuten HD rentals / 3 digital magazine subscriptions
Save the Change auto-savings feature
Limited cashback with retailers via debit card
Fee£3 (£0 if you pay in £1,500 every month)
RequirementsPay in £1,500 every calendar month
Either spend £500 on your debit card each month or keep £5,000 or above in the account all month
Stay in credit (above £0) all month
Multiple accounts?One personal and one joint
ExclusionsYour chosen Reward and qualifying method are fixed for 12 months

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HSBC

HSBC’s current accounts don’t have many extra benefits with their accounts and score badly in Ethical Consumer’s list of banks.

There are regular switching bonuses, often the highest paying ones in the market.

HSBC and First Direct are linked banks for the purpose of FCSC protection.

HSBC switch offer

You can get a £170 bonus when switching to the HSBC Advance current account.

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£170 cash
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
Set up 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 2019
Not opened a First Direct 1st account since 1st January 2019
Offer ends18 July 2022

HSBC Advance account benefits

This account has higher thresholds than others, and successful applicants must pass a credit check for a £1,000 approved overdraft.

BenefitsHSBC “home & away” offers
InterestAccess to 1% ER (fixed) regular saver
FeeNone
RequirementsPay in £1,750 every month or £10,500 every six months
NotesShared FSCS protection with HSBC

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Lloyds Bank

Club Lloyds is Lloyds Bank’s reward account and often comes with a switching bonus.

Club Lloyds Platinum switching bonus (ended)

The new switching bonus from Lloyds Bank is worth £125 and runs from 17 May to 27 June 2022 Once the switch has completed you’ll get the payment within 3 working days.

It’s only for Club Lloyds and Club Lloyds Platinum accounts, but existing Lloyds customers can take advantage. You don’t qualify this time if you’ve received a switching bonus from Lloyds since April 2020.

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

Existing customers are eligible too. All the details on how to do this, and my full analysis of the offer can be found here.

Switching bonus£125
Bonus paidWithin 3 working days of completing the switch
Open to existing customersYes (more details here)
RequirementsOpen or have a Club Lloyds or Club Lloyds Platinum account
Not have received a switching bonus from Lloyds since April 2020
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 ends27 June 2022 (last date to start the switch)

Lloyds was a latecomer to the switching game and it wasn’t until October 2019 that the bank first offered a cash bonus (£125). The offer came back (at £100) in September 2020 and ended in early November that year and again from 7 September to 19 October 2021. In February 2022 and £150 offer ran just for Platinum accounts.

Club Lloyds account benefits

I’m a fan of this reward account as it’s relatively simple to get the freebies. I’ve analysed which “Lifestyle Benefit” is the best value for money in my Club Lloyds review.

The interest on offer is the same as the Bank Of Scotland Advantage account, and is a decent rate. However this requires two active direct debits and you can get higher interest rates elsewhere.

BenefitsChoice of 6 cinema tickets (Odeon or Vue) / monthly HD rental from Rakuten / Gourmet Society membership / Magazine subscription
Limited cashback with retailers via debit card
Save the Change auto-savings feature
Interest0.6% AER (variable) interest on balances between £1 and £3,999
1.5% AER (variable) interest on balances between £4,000 and £5,000
Access to 1% AER (fixed) regular saver
Fee£3 a month (£0 if you pay in £1,500 every month)
RequirementsTwo active Direct Debits (to receive interest on balance)
Multiple accounts?One personal and one joint
ExclusionsYour chosen Lifestyle Benefit is fixed for 12 months

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Metro Bank

Metro Bank scores better than the established high street banks in Ethical Consumers’s list of ethical current accounts.

Metro Bank switching offer

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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Monese

Monese is another challenger bank that is 100% opened and operated via your mobile phone. You don’t need an address to open the account, but you do need photo ID.

There are four levels of Monese, including a free “Starter” tier. There is a £4.95 fee on this level for your debit card.

There are occasional special discounts for account holders on gift cards, eg 20% off Amazon.

Monese – 1.5% cashback offer

If you signed up for Monese and deposit £250 before 31 July 2022 you’ll earn 1.5% on spending until the end of the year. Read my full analysis of the offer here.

Monese account opening offer – Up to £30

**My link seems to have reached its limit however if you find someone who can share their own referral code you’ll be able to take advantage.**

This offer could earn you up to £30 in credit, though you’ll have to pay just under a fiver to get the card.

Sign up with a promo code (ANDR4552 (code expired) or via this via this link). You can sign up for any tier, though I’d go for the free plan.

Once you get the card, use it for any transaction to earn £30. There’s no minimum spend required to trigger this bonus.

To get the next bonus, you need to spend another £500 on the card or send the same amount abroad. This can be any number of transactions. Once you reach that level you’ll get another £10 credit added to your account.

IMPORTANT: Payments with your Monese card towards things like credit card bills don’t count, so you will need to “spend” the money.

Monese account opening offer – Up to £20

You can get up to £20 free cash from Monese .

New customers can get up to £20 added to your account. You need to open an account with the promo code CLEVERCASH21. Use this on sign up, not on the promo tab within the app.

Then once you’ve used the physical debit card you’ll get £5 added to your account. Spend a total of £500 with the card and an extra £15 will be added. Full terms and conditions here.


Monzo

Monzo is one of the best digital-only banks. There are three options:

Personally I’d only go for the basic option.

New users can also get £5 for signing up via refer-a-friend code, which you can get below.

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, or use the one below. 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.


Natwest Bank

Natwest regularly offers a switching bonus and has a Reward account offering money back each month.

Natwest switch offer (ended)

A new offer from Natwest started on 24 January 2022, and runs until 7 April 2022. You can get £150 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.

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

Switching bonus£150
Bonus paid9 June 2022
Open to existing customersYes
Eligible accountsSelect, Reward, Reward Silver or Reward Platinum
Requirements Pay in £1,250 by 12 May 2022
Log on to online or app banking by 12 May 2022
Not have received a switching bonus from RBS or Natwest since October 2017
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
Offer ends5pm on 7 April 2022 (last date to start the switch)

In both 2018 and 2019 Natwest offered switching bonuses on three occasions. The typical offer is £100 but has been as high as £150. It returned in October and November 2020 offering £125.

Natwest Reward account benefits

This used to be a much better account, offering cashback on your bills every month. But that changed in early 2020 and now it’s a set payment each month, as long as you meet the criteria.

There’s a £2 monthly fee which you can’t avoid. Once this fee is taken into account you’re looking at a return of £36 a year.

This is paid into a separate MyReward account that you have to cash out to your account or a gift card.

You do however get access to the top paying regular saver.

Benefits£5 monthly reward, made up of:
– £4 for having two Direct Debits
– £1 for opening the mobile app each month
Limited cashback with retailers via debit card
InterestAccess to 3.04% (variable) AER Digital Monthly Saver (max £50 a month) Read more
Fee£2 a month
RequirementsTwo active Direct Debits of at least £2 each
Open the app once per month
Multiple accounts?Yes, but you can only claim Rewards once per person
NotesYou need to withdraw your rewards to use them

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Nationwide Building Society

Nationwide is seen as the most ethical of the main high street banks (it’s actually a building society). The FlexDirect account offers interest on balances and a 0% overdraft for first year. The FlexPlus account offers insurance and breakdown cover for a monthly fee of £13.

Nationwide switching offer

This brand new switching offer started on 18 August 2021. It’s open to both new and existing customers, with the latter getting an extra £25.

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£100 (new customers) / £125 (existing customers)
Bonus paidWithin 10 days of the switch completing
Open to existing customersYes (more details here)
RequirementsOpen a new or hold an existing 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
Offer endsTBC

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 has now been replaced by the new switching offer.

Nationwide FlexDirect account benefits

This account pays the highest in-account interest (on up to £1,500) and has the largest 0% overdraft. You can only get the account benefits in your first 12 months.

However, the app can also be very frustrating to use. More details in my Nationwide FlexDirect review.

Benefits0% overdraft for othe first 12 months
Interest5% AER (fixed) interest on the first £1,500 saved for 12 months (drop to 0.25% after a year)
Access to 2.5% AER (variable) Flex regular saver (max £200 a month)
FeeNone
RequirementsPay in £1,000 a month
Multiple accounts?Two – one personal and one joint
NotesTransfers in from other Nationwide accounts don’t count towards the £1,000

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RBS (Royal Bank of Scotland)

RBS regularly offers a switching bonus and has a Reward account offering money back each month.

RBS switching offer (ended)

A new offer from RBS started on 3 February 2022, and runs until 21 April 2022. You can get £150 for a switch from another bank into a new or existing account.

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£150
Bonus paid24 June 2022
Open to existing customersYes
Eligible accountsSelect, Reward, Reward Silver or Reward Platinum
RequirementsPay in £1,250 by 26 May 2022
Log into online or app banking by 26 May 2022
Not have received a switching bonus from RBS or Natwest since October 2017
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
Offer ends5pm on 21 April 2022 (last date to start the switch)

RBS Reward account benefits

This is identical to the Natwest Reward account. You can get a £5 monthly bonus but must pay a £2 fee too. This means the most you’ll make from this account in a year is £36.

This is paid into a separate MyReward account that you have to cash out to your account or a gift card.

You do however get access to the top paying regular saver.

Benefits£5 monthly reward, made up of:
– £4 for having two Direct Debits
– £1 for opening the mobile app each month
Limited cashback with retailers via debit card
InterestAccess to 3.04% AER (variable) Digital Monthly Saver (max £50 a month) Read more
Fee£2 a month
RequirementsTwo active Direct Debits of at least £2 each
Open the app once per month
Multiple accounts?Yes, but you can only claim Rewards once per person
NotesYou need to withdraw your rewards to use them

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Revolut

Revolut is a popular digital-only bank with four tiers.

  • Standard – £0 a month
  • Plus – £2.99 a month
  • Premium – £6.99 a month
  • Metal – £12.99 a month

Personally I’d only go for the basic option, though this only comes as standard with a virtual debit card. If you want a physical card you will have to pay for it.

Revolut account opening offer

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.


Santander

There are two key Santander accounts, the 123, which has a £4 fee but also offers interest, and the 123 Lite which is £2 a month. Both provide cashback on your household bills. I’ve compared the Santander 123 and 123 Lite in detail in my review.

Santander switch offer

Santander has rarely offered any switching incentives – but in 2021 it launched an offer for new and existing customers.

You need to switch into a 123, 123 Lite, Everyday, Select or Private account. Here’s my full analysis.

Switching bonus£160
Bonus paidAround 90 days after requesting the switch
Open to existing customersYes (more here)
RequirementsOpen a new or hold an existing 123, 123 Lite, Everyday, Select or Private current account
Set up two Direct Debits after the switch
Deposit £1,000
Log into app or online banking
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

Prior to autumn 2021 there had been occasional £50 referral bonuses, though these stopped a long time ago. The late 2021 offer was £130, with a bonus £20 voucher offered via a comparison site in the last few weeks. The January 2022 offer was £140.

Santander 123 account benefits

The big difference between the full 123 account and the 123 lite is interest on offer, in return for a higher monthly fee.

BenefitsUp to 3% cashback on bills
Limited cashback with retailers via debit card
Interest0.5% AER (variable) on balances of up to £20,000 (from 28 March 2022)
Fee£4 a month
RequirementsTwo active Direct Debits
Pay in £500 a month
Multiple accounts?Yes, but you can only get the cashback on each bill from the account

Santander 123 Lite account benefits

The monthly fee is half the size of the main 123 account, and you need to go paperless and use online banking.

BenefitsUp to 3% cashback on bills
Limited cashback with retailers via debit card
Fee£2 a month
RequirementsTwo active Direct Debits
Pay in £500 a month
Opt for paperless statements
Log into online or mobile banking at least once every three months
Multiple accounts?Yes, but you can only get the cashback on each bill from the account

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Triodos

Triodos is regarded as one of the most ethical current accounts out there – but it does come with a £3 a month fee. Herre’s my full review.

Triodos referral offer

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

Triodos account benefits

You’ll pay for this account but you’ll have peace of mind in return that your money isn’t used for investing practices and organisations that could conflict with your values.

BenefitsEthical banking
Fee£3 a month
RequirementsNone

TSB

TSB’s popular Classic Plus accounts stopped paying interest in December 2020 and were replaced for new applicants by the Spend & Save account.

Bizarrely you’re better off with the free version of the account, potentially earning you £30 in the first six months. The premium version could net you double that with £60 – but the £3 monthly fee would leave you with a £24 profit.

TSB cashback offer

TSB rarely offers switching bonuses, though it did offer a refer-a-friend promotion before the pandemic.

You can however earn cashback from TopCashback for opening either the Spend & Save account or the Spend & Save Plus account. The amounts are usually £20 for the former and £40 for the latter.

The offer used to be on Quidco and from time to time were as high as £75.

You don’t need to follow the separate Spend & Save requirements to get the TopCashback cashback. If you’re new to TopCashback you can also get a £10 welcome bonus when you spend £10 at a participating retailer.

Cashback bonus£20 (Spend & Save) / £40 (Spend & Save Plus)
Bonus paidWithin 180 days of the account being opened
Open to existing customersNo
RequirementsOpen a new TSB Spend & Save or Spend & Save Plus account via TopCashback
Keep your account open for 120 days
Pay in £500 a month for three of the first four months
Make two debit payments a month for three of the first four months (this includes debit cards, Direct Debits, standing orders and faster payments)
ExclusionsYou can only get payment from TopCasback for opening one account
You can’t already have any TSB current account
Offer endsUnknown

TSB Spend & Save account benefits

I think the effort to use your debit card 30 times a month isn’t worth it and you’re better off using a cashback credit card.

Benefits£5 cashback a month for six months
Savings pots
Save the pennies autosavings feature
FeeNone
RequirementsMake 30 debit card payments each calendar month
Multiple accounts?TBC

TSB Spend & Save Plus account benefits

The extra features found with this account are available for free elsewhere.

Benefits£5 cashback a month
Savings pots
Save the pennies autosaving feature
£100 interest-free overdraft buffer
Fee-free spending overseas
Fee£3 a month
RequirementsMake 30 debit card payments each calendar month
Multiple accounts?TBC

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Which bank has the best app?

Find out which mobile banking apps I rate – and which ones are best avoided

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Virgin Money

Virgin Money has taken over from Yorkshire Bank, Clydesdale Bank and their digital B Bank. Here’s my review of the bank’s main current account.

Virgin Money switching offer

Virgin Money has offered six different switching offers since December 2020 under the name “Brighter Money Bundle”. The latest is for 20,000 Virgin Red points (details here). You can swap these for various items, including 12 bottles of wine, 100 Greggs sausage rolls or put them towards Virgin Atlantic flights

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)

Here’s more on the current deal.

Switching bonus20,000 Virgin Points (more details)
Bonus paidYou’ll get an email with the details to claim your points within 14 days of meeting the switching criteria
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 free Virgin Red loyalty schme
ExclusionsNot had a Virgin Money, Clydesdale, Yorkshire Bank current account since 31 January 2022
Not previously had a “Bundle” or “Points” switching offer from Virgin Money
Offer endsUnknown

Virgin Money M Plus account benefits

The big draw with this account is the interest you can earn on the first £1,000 saved in the account, and then on the linked account. It’s also fee-free to suse the card overseas.

BenefitsFee-free spending overseas
Discounts with other Virgin brands
Interest2.02% AER (variable) on the first £1,000 saved
1.71% AER (variable) in linked M Plus Saver easy access account (up to £25,000)
FeeNone
RequirementsNone
Multiple accounts?Only one solo account and one joint account

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104 thoughts on “The best bank switching, cashback, interest & overdraft offers (August 2022)

  1. 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.

  2. Hi Andy, The Virgin ROI needs update.

  3. 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.

  4. 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.

  5. 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.

  6. 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

  7. 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

  8. 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 🙂

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

  10. 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.

  11. 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

  12. 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

  13. 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

  14. 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.

  15. 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.

  16. 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.

  17. 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 🙂

  18. 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.

  19. 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.

  20. 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.

  21. 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.

  22. 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/

  23. 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

  24. 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

  25. 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

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

  27. 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.

  28. 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

  29. 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?

  30. 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.

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

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

  32. 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.

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

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

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

  36. 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.

  37. 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.

  38. 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

  39. 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

  40. 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…

  41. 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

  42. 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.

  43. 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.

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

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