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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.

  • First Direct – £100 switching bonus 
  • Halifax – £100 switching bonus and monthly “reward”
  • HSBC – £125 switching bonus 
  • TSB – £30 to £60 cashback for opening an account
  • Virgin Money – 12 free bottles of wine and £50 charity donation, 2.02% on £1,000

High-interest current accounts

Cashback accounts

Reward offers

  • Halifax – £5 a month “reward” or cinema tickets/movie rentals after fee & £100 switching bonus
  • NatWest –  Up to £3 monthly reward after fee
  • RBS – Up to £3 monthly reward after fee
  • Lloyds – free magazine subscription or cinema tickets
  • 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

  • First Direct – £250 interest-free overdraft
  • Halifax – 0% overdraft for six months if you switch
  • Nationwide – 12 months interest-free overdraft
  • Monzo – possible 19%, 29% or 39% overdraft
  • Starling – possible 15%, 25% or 35% overdraft

Budgeting accounts

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**

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.

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.

Do remember that you’ll be credit checked when you make an application. And you can read more about how to switch bank here.

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

*Barclays Blue Rewards offer*

Barclays occasionally offers double Blue Rewards for a year as a switching incentive so it’s best to wait for one of these to switch. Here’s my blog post asking Is the Barclays Blue Reward worth switching for?

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

  • 0.6% on balances up to £3,999, 1.5% between £4,000 and £5,000 (equivalent to 0.78% if hold full £5,000)

Requirements

  • Pay in £1,000 a month
  • Stay in credit each month
  • Pay two Direct Debits a month
> 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*

£100 switching bonus

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 was the chance to get another £100 if you didn’t like the account.

However, as of 15th February, the bank has brought back £100 for switching in. The money is paid 28 days of leaving.

To get the bonus you need to:

  • Switch using the Current Account Switch Service
  • Pay in £1,000 within the first three months
  • Not already had a First Direct account
  • Not opened an HSBC account since 1st January 2018.

First Direct account benefits

You get

  • £250 0% overdraft
  • Access to 1% regular saver

Requirements

  • None
> Switch to First Direct and get £100 if you leave

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*Halifax Rewards switching offer*

£100 switching bonus

Halifax has brought back the £100 switching offer for new and existing customers. To get it you need to:

  • Open either a new Halifax Rewards or new Ultimate Reward account
  • Start your switch before 4th May 2021
  • Complete a full switch and close your old account
  • You must switch from a different bank
  • Not have received a switching bonus from Halifax since April 2020

If you already have a Halifax Rewards account you can still take advantage by opening a Halifax Ultimate Rewards account, and visa versa. The Ultimate Rewards account comes with added features such as insurance but comes with a £17 monthly fee.

However once you get the switching bonus into your account you can then easily close it down or switch to a basic Halifax account with no charge. I’ve written more here about how existing customers can get the £100.

You’ll get the payment within three working days of the switch completing. 

Halifax Reward account benefits

The Reward account changed massively in June 2020 – here’s my analysis and hacks to get the bonus. 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 £125, but has been as high  as£175. The latest offer began 8th February 2021.

£125 switching bonus

There’s no set expiration date for this promotion, so it could end at any time. You can get £125 by opening up an HSBC Advance account and switching over an account.

You need two direct debits or standing orders as well. Personally I’d go for a the latter and simply transfer money from another bank account (and then back again!).

The bonus will be paid within 20 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 the account down if you want, or stop the payments.

You can’t currently have an HSBC current account or had one since 1st January 2018. You also can’t get the bonus if you have opened a First Direct 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

  • £125 switching bonus
  • Access to 1% regular saver

Requirements

  • You must pay in £1,750 every month or £10,500 over 6 months for an Advance account
  • Two direct debits or standing orders for the switching bonus
> 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 (at £100) in September 2020 for the Club Lloyds account and ended in early November.

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
  • 0.6% on balances up to £3,999, 1.5% between £4,000 and £5,000 (equivalent to 0.78% if you have the full £5.000 saved)
  • 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 has closed their accounts to new customers with immediate effect (March 4th 2021) and will be closing existing accounts in the summer. I’ll share more news on this soon.

> M&S Bank

*Metro Bank current account offer*

£50 switching offer

Metro introduced a brand new referral offer in 2020, but that ended 18th December 2020.

> Switch to a Metro Current Account

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*NatWest Reward current account offer*

In both 2018 and 2019 Natwest offered various switching bonuses on three occasions. It returned in October 2020.

£125 switching bonus

The bonus for switching into a Select or Rewards account finished on 19th November 2020.

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. Here’s my review of the account.

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 but ending in November 2020.

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 2021. Here’s my full comparison of the two accounts.

123 Account benefits

You get

  • 1% cashback on Council Tax, mobile, TV, phone and broadband bills (Capped at £5 a month)
  • 2% cashback on gas and electricity bills (Capped at £5 a month)
  • 3% cashback on water bills (Capped at £5 a month)
  • 0.6% interest on balances up to £20,000 (drops to 0.3% from 12th April 2021)
  • Limited additional cashback offers

Requirements

  • You need to pay a £5 a month fee (drops to £4 from 12th April 2021)
  • 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, mobile, TV, phone and broadband bills (Capped at £5 a month)
  • 2% cashback on gas and electricity bills (Capped at £5 a month)
  • 3% cashback on water bills (Capped at £5 a month)
  • Limited additional cashback offers

Requirements

  • You need to pay a £2 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.

> 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.

£30 to £60 for opening an account via Quidco

Though in the past there have been a £100 or £125 switching bonus, I haven’t seen these for a while. However you can get cashback from Quidco for opening an account. The amount moves between £30 and £60 so check before you apply).

  • Keep the account open for at least 120 days
  • You need to pay in £500 in three of the first four months
  • Make two debit transactions (debit card, direct debit, standing order) a month in three of the first four months
  • Payment takes up to six months (full details on Quidco site).

I’ve had confirmation from Quidco that you can’t get this if you previously got cashback on a TSB current account from them.

> Open a TSB account via Quidco
> Not used Quidco before? Get a £17 new member bonus

TSB Spend and Save benefits

Here’s my review of the new TSB account.

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. Here’s my review of the bank.

Virgin Money switching incentive

You can get 12 free bottles of wine valued by Virgin at £138, and £50 will be donated to charity. To qualify for this incentive you need to :

  • Apply online for a Virgin Money M Plus Current Account for the first time
  • Not have an existing Virgin Money, B, Clydesdale or Yorkshire Bank account or closed one since 30th September 2020

Then within 31 days you also need to:

  • Download the register for the Virgin Money app
  • Complete a full switch using the Current Account Switch Service
  • Transfer two Direct Debits or set them up on the new account and keep them active until you receive the wine offer code
  • Pay in £1,000 to the linked Instant Access savings account, and keep it there until you receive the wine offer code

You’ll then be sent a voucher to claim your case of wine 14 days after you’ve done this. 

Virgin Money M Plus account benefits

You get

  • 2.02% interest on first £1,000 in account
  • Fee-free spending overseas
  • Discounts on other Virgin brands
  • Access to a 0.5% savings account (falling to 0.35% on April 27th 2021)

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)
  • Budgeting features

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*

Click to read my full review of Starling Bank.

You get

  • Free-free spending overseas
  • Budgeting features

Requirements

  • None
> Open a Starling account

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