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.
- HSBC – £175 bonus,
- RBS – £150 bonus, 2% cashback on bills after fee (ends 6th December 2019)
- Natwest – £150 bonus, 2% cashback on bills after fee (ends 29th November 2019)
- Lloyds – £125 switching bonus (ends 5th November 2019), up to 2% interest on savings, free magazine subscription or cinema tickets
- First Direct – £50 switching bonus and another £100 if you leave
- Marks and Spencer Bank – £100 gift card, another £80 or £120 after one year, 5% regular savings account
- Barclays – Earn £10 a month for a year (after fee) – Ends 30th November 2019
Free cash deals
- Monese – £15 free cash when you open an account OR three months free premium (no need to switch)
Referral bonuses
- TSB – £75 referral bonus, 3% interest
- Nationwide – £100 each if a friend refers you (requires full switch), 5% interest for one year,
- Santander – £50 referral bonus, 1.5% interest and up to 3% cashback on bills after fee
Other offers
You don’t have to switch to get these extras. You can just open a new account.
- Halifax – £2 a month “reward”
- 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**
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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 either
- £15 for opening an account via the link below and using the code ANDR4552
OR
- Three months free Premium (worth £44.85) with code GETPREMIUM
Requirements
- Spend once with your Monese card for the £15 credit
*Marks and Spencer Bank (M&S Bank) switching offer*
You get
- £100 M&S gift card for switching
- £80 gift card after one year (£120 if you have an M&S credit card)
- Access to a 5% Regular Savings account
- £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
*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
*First Direct switching offer*
In 2018 First Direct replaced the cash switching bonus with a choice of freebies, but it brought back the £100 bonus. Occasionally it increases to £125, but it’s now dropped the welcome to just £50.
You get
- £50 bonus when you switch
- £100 if you leave after six months
- £250 0% overdraft
- An extra £100 if you leave within twelve months but after 6 months
- Your friend can get £50 if they refer you, though you’d probably only get the standard £50 bonus
Requirements
- You need to pay in £1,000 a month
- 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
- £175 bonus
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*
You get
- 5% interest on balances up to £2,500 for the first year, 1% after
- £100 each for referring a friend to switch
- 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
*TSB Classic current account offer*
There’s a £100 or £125 switching bonus a few times a year but none at the moment.
You get
- £75 bonus if a friend refers you and you switch (they also get £75) – meant to end 31st July 2019 though the website is still sho.
- 3% interest on balances up to £1,500.
Requirements
- You need to pay in £500 a month
- You need to register for internet banking and paperless statements
*Lloyds Club current account offer*
You get
- £125 switchiing bonus (ends 5th November 2019)
- 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
*Natwest Reward current account offer*
In 2018 Natwest offered a switching bonus on three occasions, and it’s returned three times so far in 2019.
You get
- £150 bonus – ends 6th December 2019
- 2% cashback on most household bills
- 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
*RBS Reward current account offer*
RBS has offered a £150 bonus a few times, so watch this space.
You get
- £150 switching bonus now – offer ends 29th November 2019.
- 2% cashback on most household bills
- 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
*Santander 123 current account offer*
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
- £50 referral bonus for you and whoever refers you
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.
*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
*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
*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 – doubled if you apply and switch before 30th November 2019
- 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
- 1.5% on balances up to 5%
Requirements
- Pay in £1,000 a month
- Pay out two Direct Debits and stay in credit
*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
*Monzo account opening offer*
You get
- Nothing
Requirements
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