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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.

In that time I’m £2,300 better off through taking advantage of these offers. 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 switching your bank. 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.

The best bank switching offers

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

  • Marks and Spencer Bank – £125 gift card, £5 gift card credit a month for a year, 5% regular savings account
  • First Direct – £125 switching bonus, 5% regular savings account
  • HSBC – £150 for switching and £50 if you stay
  • Halifax – £75 switching bonus and £3 a month “reward”
  • Nationwide – 5% interest, 5% regular saver
  • TSB – £130 switching  bonus (until June 2018), 3% interest, up to £10 a month cashback
  • Lloyds –  2% interest, free cinema tickets
  • Natwest – 3% cashback on bills after fee
  • Santander – 1.5% interest and up to 3% cashback on bills after fee
  • Co-Op -£125 switching bonus, earn up to £5.50 a month extra
  • Tesco – 3% interest
  • Bank of Scotland – 2% interest on savings
  • Barclays – Earn up to £4 a month after fee – bonus £7 in November
  • Yorkshire and Clydesdale – 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**


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

You get

  • £125 M&S gift card for switching
  • £5 gift card top up a month for one year
  • Access to a 5% Regular Savings account
  • £100 0% overdraft

Requirements

  • You need to pay in £1,000 a month
  • You need to have two active Direct Debits
  • You have to switch from and close your old account
>> Switch to M&S Bank

*Halifax switching offer*

I’d wait until a £100 or £125 offer comes around before switching to Halifax.

You get

  • £75 cash bonus
  • £3 a month reward
  • Occasional cashback deals
  • £50 0% overdraft

Requirements

  • You need to pay in £750 a month
  • You need to have two active Direct Debits and stay in credit
  • You have to switch from and close your old account for the £75
>> Switch to Halifax Reward Account

*First Direct switching offer*

There’s usually an increased bonus of £125 to switch three or four times a year.

You get

  • £125 cash bonus (ends 11th December 2017)
  • Access to a 5% Regular Savings account
  • £250 0% overdraft
  • An extra £100 if you leave within twelve months but after 6 months

Requirements

  • You need to pay in £1,000 a month
  • You have to switch from and close your old account
>> Switch to First Direct direct and get £100

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*HBSC Advance current account offer*

You get

  • £150 for switching
  • £50 if you stay 12 months
  • Access to 5% Regular Saver

Requirements

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

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*Nationwide FlexDirect offer*

You get

  • 5% interest on balances up to £2,500 for 1st year
  • Access to 5% regular saver
  • £100 each for referring a friend to switch
  • 0% arranged overdraft for 1st year
  • Other accounts are available which offer free mobile and breakdown cover for £10 per month
  • If you have a friend with the account you can both get a £100 bonus (if you know me, just get in touch and I’ll share my code!)

Requirements

  • You need to pay in £1,000 a month to get the interest
>> Open a Nationwide FlexDirect Current Account

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*TSB current account offer*

There’s a £100 or £125 switching bonus a few times a year. Until June a special link from Money Saving Expert will give you £130.

You get

  • 3% interest on balances up to £1,500
  • £5 cashback if you have two direct debits (until June 2018)
  • £5 contactless cashback if you use debit card 20 times a month (until June 2018)
  • Access to 1% cashback credit card (until June 2018)

Requirements

  • You need to pay in £500 a month
  • You need to register for internet banking and paperless statements
>> Switch via Money Saving Expert and get £130
>> Switch to TSB Classic Plus Current Account 

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*Lloyds current account offer*

You get

  • 2% on balances up to £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
>> Switch to Club Lloyds Current Account

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*Natwest current account offer*

You get

  • 3% cashback on most household bills
  • Limited additional cashback offers

Requirements

  • You need to pay a £3 a month fee
>> Switch to Natwest Rewards Current Account

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*Santander current account offer*

You get

  • 3% cashback on Council Tax and water bills, 2% cashback on gas and electricity bills, 1% cashback on mobile, TV, phone and broadband bills.
  • 1.5% interest on balances up to £20,000.
  • Limited additional cashback offers

Requirements

  • You need to pay a £5 a month fee
  • You must have 2 direct debits
  • You need to pay in £500 a month
  • Not all companies take part in the bills cashback

Is it any good? See my Should you ditch Santander 123? blogpost. There’s also a new Santander 123 Lite which just offers cashback for £1 a month.

>> Switch to Santander 123 Current Account

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*Co-operative Bank current account offer*

You get

  • £125 switching bonus and £25 to charity
  • £4 a month credit
  • 5p cashback each time you use your debit card (Max £1.50 a month)

Requirements

  • Pay in £800 a month
  • Stay in credit or your overdraft
  • Use online or app banking once a month
  • Go paperless
  • Have four Direct Debits
  • Close old account
>> Open a Co-operative Bank Current Account

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*Tesco Bank current account offer*

You get

  • 3% 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

Is it any good? See my Is the Tesco current account any good? blogpost

>> Switch to Tesco Bank Current Account

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*Barclays Blue Rewards offer*

You get

  • £7 a month reward, with a £7 bonus for anyone joining in November 2017.
  • 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 £3 a month fee

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

>> Switch to Barclays Bank Current Account

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*Bank Of Scotland*

You get

  •  2% on balances up to 5%

Requirements

  • Pay in £1,000 a month
  • Pay out two Direct Debits and stay in credit
>> Switch to Bank of Scotland

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*Yorkshire and Clydesdale “B Account” switching offer*

You get

  • No offer

Requirements

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

 


 

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