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 to more information on 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.
- Barclays Premier – “£167.50” Avios switch bonus
- Co-operative – £125 refer-a-friend switch bonus
- First Direct – £175 switch bonus + £40 cashback + £12,500 prize draw
- Nationwide – £200 switch bonus
- Lloyds – £175 switch bonus
- TSB – £150 switch bonus + Up to £90 extra
Welcome cash deals
You can get these offers just for opening an account, though they sometimes require a referral link.
- Monzo – £5 welcome reward
- Santander – Up to £20 cashback when opening an account
- TSB – £20 to £40 cashback for opening an account
High-interest current accounts
More on these and other savings rates in our savings best buy tables
- Barclays – 5.12% interest on £5,000
- Chase – 4.1% instant access
- First Direct – 7% regular saver
- Halifax – 5.5% regular saver
- HSBC – 5% regular saver
- Lloyds – 6.25% regular saver
- Monzo – 4.1% instant access
- Nationwide – 8% regular saver
- Natwest – 6.17% regular saver
- Santander Edge – 7% on up to £4,000 (before fee)
Cashback accounts
- Chase – 1% back on purchases for 12 months
- Santander Edge – 1% cashback on bills & 1% on some spending (before fee)
- Santander Edge Up – 1% cashback on bills & 1% on some spending (before fee)
Reward offers
- Halifax – £5 a month “reward” or cinema tickets after fee
- NatWest – Up to £3 monthly reward after fee
- RBS – Up to £3 monthly reward after fee
- Lloyds – free Disney+, 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
- Chase
- Monzo (full review)
- Starling (full review)
- Virgin Money
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
Ethical banks
As rated by Ethical Consumer magazine. Listen to my podcast episode on the topic for more.
- Triodos
- Nationwide
- Co-Op
- Starling
- Monzo
- Metro
Student accounts
We’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.
More than one current account?
Find out where to find extra Direct Debits for switching offers and rewards
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 £167ish worth of Nectar points.
This is only for 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 most of that back in Avios points (1,500 a month = £10 when converted to Nectar). So effectively you’re looking at a net spend of £24 over the year – though of course that’s if you keep Avios Rewards once you’ve got your bonus.
If you stop Avios Rewards after four months, you’ll have spent the equivalent of £8, giving you a profit of £159 (as Nectar points).
You can’t have both Blue Rewards and Avios Rewards at the same time.
| Switching bonus | 25,000 Avios points (worth £167ish if converted to Nectar) |
| Bonus paid | Four months after opening the account |
| Open to existing customers | No |
| Requirements | Open 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 | |
| Exclusions | Offer limited to once per person |
| Offer ends | Unknown |
Blue Rewards benefits
Factoring in the fee and assuming you’ll only have the basic two Direct Debits, you won’t get charged for adding Blue Rewards to your Barclays current account. This will then give you access to a 5.12% paying Rainy Day savings account, paid on up to £5,000 saved. Read all the details of Blue Rewards here.
| Benefits | £5 a month reward |
| Extra if you have a mortgage or home insurance with Barclays | |
| 5.12% AER interest savings account | |
| Fee | £5 a month |
| Requirements | Pay in £800 a month |
| Pay out two Direct Debits a month | |
| Access to online or app banking to claim your reward | |
| Exclusions | Cannot be added to Barclays Basic, Young Person’s, foreign currency or non-personal accounts |
| Notes | You can only add Blue Rewards to one account |
| You need to transfer your Blue Reward payments to your current account to use them |
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.
| Benefits | 1.5% AER (variable) interest on balance between £1 and £3,999 |
| 3% AER (variable) interest on balance between £4,000 and £5,000 | |
| Access to 5.5% regular saver | |
| Limited cashback | |
| Fee | None |
| Requirements | Pay in £1,000 a month |
| Pay out two Direct Debits a month | |
| Balance must remain above £0 | |
| Multiple accounts? | Maximum of three |
| Notes | Shared FSCS protection with Halifax |
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 paid | Unknown |
| Open to existing customers | No |
| Requirements | Use the link below (automatically adds referral code) |
| Pay in £20 within 30 days of opening the account | |
| Exclusions | Not already have or had a Chase Bank current account |
| Offer limited to once per person | |
| Offer ends | 7 June 2022 at 23:59 |
Chase Bank benefits
| Benefits | 1% cashback |
| 3.1% interest on savings | |
| 5% interest on roundups | |
| Fee | None |
| Requirements | App only |
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 £125 for the new customer and £125 for the existing customer.
There’s no limit to how many people can be referred. You will need the name, account number, sort code and email address of the person referring you to get the bonus – so ask around friends and family if you want to take advantage of the promo. My full analysis is here.
| Switching bonus | £125 |
| Bonus paid | Within 90 days of opening the account |
| Referral bonus | £125 |
| Open to existing customers | No |
| Requirements | Open up either a Standard or Everyday Extra current account |
| Then within 60 days complete the following: | |
| Switch using the Current Account Switch Service and close old account | |
| Deposit £800 | |
| Set up two direct debits | |
| Use the debit card at least five times | |
| Set up online banking | |
| Complete a referral form online or in branch with the referrer’s details | |
| Exclusions | Not already have a Co-operative Bank current account or had one since 1 November 2022 |
| Offer limited to one welcome offer per person and account | |
| Offer ends | Unknown |
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 | |
| Fee | None |
| Requirements | Pay 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 | |
| Exclusions | You can only have Everyday Rewards on one account |
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 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.
You can also currently get a £40 bonus if you apply for the account via cashback site Quidco. If you’re not already a Quidco user you can get a welcome bonus of up to £17 when you join.
| Switching bonus | £175 |
| Entry into £12,500 prize draw (ends 1 October) | |
| Bonus paid | Within 28 days of meeting criteria |
| Open to existing customers | No |
| Requirements | Pay in £1,000 within three months of opening the account (30 days if you want to enter the prize draw) |
| Switch using the Current Account Switch Service and close old account | |
| Exclusions | Not already have or had a First Direct account |
| Not have opened an HSBC account since 1st January 2020 | |
| Offer limited to once per person | |
| Offer ends | Unknown |
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 (subject to status) |
| Access to 7% AER (fixed for 12 months) regular saver (Save between £25 and £300 a month) | |
| “Sweep” autosaving feature (moves spare money in account to savings) | |
| Fee | None |
| Requirements | None |
| Notes | Shared FSCS protection with HSBC |
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 (ended)
Until 31 August 2023 Halifax is offering up to £225 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 £225.
| Switching bonus | £150 |
| Bonus paid | Within 3 working days of completing the switch |
| Additional cashback bonus | Up to £75 (three x £25) |
| Additional cashback paid | By the 20 of the following month |
| Open to existing customers | Yes |
| Requirements | Open a new Reward or Ultimate Reward account |
| Switch using the Current Account Switch Service and close your old account | |
| The old account must be from a different bank | |
| Additional cashback requirements | Spend £750 a month in some or all of September, October and November 2023 with the debit card |
| Exclusions | Offer limited to once per person |
| Not have received a switching bonus from Halifax or Lloyds since April 2020 | |
| Offer ends | 31 August 2023 (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) and July/August 2022 (£150).
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.
| Benefits | Choice 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) |
| Requirements | Pay 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? | Three accounts in total |
| Exclusions | Your chosen Reward and qualifying method are fixed for 12 months |
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 (ended)
You can get a £200 bonus when switching to the HSBC Advance current account, but that could be increased to as much as £250.
Cashback site Quidco is offering £40 extra when you apply via their site.
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 | £200 cash |
| Additional Quidco cashback | £40 when you apply via Quidco |
| £10 extra when you sign up to Quidco | |
| Bonus paid | Money paid within 30 days of completing the switch |
| Open to existing customers | No |
| Requirements | Open a new HSBC Advance current account |
| Pay £1,500 into the account within the first 60 days in one or more deposits | |
| Switch 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 | |
| Exclusions | Not had an HSBC current account on or since 1st January 2020 |
| Not opened a First Direct 1st account since 1st January 2020 | |
| Offer ends | 3 July 2023 |
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.
| Benefits | HSBC “home & away” offers |
| Interest | Access to 3.25% limited access account on up to £10,000 |
| Access to 5% ER (fixed) regular saver | |
| Fee | None |
| Requirements | Qualify for a £1,000 overdraft |
| Notes | Shared 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 switching bonus
The new switching bonus from Lloyds Bank is worth £175 and runs from Tuesday 19 September to 14 November 2023. Once the switch has completed you’ll get the payment within 3 working days.
It’s only for Club Lloyds, Club Lloyds Silver and Club Lloyds Platinum accounts and only for new accounts.
Existing Lloyds customers can take advantage though you don’t qualify this time if you’ve received a switching bonus from Lloydsor Halifax since April 2020.
Only one payment will be made per customer, so you can’t get it twice via joint accounts.
All the details on how to do this, and my full analysis of the offer can be found here.
| Switching bonus | £175 |
| Bonus paid | Within 3 working days of completing the switch |
| Open to existing customers | Yes |
| Requirements | Switch into a new Club Lloyds, Club Lloyds Silver or Club Lloyds Platinum account |
| Switch using the Current Account Switch Service and close your old account | |
| The old account must be from a different bank | |
| Exclusions | Offer limited to once per person |
| Cannot have received a switching bonus from Lloyds or Halifax since April 2020 | |
| Offer ends | 14 November 2023 (last date to start the switch) |
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 this requires two active direct debits. However you can get higher interest rates elsewhere.
| Benefits | Choice of 6 cinema tickets (Odeon or Vue) / Disney+ / Gourmet Society membership / Magazine subscription |
| Limited cashback with retailers via debit card | |
| Save the Change auto-savings feature | |
| Interest | 1.5% AER variable interest on balances between £1 and £3,999 |
| 3% AER variable interest on balances between £4,000 and £5,000 | |
| Access to 6.25% AER (fixed) regular saver | |
| Fee | £3 a month (£0 if you pay in £2,000 every month) |
| Requirements | Two active Direct Debits (to receive interest on balance) |
| Multiple accounts? | One personal and one joint |
| Exclusions | Your chosen Lifestyle Benefit is fixed for 12 months |
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 (ended)
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.
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, though these haven’t run in 2023.
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.
Monzo
Monzo is one of the original digital-only banks. There are three options:
- Free (full review)
- Plus (full review)
- Premium (full review)
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
*11 June – I think this offer may have been paused. Ask friends if they still have a link you can use that explicitly mentions the £5*
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. 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 14 February 2023, with no published end date. You can get £200 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 | £200 |
| Bonus paid | Within 7 Days of completing criteria |
| Open to existing customers | Yes (more here) |
| Eligible accounts | Select, Reward, Premier Select or Premier Reward (for new customers, longer list for existing customers) |
| Requirements | Pay in £1,250 within 60 days |
| Log on to online or app banking within 60 days | |
| 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 | |
| Exclusions | Offer limited to once per person |
| Offer ends | 8am Monday 11 September 2023 |
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. It also ran 24 January 2022, and runs until 7 April 2022 offering £150. A £175 offer ran September to November 2022.
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 a 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 | |
| Interest | Access to 6.17% (variable) AER Digital Monthly Saver (max £150 a month) Read more |
| Fee | £2 a month |
| Requirements | Two 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 |
| Notes | You need to withdraw your rewards to use them |
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+ Get a £17 Quidco bonus (new members only). More details
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Get a £17 Quidco bonus (new members only). More details
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 decent switching offer restarted 21 September 3 2023, offering £200.
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 | £200 |
| Bonus paid | Within 10 days of the switch completing |
| Open to existing customers | Yes (more details here) |
| Requirements | Open a new or already have a 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 | |
| Not received a bonus from a switching ofer since August 18 2021 | |
| Offer ends | Unknown |
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 was replaced by the new switching offer in August 2021.
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.
| Benefits | 0% overdraft for the first 12 months |
| Interest | 5% AER (fixed) interest on the first £1,500 saved for 12 months (drop to 0.25% after a year) |
| Fee | None |
| Requirements | Pay in £1,000 a month |
| Multiple accounts? | Two – one personal and one joint |
| Notes | Transfers in from other Nationwide accounts don’t count towards the £1,000 |
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)
RBS launched a £200 switch deal on 14 February 2023.
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 | £200 |
| Bonus paid | Within 7 Days of completing criteria |
| Open to existing customers | Yes (more here) |
| Eligible accounts | Select, Reward, Premier Select or Premier Reward (for new customers, longer list for existing customers) |
| Requirements | Pay in £1,250 within 60 days |
| Log on to online or app banking within 60 days | |
| 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 | |
| Exclusions | Offer limited to once per person |
| Offer ends | 8am Monday 11 September 2023 |
The previous offers include £150 from 3 February 2022 until 21 April 2022 and £175 in October 2022.
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 | |
| Interest | Access to 6.17% AER (variable) Digital Monthly Saver (max £150 a month) Read more |
| Fee | £2 a month |
| Requirements | Two 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 |
| Notes | You need to withdraw your rewards to use them |
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 (ended)
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 Edge Up, which has a £5 fee but also offers interest, and the 123 Edge which is £3 a month. Both provide cashback on your household bills.
Santander cashback offer – £25
If you apply for a Santander Everyday, Edge or Edge Up current account via Quidco or TopCashback there’s a £25 cashback payment. You can join Quidco or TopCashback for a welcome bonus here.
You can now no longer get a 123 or 123 Lite account, though they’ll remain open for existing account holders.
Santander switch offer (finished)
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, Edge, Everyday, Select or Private account. Here’s my full analysis.
| Switching bonus | £200 |
| Bonus paid | Around 90 days after requesting the switch |
| Open to existing customers | Yes (more here) |
| Requirements | Open a new or hold an existing 123, Edge, 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 ends | 23:59 on 9 February 2023 (last date to start switch process) |
Santander Edge benefits
This account replaces the 123 Lite, though it’s not quite the same. My full review is here.
| Benefits | 1% cashback on some bills (£10 cap) |
| 1% cashback on some debit card spending (£10 cap) | |
| 7% interest on balances up to £4,000 in a separate account (review here) | |
| Fee free spending abroad | |
| Fee | £3 a month |
| Requirements | Pay £500 into the account each month |
| Have at least 2 direct debits | |
| Paper free | |
| Over 18 and live in the UK | |
| Multiple accounts? | One personal and one joint |
Santander Edge Up benefits
This account replaces the full 123. My full review is here.
| Benefits | 1% cashback on some bills (£15 cap) |
| 1% cashback on some debit card spending (£15 cap) | |
| 3.5% interest on balances up to £25,000 | |
| Fee free spending abroad | |
| Fee | £5 a month |
| Requirements | Pay £1,500 into the account each month |
| Have at least 2 direct debits | |
| Paper free | |
| Over 18 and live in the UK | |
| Multiple accounts? | One personal and one joint |
Andy’s podcast
Listen to Cash Chats, Andy’s award-winning podcast. Episodes every Tuesday.
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 (expired)
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 customers | No |
| Requirements | Open a new Triodos current account via a referral link |
| Put £100 in the account within 30 days | |
| Offer ends | Ongoing |
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.
| Benefits | Ethical banking |
| Fee | £3 a month |
| Requirements | None |
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 switching offer
A new switching deal runs 18 September 2023 worth up to £210. There’s no set end date, but it’ll likely be in October.
It’s also possible to get an extra cashback bonus via cashback sites Quidco and TopCashback, and from the accounts themselves. Read my full analysis here.
| Switching bonus | £150 |
| Additional bonus | Double cashback for six months (Up to £60 total) |
| Cashback site bonus | Up to £40 |
| Bonus paid | By 30 November 2023 |
| Open to existing customers | Yes |
| Switching requirements | Switch using the Current Account Switch Service and close old account by 31 October 2023 |
| Add or switch two active direct debits | |
| Use the debit card | |
| Log in to online or app banking | |
| Additional bonus requirements | Make 20 debit card transactions per calendar month for six months |
| Cashback site bonus requirements | Make two debit payments in three of the four months from opening Pay in £500 a month in three of the four months from opening |
| Exclusions | Not already have received a TSB switching bonus since 1 October 2022 |
| Offer limited to once per person and account | |
| Offer ends | Unknown (likely at some point in October 2023) |
TSB cashback offer
If you don’t want to switch you can earn cashback from both Quidco or TopCashback when opening either the Spend & Save account or the Spend & Save Plus account. The amounts are usually £20 to £30 for the former and £40 for the latter.
You don’t need to follow the separate Spend & Save requirements to get the cashback. If you’re new to either cashback site you can also get a welcome bonus, though it won’t track on this offer as both require a minimum spend.
| Cashback bonus | £20 (Spend & Save) / £40 (Spend & Save Plus) |
| Bonus paid | Within 180 days of the account being opened |
| Open to existing customers | No |
| Requirements | Open 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) | |
| Exclusions | You can only get payment from TopCasback for opening one account |
| You can’t already have any TSB current account | |
| Offer ends | Unknown |
TSB Spend & Save account benefits
I think the effort to use your debit card 20 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 earning 2.52% AER | |
| Save the pennies autosavings feature | |
| Fee | None |
| Requirements | Make 20 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 earning 2.52% AER | |
| Save the pennies autosaving feature | |
| £100 interest-free overdraft buffer | |
| Fee-free spending overseas | |
| Fee | £3 a month |
| Requirements | Make 20 debit card payments each calendar month |
| Multiple accounts? | TBC |
Which bank has the best app?
Find out which mobile banking apps I rate – and which ones are best avoided
Ulster Bank
Ulster Bank sometimes offers a switching bonus.
Ulster switching offer (ended)
Ulster launched a £200 switch deal on 14 February 2023.
As with Natwest and RBS when it has run it’s been available to existing customers. Though technically you can’t get the money from Natwest and RBS too, some have been able to.
I’ve written a full analysis of this Ulster Bank offer with more details on how it works here.
| Switching bonus | £200 |
| Bonus paid | Within 7 Days of completing criteria |
| Open to existing customers | Yes (more here) |
| Eligible accounts | Select (for new customers, longer list for existing customers) |
| Requirements | Pay in £1,250 within 60 days |
| Log on to online or app banking within 60 days | |
| Not have received a switching bonus from Ulster, RBS or Natwest between 1 October 2017 and 13 February 2023 | |
| Switch using the Current Account Switch Service and close your old account | |
| You must start the switch from the Ulster website or your mobile app | |
| The old account must be from a different bank | |
| Exclusions | Offer limited to once per person |
| Offer ends | 8am Monday 11 September 2023 |
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 (ended)
Virgin Money has offered six different switching offers since December 2020 under the name “Brighter Money Bundle”. The latest is for 25% cashback on supermarket and fuel shopping (details here).
Until 31 October 2022 you can also get an extra £30 Amazon voucher if you open the account via the budgeting app Snoop, and there’s a £5 Amazon welcome offer when you sign up too
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)
- 20,000 Virgin points (April 22 to August 22)
Here’s more on the current deal.
| Switching bonus | 25% cashback on supermarket and fuel spending for 60 days, up to £160 (more details) |
| Bonus paid | You’ll get an email with the details to start earning cashback within 14 days of meeting the switching criteria, then you have 60 days to earn the money |
| Extra offer | £30 Amazon if you apply and switch via Snoop, and a £5 voucher if you’re new to Snopp until 31 October 2022 (more here) |
| Open to existing customers | No |
| Requirements | Open 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 Virgin Cashback in the app | |
| Exclusions | Not had a Virgin Money, Clydesdale, Yorkshire Bank current account since 30 April 2022 |
| Not previously had a “Bundle” or “Points” switching offer from Virgin Money | |
| Offer ends | Midday 30 September 2022 |
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.
| Benefits | Fee-free spending overseas |
| Discounts with other Virgin brands | |
| Interest | 2.02% AER (variable) on the first £1,000 saved |
| 2.52% AER (variable) in linked M Plus Saver easy access account (up to £25,000) | |
| Access to 3% AER (variable) Cash ISA & 4.25% one year fixed ISA | |
| Fee | None |
| Requirements | None |
| Multiple accounts? | Only one solo account and one joint account |
Hello Andy,
I currently have an HSBC advance account and would like to do the switch offer with TSB. IF I have an advance opened after January 2020, do you know if I will get the £175?
Thanks,
Hi Andy,
I just switched to Barclays Avios Rewards to receive the 25000 Avios, however as it says we only receive after 4 months, that means I can only switch to Barclays Blue Rewards after 4 months in order to receive the 25000 avios points?
Does anyone know if i can switch from my second Starling account to get a switch offer.Unsure as when opened a second Starling account they make you share your debit card with the first account.But you do get a seperate sort code/acc numbers.As wish to keep the first starling account but not the second?
Thanks.
Mark.
Seems like Coops £125 refer a friend is back, though not being marketed as a switching deal. Might be worth letting people know
Top cashback have just upped their HSBC Advance cashback to £42 beating Quidco if you aren’t a new user
Hi Andy,
Can a Revolut account be used to get the switching bonus deals?
Revoult does not participate in Current Account Switching Service so no
Hi Andy,
Thanks for all your work, I’ve discovered your guides a few weeks ago and I’ve already started getting some of the bonuses!
I wanted to do the Co-op refer a friend next but unfortunately I don’t know anyone with a Co-op bank account. Do you or someone else here have an account and would be happy to share their details with me so I can sign up?
Thanks!
Did you manager to sort This?
Hi, i run a voluntary community club, and have a HSBC community bank account ( i deposit cash (coins) monthly and have 5 annual bank transfer payments each year, i also make a monthly bank transfer (variable amounts to the same payee) .
My Question: which is the best community type bank account that has fewest charges, and pays interest.
OR is it better to have a normal current bank account or business bank account? .
Thanks
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.
Hi Andy, The Virgin ROI needs update.
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.
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.
Thanks Karl, really useful
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?
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)
Thanks for that tip. Will try it next month.
Might rescue me from my coffee addiction.
RBS is now asking for crazy ID for new account/switching.
Not only ID like passport but ALSO LIVE VIDEO to prove it is you. What’s next, anal probe and cheek swab?
And it is handled by a 3rd party I have never heard of (and trust even less than banks).
Who gave RBS the right to ask for more proof of ID than the government requires for their purposes?
Is it worth trading your own biometric data for the switching bonus? Not sure.
I want to go back to barter.
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.
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
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
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.
Hi Mary, yes I think that all sounds like a good plan. And absolutely you could use £500 from Revolut for Santander
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?
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
Ahh i see, get you. Thanks so much for the response, most helpful, i learn so much from you 🙂
Hi Andy, in the Halifax section the amount you have written still says £100 not £125 🙂
Ta!
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
HI Stuart, at the moment sadly not. It’s usually one bonus per person regardless of the number of accounts.
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!
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
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
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?
One of each – so one Natwest and one RBS Digital Regular Saver
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?
Yes, you can do that to any account. You just need to check if the other account has any requirements
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.
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?
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.
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
Thanks Julia! So glad I can help.
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.
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.
Great! Thanks Andy. Brilliant website 🙂
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.
Hi Christa. It’s in the current account for the 2.02%
Great – thank you.
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/
Can I transfer my money from the Clydesdale savings account to the virgin money current account
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.
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.
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.
Yup, Santander can do one. Scottish resident and our water is part of our council tax so no 3% cash back from October.
Is the natwest bank still offering a “golden welcome” of £175.00? when transfewrring your current account.
All the welcome bonuses were stopped or paused when the lockdown began. Hopefully some will return but there are none on offer right now.
Hi Andy!
What is the best way to hold your savings in a bank? I have a Barclays Instant Cash ISA at the moment, but the rate only 0.40% (£1 to £29,999).
I would not take a big risk. I can fixed that saved money for a while (1 year) it is necessary.
https://www.barclays.co.uk/savings/isas/
Could you offer a better one?
Thanks.
Hi, yes you can definitely beat that. Marcus has an easy access account offering 1.2% so that’s possibly your best bet. https://becleverwithyourcash.com/cash-savings-beat-inflation/
Is the Natwest/RBS switch £175 offer still available? I don’t see anything mentioning this on the banks’ websites.
Thanks for letting me know. It looks like Natwest, RBS and HSBC have all ended their switching incentives early due to the Coronavirus. The only free cash right now is £100 from First Direct, £100 if a friend refers you to Nationwide, £50 for signing up to TSB via Quidco and £20 from Monese. I imagine this could change again!
The TSB deal with Quidco is rubbish, I opened my account on Dec 12th and despite having contacted Quidco 5 or 6 times (with responses to just wait and wait and wait) nothing has happened to get the credit into my Quidco account.
Hey Martin, good to know. Did it come through as tracked or did it hit confirmed?
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
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.
I had my £50 from quidco for the opening of the TSB account even after I closed it as well
Can I switch from Natwest to RBS and still receive the switch reward?
Yes, as long as you’ve not had a bonus from RBS or Natwest since late 2017
One of your stated Requirements for Natwest is:
Can’t have received a bonus from RBS
However I can’t see this reference anywhere in the T&C’s of the new switch offer. So presume this condition no longer apply?
Hi Nelo, I’ve downloaded the new T&Cs and the RBS line is still in there
as per today Tesco has stopped accepting new applications for the bank accounts – temporarily?
Does switching adversely affect one’s credit score?
There will be a credit check when you apply to open most current accounts, so it’s worth a) checking your credit report for any errors before applying, and b) avoiding any credit applications – if you can – if you’re planning on getting a mortgage in the next six months. Also, one thing that credit reports do like is a long relationship with a bank, so potentially moving away from someone you’ve been with for a long time could see your score dip. But you should be ok to go through with a switch absolutley fine.
Hi,
Im going to open my firt account and I feel a bit lost. I would be interested on Nationalwide which offer:
5% interest on balances up to £2,500 for the first year, 1% after.
Does it means if the interest gross is 4.89% per month , Could I get profits up to £122.25 per month with a balance of £2,500? is that correct?
Thanks,
Hi, no it’s annual. So you’ll get 5% on £2500 if there’s £2500 there the whole year
It seems you can also get the £150 bonus at NatWest by switching to their fee free current account. Just wandering if the other banks offering switch incentives have a similar range of options?
Hi, I don’t think the monese offer is correct. You dont get £15 for simply creating an account. You have to refer a friend who thensets up an account and deposits something into it.
You should get £15 for opening the account and making a transaction via the link in the article. You can also get a further £15 for referring friends who do the same.
HSBC NEVER RESPONDED TO MY APPLICATION TO SAY IF I COULD HAVE IT OR NOT .
Hi I joined nationwide last year and I referred my uncle so we could get the £100 bonus,but recently received an email saying that we where not entitled to it, so just be careful with these things.
Yes, always check the terms and conditions before signing up to any offer. What happed to you Tracy? Had your uncle already had the account?
Hi,
Switching via a refer a friend to Nationwide Current Account for the £100 offer but also wanting to open the FlexDirect. Just to clarify, if someone already has the savings FlexDirect, and you get a referral, are you entitled to another £100 bonus on top of opening the regular account?
Hi Jo, you can only get a referral credit of £100 if you aren’t a Nationwide customer. If you already have a current account with them then you won’t get the bonus.
Hi – I don’t think Halifax is having current account switch offer.
HSBC have refused to pay out becuase I previously had an account with them in the last 3 years so beware!
Lloyd’s Club current account give you limited Cashback also access to a club Lloyd’s Monthly saver currently at 2.5%
In the Summary box at top of this article under Other Offers it indicates that Bank of Scotland offer free magazines or cinema tickets in addition to the 1.5% interest. I think that needs correcting as I believe it is only Lloyds Club account offers those extra incentives.
Why does First Direct pay you extra £100 if you leave within twelve months but after 6 months? Do they want you to leave after 6 months???
I think they hope it’ll attract people to switch but then not move on again. It does win lots of awards for customer service.
M&S switching offer to get the £125, it says on their website need to have four active direct debits, not two as stated under requirments in the post
Thanks Jan, they must have changed it. Will double check and update the post
Oh I see… it’s not clear, I took “Swtich on” to mean switching accounts… but one finds it on the Ts&Cs… strange way to advertise!
https://www.barclays.co.uk/important-information/blue-rewards-terms-and-conditions/
Yes you’re right – there are two offers! So if you’re already with Barclays you can get double rewards for the first month, and if you switch to Barclays you get double rewards for a year! They really should make it clearer
Yes you’re right – there are two offers! So if you’re already with Barclays you can get double rewards for the first month, and if you switch to Barclays you get double rewards for a year! They really should make it clearer
Barclays site is slightly confusing… states double rewards for one month if switch before 31st October… says “Get a £14 loyalty reward when you pay two Direct Debits” whilst at bottom in two places says “We’ll give you £3.50 cashback monthly for your first 2 Direct Debit payments” or “£7 every month”- so the £14 per month might only be for one month… Unless I’ve missed something, the reality is it might be it’s worth £55 total…
I wonder if Halifax will increase their switching bonus to £125 in the next few months, just as they did earlier this year…
It’s been a while since it’s offer was over £75 but I wouldn’t be surprised if it does increase at some point
Be great if you could separate the switch ones from the regular sign up offers.
Are there any other tricks, I have a few of these already and don’t necessary want to lose the accounts, but happy to sign up for new accounts to get the bonuses.
Thanks James, yes I can do something on this.
TSB = the shit bank
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
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.
With TSB you get £5 for using your debit card 20 times, doesn’t need to be contactless