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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.

  • TSB – £50 via cashback site, plus 1.5% interest
  • First Direct – ** PAUSED FOR NEW APPLICATIONS ** £100 switching bonus and another £100 if you leave, 2.75% Regular saver 

Interest and regular saver accounts

Cashback accounts

  • Santander 123 – 1% interest (0.6% from August 2020) and up to 3% cashback on bills after fee
  • Santander 123 Lite  – Up to 3% cashback on bills after fee

Reward offers

  • Halifax – £5 a month “reward” or cinema tickets/movie rentals after fee
  • Natwest –  up to £3 monthly reward after fee 
  • RBS – up to £3 monthly reward after fee
  • Lloyds – free magazine subscription or cinema tickets, plus up to 2% interest
  • Barclays – Earn £3 a month for a year (after fee) 
  • Co-Op – Earn up to £5.50 a month extra

Fee-free overseas spending

Also, the Virgin Money account

** 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 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

 


*Halifax switching offer*

Halifax ended its switching bonus in late June 2019, though it could return. The Reward account changed massively in June 2020 – here’s my analysis.

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


*First Direct switching offer*

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

* Currently closed to new applicants due to Coronavirus *

You get

  • £100 bonus when you switch
  • £100 if you leave after six months
  • £250 0% overdraft
  • Access to 2.75% regular saver
  • Your friend can get £50 if they refer you, though you’d probably only get the standard £100 bonus

Requirements

  • You need to pay in £1,000 within three months of opening the account
  • You have to switch from and close your old account

> Switch to First Direct and get £50

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*HBSC Advance current account offer*

HSBC often runs a switching deal for £150/£175.

You get

  • Access to 2.75% 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*

The 5% interest offer is falling to 2% at the start of May so make sure you apply ASAP for this account if you haven’t already had the offer. It’s possible to have both a solo and joint account with 2% for one year.

** REFERRAL SCHEME CURRENTLY PAUSED – I’ll update it if it returns **

You get

  • 2% interest on balances up to £2,500 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
  • 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!) CURRENTLY PAUSED

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 Classic current account offer*

There’s been a £100 or £125 switching bonus a few times each year but none for a while

You get

  • £50 for opening an account via Quidco 
  • 1.5% interest on balances up to £1,500 (only with Classic Plus account). 

Requirements

  • You need to pay in £500 and make two transactions a month for the Quidco cashback
  • You need to register for internet banking and paperless statements

> Open a TSB account via Quidco

> Not used Quidco before? Get a £17 new member bonus

> Switch to TSB Classic Plus Current Account 

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*Lloyds Club current account offer*

In October 2019 Lloyds offered its first bonus (£125). This could return in 2020.

You get

  • 1% on balances up to £3,999, 2% between £4,000 and £5,000
  • 6 free cinema tickets, a Rakuten movie rental a month, 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

> Switch to Club Lloyds Current Account

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

M&S stopped its bonus in January 2020.

You get

  • No bonus at present
  • Access to a 2.75% regular saver

Requirements

  • N/A

> Switch to M&S Bank


*Natwest Reward current account offer*

In both 2018 and 2019 Natwest offered various switching bonus on three occasions. 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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*RBS Reward current account offer*

RBS has offered a £150 bonus a few times, so watch this space. 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 an RBS Rewards Current Account

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*Santander 123 current account offer*

From time to time there’s a £50 referral fee. There are two accounts, the 123, which has a £5 fee but also offers interest, and the 123 Lite which is £1 a month. Here’s my full comparison of the two accounts.

123 Account

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. (Capped at £5 per tier)
  • 1% interest on balances up to £20,000 (falls to 0.6% in August 2020)
  • 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

123 Lite Account

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. (Capped at £5 per tier)
  • Limited additional cashback offers

Requirements

  • You need to pay a £1 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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*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

> Open a Co-operative Bank Current Account

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*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
  • 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

> Switch to Barclays Bank Current Account

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*Bank Of Scotland*

You get

  • 1% on balances up to £3,999, 2% between £4,000 and £5,000

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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*Virgin Money switching offer*

Virgin Money has taken over from Yorkshire Bank and Clydesdale and their digital B Bank.

You get

  • 2.02% interest on first £1,000 in account
  • Fee-free spending overseas

Requirements

  • None

> Switch to a Virgin Money account

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*Monzo account opening offer*

You get

  • Free-free spending overseas (some limits on cash withdrawals)

Requirements

  • None

> Open a Monzo account

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*Monese account opening 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 – 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*

You get

  • Free-free spending overseas 

Requirements

  • None

> Open a Starling account

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