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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.

  • First Direct – £100 switching bonus and another £100 if you leave,  5% regular savings account
  • Halifax – £50 switching bonus then £85 after six months and £2 a month “reward”
  • Natwest –  £125 bonus, another £50 in June 2020 (bonus ends 7th June 2019), 2% cashback on bills after fee
  • RBS –  £125 bonus, another £50 in June 2020 (ends 28th June), 2% cashback on bills after fee
  • HSBC – £175 switching bonus, 5% regular saver
  • Marks and Spencer Bank – £100 gift card, another £80 or £120 after one year, 5% regular savings account

Referral bonuses

  • TSB – £75 referral bonus, 5% interest (drops to 3% on 2nd July)
  • 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.

  • Monzo – £5 free cash when you open an account (no need to switch)
  • Tesco – 1% interest
  • Lloyds – 1.5% interest on savings, free magazine subscription or cinema tickets
  • Bank of Scotland – 1.5% interest on savings
  • Co-Op – Earn up to £5.50 a month extra
  • Barclays – Earn up to £4 a month (after fee)
  • Yorkshire and Clydesdale – no offer since 2017

** 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.

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.


*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

> Switch to M&S Bank


*Halifax switching offer*

You get

  • £50 cash bonus now, another £85 in six months
  • £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

> 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’s now brought back the £100 bonus. Occasionally it increases to £125.

You get

  • £100 bonus when you switch
  • £100 if you leave after six months
  • Access to a 5% Regular Savings account
  • £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 £100 bonus

Requirements

  • You need to pay in £1,000 a month
  • You have to switch from and close your old account

> Switch to First Direct and get £100

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*HBSC Advance current account offer*

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

You get

  • £175 switching bonus
  • No bonus at present
  • 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 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

> Open a Nationwide FlexDirect Current Account

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*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) – ends 30th June 2019.
  • 5% interest on balances up to £1,500, falling to 3% from 2nd July 2019.

Requirements

  • You need to pay in £500 a month
  • You need to register for internet banking and paperless statements

> Switch to TSB Classic Plus Current Account 

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*Lloyds Club current account offer*

You get

  • 1.5% 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 Reward current account offer*

In 2018 Natwest offered a switching bonus on three occasions, and it returned for a month in January 2019.

You get

  • £125 switching bonus now – offer ends 7th June 2019.
  • Another £50 if you still have the account in June 2020.
  • 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 RBS

> 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.

You get

  • £125 switching bonus now – offer ends 28th June 2019.
  • Another £50 if you still have the account in June 2020.
  • 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 Natwest

> Switch to an RBS Rewards Current Account

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*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.

> 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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*Tesco Bank current account offer*

It’s possible to open two accounts and get 1% on each one. Customers with accounts prior to 1st March 2019 will get 3% interest until 14th June 2019.

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

> Switch to Tesco 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 £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

  •  1.5% 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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*Monzo account opening offer*

You get

  • £5 for opening an account via the link below

Requirements

  • Spend once with your Monzo card

> Open a Monzo account

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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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