Switching & referral deals
You must switch and close your old account to get the headline bonuses listed below.
- First Direct – £100 switching bonus if you leave,
- Metro – £50 referral bonus
- TSB – £30 cashback for opening an account
- Virgin Money – £180 of free wine, 2.02% on £1,000
High-interest current accounts
- Nationwide – 2% interest for one year on £1,500
- Virgin Money – 2.02% on £1,000. 1% fixed rate ISA
Cashback accounts
- Santander 123 – 0.6% interest 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
- Barclays – Earn £3 a month for a year (after fee)
- Co-Op – Earn up to £5 a month extra
- TSB – Up to £5 a month for first six months
Fee-free overseas spending
- Starling
- Virgin Money – Plus £180 free wine & 2.02% interest on £1,000
- Monese
- Monzo
Overdrafts
- First Direct – £250 interest-free overdraft
- Halifax – 0% overdraft for six months if you switch
- Marks and Spencer Bank – £250 interest-free overdraft
- Nationwide – 12 months interest-free overdraft
- Monzo – possible 19%, 29% or 39% overdraft
- Starling – possible 15%, 25% or 35% overdraft
Budgeting accounts
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
I’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**
November round-up of the top bank account offers Watch this video for a quick summary of the best deals for opening or switching an account.
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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 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. 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
*Barclays Blue Rewards offer*
Barclays occasionally offers double Blue Rewards for a year as a switching incentive so it’s best to wait for one of these to switch. Here’s my blog post asking Is the Barclays Blue Reward worth switching for?
Barclays Blue benefits
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
> Switch to Barclays Bank Current Account
*Bank Of Scotland*
Vantange Account benefits
The Vantange add-on is available to Classic, Silver, Gold and Premier accounts. You get
- 0.6% on balances up to £3,999, 1.5% between £4,000 and £5,000 (equivalent to 0.78% if hold full £5,000)
Requirements
- Pay in £1,000 a month
- Stay in credit each month
- Pay two Direct Debits a month
> Switch to Bank of Scotland
*Co-operative Bank current account offer*
Everyday Rewards benefits
The Everyday Rewards offer is available on the Co-op Current Account but you need to Opt-In. You get
- £2 a month credit
- 5p cashback each time you use your debit card to a max of £3 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
*First Direct switching offer*
£100 switching bonus if you leave
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, and there’s the chance to get another £100 if you don’t like the account. However, the account is now only offering a £100 bonus if you leave after six months but within a year. The money is paid 28 days of leaving.
- You need to let the bank know you are unhappy within 12 months
- All First Direct products (so savings accounts, mortgages etc) will be closed
- You need to pay in £1,000 a month for six months
- You have to have switched from and closed your old account
First Direct account benefits
You get
- £250 0% overdraft
- Access to 2.75% regular saver
Requirements
- None
> Switch to First Direct and get £100 if you leave
*Halifax Rewards switching offer*
£100 switching bonus
Halifax was the first to bring back switching bonuses since lockdown began (and the first time it ran the offer since late June 2019). It was due to end on 14th September but closed early on the 8th September.
Halifax Reward account benefits
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
*HBSC Advance current account offer*
HSBC often runs a switching deal for £150/£175. The latest offer in September 2020 was £125.
£125 switching bonus
The switching offer last ran from September 2020 until late November 2020.
HSBC Advance benefits
You get
- Nothing special
Requirements
- You must pay in £1,750 every month or £10,500 over 6 months
> Switch to HSBC Current Account
*Lloyds Club current account offer*
£100 Switching offer
In October 2019 Lloyds offered its first bonus (£125). It came back (at £100) in September 2020 for the Club Lloyds account and ended in early November.
Club Lloyds benefits
Here’s my review of the account and analysis of the different freebies. You get
- 6 free cinema tickets, a Rakuten movie rental a month, an annual Gourmet Society subscription or an annual magazine subscription
- 1% on balances up to £3,999, 2% between £4,000 and £5,000 (drops on 1st October 2020)
- Access to a 1.5% monthly saver
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
*Marks and Spencer Bank (M&S Bank) switching offer*
M&S last ran its bonus in January 2020.
You get
- £250 interest-free overdraft
Requirements
- Must switch and pay in 2 direct debits for the monthly saver account
> Switch to M&S Bank
*Metro Bank current account offer*
£50 switching offer
Metro has introduced a brand new referral offer. You can get £50 until 18th December 2020. People referring friends have until 11th December to invite people. You’ll get the payment within 30 days of meeting the criteria (so that’s at least two months, if not longer after switching).
- £50 if you switch with a referral code by 18th December 2020
- Pay in at least £500 in each of the first two months
- Make 10 debit card purchases in the first two months
- Log in to internet or mobile banking within one month
- Only for new customers opening a retail or banking current account
> Switch to a Metro Current Account (using my referral code)
*NatWest Reward current account offer*
In both 2018 and 2019 Natwest offered various switching bonuses on three occasions. It returned in October 2020.
£125 switching bonus
The bonus for switching into a Select or Rewards account finished on 19th November 2020.
Natwest Reward benefits
This account used to offer cashback on bills, but 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
*Nationwide FlexDirect offer*
£100 referral scheme
** REFERRAL SCHEME CURRENTLY PAUSED – I’ll update it if it returns **
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!)
Nationwide FlexDirect benefits
The 5% interest offer fell to 2% at the start of May. It’s possible to have both a solo and joint account with 2% for one year. Here’s my review of the account.
You get
- 2% interest on balances up to £1,500 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
Requirements
- You need to pay in £1,000 a month to get the interest
> Open a Nationwide FlexDirect Current Account
*RBS Reward current account offer*
£100 switching offer
RBS has offered a £150 bonus a few times, with a £100 offer returning in September 2020 but ending in November 2020.
RBS Reward account benefits
You get
- Up to £5 a month (before fee) on Reward Account
- Limited additional cashback offers (eg Argos)
Requirements
- You need to pay a £2 a month fee for Reward account
- Have two direct debits of £2 or more
> Switch to an RBS Rewards Current Account
*Santander 123 current account offer*
From time to time there’s a £50 referral fee, though there hasn’t been one for a long time. There are two accounts, the 123, which has a £5 fee but also offers interest, and the 123 Lite which is £1 a month. There have been big changes in 2020 and more are coming in October. Here’s my full comparison of the two accounts.
123 Account benefits
You get
- 1% cashback on Council Tax, mobile, TV, phone and broadband bills (Capped at £5 a month)
- 2% cashback on gas and electricity bills (Capped at £5 a month)
- 3% cashback on water bills (Capped at £5 a month)
- 0.6% 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
123 Lite Account
You get
- 1% cashback on Council Tax, mobile, TV, phone and broadband bills (Capped at £5 a month)
- 2% cashback on gas and electricity bills (Capped at £5 a month)
- 3% cashback on water bills (Capped at £5 a month)
- Limited additional cashback offers
Requirements
- You need to pay a £2 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
*TSB current account offer*
The Classic Plus account has been closed to new customers and the interest rate for existing users will drop from 1.5% to 0% on December 2nd 2020. It’s been replaced by the Spend and Save account.
£30 for opening an account via Quidco
Though in the past there have been a £100 or £125 switching bonus, I haven’t seen these for a while. However you can get £30 cashback from Quidco for opening an account (down from £50)
- Keep the account open for at least 120 days
- You need to pay in £500 in three of the first four months
- Make two debit transactions (debit card, direct debit, standing order) a month in three of the first four months
- Payment takes up to six months (full details on Quidco site).
- £5 a month (first six months only)
I’ve had confirmation from Quidco that you can’t get this if you previously got cashback on a TSB current account from them.
> Open a TSB account via Quidco
> Not used Quidco before? Get a £17 new member bonus
TSB Spend and Save benefits
Here’s my review of the new TSB account. You get
- £5 a month (first six months only)
Requirements
- Spend 30 times on your debit card each month
> Switch to TSB Spend and Save Current Account
*Virgin Money account offers*
Virgin Money has taken over from Yorkshire Bank and Clydesdale and their digital B Bank. Here’s my review of the bank.
Virgin Money switching incentive
You can get free wine valued by Virgin at £180. To qualify for the free wine incentive you need to :
- Apply online for a Virgin Money Current Account for the first time
- Not have an existing Virgin Money, B, Clydesdale or Yorkshire Bank account or closed one since 30th September 2020
Then within 31 days you also need to:
- Download the register for the Virgin Money app
- Complete a full switch using the Current Account Switch Service
- Transfer two Direct Debits and keep them active until you receive the wine offer code
- Pay in £1,000 to the linked Instant Access savings account, and keep it there until you receive the wine offer code
You’ll then be sent a voucher to claim your case of wine after you’ve done this. At the moment the code will be valid until the 31st December 2021.
Virgin Money benefits
You get
- 2.02% interest on first £1,000 in account
- Fee-free spending overseas
- Discounts on other Virgin brands
- Access to a 1% fixed rate ISA
Requirements
- None
> Switch to a Virgin Money account
*Monzo account offers*
Here’s my review of Monzo. You get
- Free-free spending overseas (some limits on cash withdrawals)
- Budgeting features
Requirements
- None
> Open a Monzo account
*Monese account 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 DUE TO COVID – 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
*Starling account opening offer*
Click to read my full review of Starling Bank. You get
- Free-free spending overseas
- Budgeting features
Requirements
- None
> Open a Starling account
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