Best bank account switching offers 2025

These are free current and e-money accounts where you can get £100 or more plus other incentives for opening an account. However, for some accounts you will need to switch and close your old account to get the bonus. We have a separate guide on banking apps with sign-up bonuses and other ways to earn free money.

• NatWest – Reward account – £150 switch offer
• first direct – 1st Account – £175 switch offer
• Revolut – Standard account – £20 sign-up bonus offer for new customers

Our expert says: What’s the best switching deal right now?

"first direct’s £175 switching deal is one of the more traditional switch offers, as you get the whole amount as a lump sum once you switch and meet all the eligibility criteria within 45 days. In recent years we’ve seen a lot of switch deals broken down into multiple stages, each offering a smaller separate chunk of cash, which can sometimes take months to complete.

Another huge pro for this switch offer is that you get access to a first direct Regular Saver with 7% AER for the first 12 months. Since the base rate started dropping from 5.25%, we’ve seen a lot of banks lowering their savings rates – but first direct hasn’t budged! If you save the maximum amount of £300 per month into the savings account, after a year you’ll have £136.50 in interest. Overall, that’s £311.50."

Jason Loewenthal

Senior writer

Latest current account switching offers

NatWest Reward Account - £150 switch bonus

8.8 Great

Minimum opening balance	£0.01
Account fees	£2 per month
Interest (AER)	0% AER

£150 for accounts switched using the Current Account Switch Service.

Requirements to get the £150 switching bonus

• Switch to an eligible NatWest Reward account using the Current Account Switching Service
• Switch online or via the NatWest app
• Within 60 days of switching, pay in £1,250 and log in to the NatWest mobile app

Exclusions

• You are not 18+ or live in the UK
• You can only hold a maximum of 1 Reward account in your name, and 1 in joint names
• You won’t be eligible if you’ve ever received cash from a NatWest, RBS, or Ulster Bank switch offer before

Offer ends
This offer is subject to availability and may be withdrawn at any time.

Representative example: If you use an arranged overdraft of £1,200, you'll be charged interest at 39.49% EAR variable. Account fee of £2 per month.

• Pros and cons

  Pros

  • Easy to earn rewards
  • Rewards can be exchanged for cashback, gift cards, e-codes or charity donations
  • Overdraft available
  • FSCS protection

  Cons

  • Monthly fee
  • Interest charged on overdrafts
  • Must pay in £1,250 a month to qualify

• More details

  Minimum opening balance	£0.01
  Minimum operating balance	£0.01
  Switch service guarantee	Yes
  Account fees	£2 per month
  Overseas card transactions	2.75%
  Overseas cash withdrawals	2.75%

Minimum opening balance	£0.01
Account fees	£2 per month
Interest (AER)	0% AER

first direct 1st Account - £175 switch bonus

8.2 Great

See dealRead review

Minimum opening balance	£0
Account fees	£0
Interest (AER)	0% AER

£175 cashback for accounts switched using the Current Account Switch Service, including at least 2 direct debits or standing orders.

Requirements to get the £175 switching bonus

• Switch a current account held elsewhere using the Current Account Switch Service into a 1st Account
• A full CASS switch including at least 2 direct debits or standing orders must be made within 45 days of opening your first direct 1st Account
• Within 45 days, deposit a minimum of £1,000 into your account
• Within 45 days, make 5+ debit card payments
• Within 45 days, register and log onto digital banking
• first direct will perform a credit check

Exclusions

• You have opened a first direct product, or opened an HSBC current account on or after 1 January 2018.

Offer ends
This offer is subject to availability and may be withdrawn at any time.

Representative example: If you use an arranged overdraft of £1,200, you'll be charged interest at 0% EAR variable.

• Pros and cons

  Pros

  • No monthly fee
  • Easy to apply
  • Access to regular saver account
  • Excellent customer service – 24/7 support
  • FSCS protection

  Cons

  • Interest-free overdraft is only up to £250
  • No interest paid on in-credit balances
  • Cannot bank in branch

• More details

  Minimum opening balance	£0
  Minimum operating balance	£0
  Switch service guarantee	Yes
  Account fees	£0
  Overseas card transactions	0%
  Overseas cash withdrawals	0%

Minimum opening balance	£0
Account fees	£0
Interest (AER)	0% AER

See dealRead review

Frequently asked questions

• Why do banks offer switching bonuses?

  Banks want your money. Customer deposits are how they're able to provide lending services such as mortgages and loans, which in return generate their profits.

  But, as we mentioned above, some people hate moving bank accounts. With the notable exception of a few personal finance junkies like yours truly, most people just want to have a bank account that works and then not to think about it ever again.

  So, for banks, getting new customers is quite hard. Switching bonuses are one of the marketing tools available to them to entice people to transfer their accounts and money to them.

• How do I compare current accounts?

  We've got a full answer to this question in our compare current accounts guide.

• Can I switch a joint current account?

  You can switch from a joint current account to another joint current account as long as the other person agrees, so both of you will have to give the bank your consent.

  It's only possible to transfer a joint account to one held by the same people. You can also switch from a one-person current account to a joint current account (but not the other way around).

• Do banks offer switching rewards for student accounts?

  Yes! A range of large high street banks offer student accounts packed with rewards, including free railcards, vouchers, generous overdraft terms, and even cold, hard cash as an incentive to get you to bank with them.

• What other switching rewards can I get?

  By switching, your new bank might offer better deals compared to your old one, such as a cheaper overdraft, cashback on certain payments and a better interest rate on in-credit balances (with the current account itself or for a linked savings account). From time to time, there are also business banking switching offers.

• Does switching banks affect your credit score?

  Switching banks will have an impact on your credit score, as your new bank will run a credit check before approving your application. Learn more about credit scores and switching banks.

• Can I still switch bank account if I’m overdrawn?

  Yes, but your new bank will need to agree to giving you the overdraft amount you need and transferring your existing one across. Otherwise, you may need to agree a way to pay off the overdraft with the new bank instead or pay it off before you switch.

• What should I do if there’s a problem with my switch?

  If something goes wrong with the switching process, such as a direct debit isn’t transferred over, you should contact the bank you’re moving to so it can sort out the problem. Any charges or interest you have to pay because of the problem will be refunded under the Current Account Switch Guarantee with CASS.

To make sure you get accurate and helpful information, this guide has been edited by Liz Edwards and reviewed by Katherine Denham, a member of Finder's Editorial Review Board.

Written by

Kate Steere

Editor

Kate Steere is an editor at Finder, specialising in fintech, banking and cryptocurrency. She has previously written for The Motley Fool UK and Fitch Solutions, where she covered a wide range of personal finance topics and kept a close eye on market trends. Kate has a Bachelor of Arts in Modern History from the University of East Anglia. When not working, she can usually be found curled up with a good book or heading out for a run. See full bio

Kate's expertise

Kate has written 126 Finder guides across topics including:

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