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.
Get £175 When You Switch
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Our expert says: What’s the best switching deal right now?
"first direct’s £175 switching deal is the highest available on the market. This 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. 2024 has 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 dropped from 5.25% to 5% then 4.75%, 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.
Nationwide also offers £175 for switching to 1 of 3 accounts: FlexPlus (£13 a month), FlexDirect or FlexAccount (no account fee for either of these). If you were to open a FlexDirect account, you could earn 5% AER (fixed) on the first £1,500 you have in the account, but you need to pay in at least £1,000 each month to activate this rate. If you paid in £1,500 on the first day and left it there for a year (while making the £1,000 monthly deposit), you’d earn £75 in interest.
You can also earn 1% cashback on debit card purchases, up to £5 a month for the first 12 months. To hit that £5 cap you’d need to spend £500 each month, which could earn you up to £60 from cashback in a year.
So with the £175 switching bonus, interest of £75 and £60 in cashback, you could pocket £310 after 12 months with FlexDirect – similar to first direct’s deal."
£150 cashback for accounts switched using the Current Account Switching Service provided at least £1.5K credited and 2 direct debits active within 60 days of request.
Requirements to get the £150 switching bonus
Switch a current account held elsewhere using the Current Account Switch Service, switching to Santander’s Edge Up, Edge or Everyday account
A full Current Account Switch Service (CASS) including at least 2 direct debits
Within 60 days, pay in a minimum of £1,500
Exclusions
Must be over 18 and live in the UK permanently
Must be a UK resident
You switch from an account held with Satander, cahoot or Cater Allen
Must not have previously received a switch incentive from Santander since September 2021
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 39.94% EAR variable.
Pros
Easy to apply
No overeas fees for using Santander cash machines
No monthly fees
No monthly fee or minimum funding requirement
4-month interest-free overdraft for new customers
Cashback and rewards with Santander Boosts.
Cons
No interest paid on in-credit balances
Interest charged on overdrafts after first 4 months
£75 cashback for accounts switched using the Current Account Switch Service.
How to get the £75 switch incentive To be eligible, you must request a full switch in one of the following ways:
Switch to The Co-operative Bank as part of an application for a new Standard Current Account within the offer period
Apply for a new Standard Current Account or Everyday Extra account within the offer period, and request a switch within 2 weeks of your account opening
Switch a current account held with a different bank to an existing Co-operative Bank account (includes Standard Current Account, Privilege, Privilege Premier, Current Account Plus or Everyday Extra Account) during the offer period
To get the £75, you must have done the following within 30 days of the switch completing:
Deposit £1,000 or more
Have 2 active direct debits or standing orders set up
Make 10 or more card or digital wallet transactions (pending transactions will not count)
Register for online banking services or mobile app
Set up the debit card in a digital wallet (Apple Pay, Samsung Wallet or Google Pay)
You will receive the £75 within seven days of meeting the criteria.
How to get the £25 a month To get the £25 a month for 3 months, you need to continue actively using your current account each month by:
Depositing £1,000 or more
Make 10 or more card or digital wallet transactions (pending transactions will not count)
Having 2 or more active direct debits
Your 3 months begin on the day after you receive your £75 incentive payment.
If you do not meet the eligibility criteria for one of the months, you can still meet it in one of the following months. The offer runs for the three months following your switch, and the period is not extended should you not be eligible for a month.
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 35.9% EAR variable.
The answer depends on your circumstances, so only you can determine that. But here are a few things to think about:
Are you with your existing bank because it offers good service? Or are you with it because you just haven’t thought about moving?
Switching current account is pretty easy. Thanks to the Current Account Switch Service (CASS), all your payments and direct debits will be transferred automatically within 7 working days. The 2 banks involved will handle the process and you’ll barely have to lift a finger.
A switching bonus is a temporary benefit. Whereas your current account is something you use pretty much every day, even if you don’t really think about it. If the bank you’re considering has a really juicy switching bonus offer but an awful mobile banking app, it may not be worth putting yourself through that kind of misery for a few quid. The customer star ratings we show can help you see which banks treat customers well.
Banks are awful at rewarding customers for their loyalty. Banks know that people really don’t want to go through the hassle of getting a new account; once they’ve got someone as a customer, they don’t need to do much to keep them. So switching is more likely to land you a better deal.
So, weigh up the pros and cons carefully. If you do decide to switch, ideally you want to pin down the best combination of a nice switching bonus and a reliable bank that offers a good long-term service. You can see a full comparison in our current account guide here.
I am always shopping around for the best deals, if that’s a new savings account or getting a better mortgage rate when my last fixed one expired. I use Finder for advice on the best incentives for switching bank accounts, credit cards etc. Due to the cost of living crisis, I have been actively managing my finances even more”
What happens when you switch?
If you go through with a switch, all your incoming and outgoing payments are automatically transferred to your new account via the Current Account Switch Service (CASS) process. This includes your salary, all your bills – as long as they’re paid by direct debit or standing order – and, most importantly, any future payments you might receive from someone who has your old banking details (the service will also contact them to let them know the new ones!).
You can pick your switching date in advance, and even transfer an overdraft as long as your new bank agrees to it. Once it’s all done, your old bank will close your old account, and you’ll be all set with your new one. If your new bank offers a switching bonus, you’ll receive it once the switch is complete.
Using CASS is free and easy and you’re likely to end up with a better deal or a better banking experience if you’ve picked the right account for you. But keep in mind that this service only works for current accounts, so savings accounts won’t be transferred.
You’ll also need to update any regular payments made via debit card manually, and these can be a lot (for example, your PayPal or Amazon accounts will have memorised your debit card details, not your current account details, so you’ll need to change them when you get your new debit card).
In the unlikely event that anything goes wrong with the transfer, you’ll be protected under the Current Account Switch Guarantee. This means that if you incur any fees or interest because of the switch, you’ll be reimbursed.
Pros and cons of switching
Pros
You can get a nice cash switching bonus (and use it to treat yourself!).
You can choose a bank that offers better customer service or a better mobile app… whatever you don’t like about your current bank, you don’t have to put up with it!
All payments are automatically transferred to your new current account thanks to CASS.
It’s free and fairly quick; the switch has to be completed within 7 working days.
You’re protected by the Current Account Switch Guarantee if anything goes wrong with the transfer.
Cons
Other accounts you might have with the same bank, such as savings accounts, won’t be transferred.
You’ll need to amend your debit card details wherever you have them stored as your regular payment method.
Bottom line
You can earn a handsome reward if you switch your current account to a bank that’s offering one but don’t switch to it just because you’ll get a reward. Make sure you choose a bank that offers a good service and has the features and benefits that are right for you. If you do switch, the Current Account Switch Service, which most banks are signed up to, will make the process quick and easy.
Banks rarely reward customers for their loyalty, so if you can get paid to switch to a better current account, it could be a win-win.”
Frequently asked questions
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.
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).
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.
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.
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.
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.
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.
We show offers we can track - that's not every product on the market...yet. Unless we've said otherwise, products are in no particular order. The terms "best", "top", "cheap" (and variations of these) aren't ratings, though we always explain what's great about a product when we highlight it. This is subject to our terms of use. When you make major financial decisions, consider getting independent financial advice. Always consider your own circumstances when you compare products so you get what's right for you. Most of the data in Finder's comparison tables has the source: Moneyfacts Group PLC. In other cases, Finder has sourced data directly from providers.
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 176 Finder guides across topics including:
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Finder.com is an independent comparison platform and information service that aims to provide you with the tools you need to make better decisions. While we are independent, the offers that appear on this site are from companies from which Finder receives compensation. We may receive compensation from our partners for placement of their products or services. We may also receive compensation if you click on certain links posted on our site. While compensation arrangements may affect the order, position or placement of product information, it doesn't influence our assessment of those products. Please don't interpret the order in which products appear on our Site as any endorsement or recommendation from us. Finder compares a wide range of products, providers and services but we don't provide information on all available products, providers or services. Please appreciate that there may be other options available to you than the products, providers or services covered by our service.
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