Get £175 When You Switch
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Best bank account switching offers 2024
Discover which banks pay you up to £200 for switching your current account.
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.
- first direct – 1st Account – £175 switch offer
- Santander – Everyday, Edge or Edge Up Current Account – £150 switch offer
- The Co-operative Bank – Standard Current Account – £75 bonus for switching, plus £25 a month for up to 3 months
- Nationwide – FlexDirect, FlexPlus or FlexAccount accounts – £175 switch offer
- Lloyds – Club Lloyds, Club Lloyds Silver or Club Lloyds Platinum accounts – £200 switch offer
- NatWest – Reward account – £180 switching reward when you switch
- Revolut – Standard account – £20 sign-up bonus offer for new customers
Our expert says: What’s the best switching deal right now?
"Lloyds is back with its third switching deal of the year and you can earn £200 from it, which is the highest in the market. It’s paid in a lump sum within 3 working days of completing your switch. You need to open a Club Lloyds Account (£3 a month), Club Lloyds Silver Account (£11.50 a month plus £3 Club Lloyds fee) or Club Lloyds Platinum Account (£22.50 a month plus £3 Club Lloyds fee). The £3 monthly fee is waived on all accounts if you deposit at least £2,000 each month.
All these current accounts also pay interest, so you could earn up to £90 in interest if you keep a balance of £5,000 in your current account and have 2 active direct debits each month. Interest is paid at 1.50% AER (variable) for balances from £1 to £3,999 and 3% AER (variable) on the amount between £4,000 and £5,000. No interest is paid on the amount over £5,000.
These accounts also come with access to the Club Lloyds Monthly Saver, which pays 6.25% AER, fixed for 12 months. You can save between £25 and £400 each month and if you saved the maximum of £400 at the start of each month, you’d earn £161 in interest in a year.
You get to choose a lifestyle benefit as well, which could be a Disney Plus subscription, cinema tickets, Coffee Club and Gourmet Society membership or a magazine subscription.
The Silver and Platinum accounts come with AA breakdown cover, travel insurance and mobile phone insurance.
The switching offer (£200) and the interest (£90 and £161) you could earn in the first year would take you to £451, with the other extras a bonus."
Find refer-a-friend and sign-up offers
Latest reviews of new current account switching offers
first direct 1st Account - £175 switch bonus
Finder Score 4.5★★★★★
£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
- Witin 45 days, make 5+ debit card payments
- Within 45 days, register and log onto digital banking
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.
Santander Current Account - £150 switch bonus
Finder Score 4.1★★★★★
£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.
The Co-operative Bank - £75 bonus for switching, plus £25 a month for up to 3 months
Finder Score 4.0★★★★★
Read review
| Minimum opening balance | £0 |
|---|---|
| Account fees | £0 |
| Interest (AER) | 0% AER |
£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 three 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.
| Minimum opening balance | £0 |
|---|---|
| Account fees | £0 |
| Interest (AER) | 0% AER |
Nationwide current account - £175 switch bonus
Finder Score 4.3★★★★★
Read review
| Minimum opening balance | £0 |
|---|---|
| Account fees | £0 |
| Interest (AER) | 5% AER |
£175 cashback for accounts switched using the Current Account Switch Service, including at least 2 direct debits.
Requirements to get the £175 switching bonus
- Switch a non-Nationwide bank account with at least two active direct debits to Nationwide
- Switch to Nationwide online
- Close your non-Nationwide bank account
- Witin 28 days, complete the switch
- Within 31 days of requesting the switch, you must put at least £1,000 into the account and complete a transaction using your debit card
Exclusions
- Offer applies to Nationwide's three main current accounts - FlexDirect, FlexPlus and FlexAccount.
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 39.9% EAR variable.
| Minimum opening balance | £0 |
|---|---|
| Account fees | £0 |
| Interest (AER) | 5% AER |
Lloyds Club LLoyds - £200 switch bonus
Finder Score 4.3★★★★★
Read review
| Minimum opening balance | £1 |
|---|---|
| Account fees | £3.00 |
| Interest (AER) | 1.5% AER |
£200 for accounts switched using the Current Account Switch Service before 10.12.2024, including at least 3 direct debits.
Requirements to get the £200 switching bonus
- Open a new Club Lloyds, Club Lloyds Silver or Club Lloyds Platinum account
- Switch 3 or more active direct debits using the Current Account Switching Service
- Start your switch by 10 December 2024
Exclusions
- If you received a switching offer since April 2020 for switching to any Lloyds, Bank of Scotland or Halifax Bank account, you won’t be eligible again.
Offer ends
This offer ends 10 December 2024. However, the offer is subject to change and can be withdrawn without notice at any time.
| Minimum opening balance | £1 |
|---|---|
| Account fees | £3.00 |
| Interest (AER) | 1.5% AER |
NatWest Reward account - £180 switch bonus
Finder Score 4.2★★★★★
| Minimum opening balance | £0.01 |
|---|---|
| Account fees | £2 per month |
| Interest (AER) | 0% AER |
£180 for accounts switched using the Current Account Switch Service.
Requirements to get the £180 switching bonus
- Apply online or via our mobile app only
- Open and be approved for an eligible Reward account
- Switch an existing current account held elsewhere using the Current Account Switch Service
- Pay in £1,250. This can be made of multiple payments and must remain in the account for 24 hours
- Log in to our mobile app. If you already have the app, you’ll need to be on the latest version
Exclusions
- If you've previously received a switch incentive from NatWest Group, you won't be eligible for this offer
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.
| Minimum opening balance | £0.01 |
|---|---|
| Account fees | £2 per month |
| Interest (AER) | 0% AER |
New customer account offers
Revolut - £20 sign-up offer
Finder Score 4.3★★★★★
Get a £20 welcome bonus when you spend your first £20 (T&Cs apply).
Requirements to get the bonus
- Sign up using the unique link sent to your mobile number from Revolut's website
- Pass the identity and verification checks
- Top up your account and spend £20 using the app within 1 month of opening the account
Offer ends
This offer is subject to availability and may be withdrawn at any time.
Should I switch current accounts?
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
Banking scores
★★★★★ — Excellent
★★★★★ — Good
★★★★★ — Average
★★★★★ — Subpar
★★★★★ — Poor
Finder scores, in blue, are based on our expert analysis. We also show reviews from users, where we've received more than 10, with a score in yellow. We gather more reviews from customers every year in Finder's customer satisfaction survey.
To find out more, read our full methodology.
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.
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Co-operative Bank switch and stay deal: September 2024
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first direct switch deal: Get £175
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Club Lloyds switch deal: October to December 2024
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NatWest bank switch deal: October 2024
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