The best bank switching offers

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last updated 5 days ago

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If you’re not happy with your current account, a good way to move your money – and get free cash in the process – is by seeking out the best bank switching offers.

The Current Account Switch Service (CASS) facilitated a total of 1.2 million switches in 2024, including 309,290 between October and December.

John Dentry, product owner at Pay.UK, owner and operator of the Current Account Switch Service, said: “2024 was yet another busy year for the Service, and these figures are ultimately being driven by increasingly money-conscious consumers.

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"Banking institutions, whether they be neobank disruptors or traditional high street banks, continue to present diverse, innovative and increasingly generous offers to win over hot-footed switchers."

First Direct – get £175

First Direct’s switching bonus offers new customers £175 free cash to those who switch to its 1st account.

To qualify for the bonus, you will have to complete the following steps within 45 days of opening your First Direct 1st Account.

Deposit a minimum of £1,000 (in single or multiple deposits) in your account.
Switch at least two direct debits or standing orders into your First Direct 1st Account.
Register and log on to digital banking.
Use your new 1st account debit card at least 5+ times.
Be a new customer to First Direct, who has not previously held a First Direct product, or has opened an HSBC current account on or after 1 January 2018.

Once all the steps are completed successfully, the £175 bonus will be paid to your account on the 20th of the following month.

The account gives you access to its market-leading 7% regular saver, which features on our best regular savings guide. Plus, there are no fees when spending abroad with First Direct and the current account comes with a £250 interest-free overdraft, although this depends on your credit history.

Nationwide – get £175

Nationwide is also offering a £175 bonus when you switch to one of its Flex current accounts – the FlexAccount, FlexDirect or FlexPlus account (£13 a month).

To qualify, you must complete the following within 31 days of requesting the switch:

Use the CASS to switch to Nationwide via the building society's website or mobile banking app.
Pay in at least £1,000.
Switch over a minimum of two direct debits to Nationwide.
Make at least one debit card transaction.

But, you are not eligible for this switch deal if you have received a switch bonus from Nationwide or any other bank since 18 August 2021.

It's worth noting that from 31 March, Nationwide will withdraw its bank switching deal from the market.

Read more on Nationwide's £175 switch deal and the three current accounts on offer.

Lloyds Bank – get £175

Lloyds has re-launched its switching offer after it was pulled in December. Customers will have to move to a new Club Lloyds current account and meet certain criteria to get it. To be eligible, you must:

Switch your bank account to a new Club Lloyds current account
Open a Club Lloyds Account (£3 monthly fee), Club Lloyds Silver Account (£14.5 monthly fee) or Club Lloyds Platinum Account (£25.5 monthly fee)
Have a minimum of three active direct debits from your old account. This excludes standing orders and recurring card payments.
Make the switch before 1 April 2025.

Existing customers can qualify for the £175 free cash if they open a new Club Lloyds Account, Club Lloyds Platinum Account or Club Lloyds Silver Account and meet the above criteria.

The £175 will be paid into your account within three days of completing the switch.

You will not be eligible for the switch if you have already used a switching offer since April 2020.

If you’re planning to switch to one of the Club Lloyds accounts, you also get access to the 6.25% regular saver. Plus, Club Lloyds customers can also choose from a 12-month Disney Plus subscription, Vue or Odeon cinema tickets, a magazine subscription or a digital Coffee Club and Gourmet Society membership.

TSB Bank – get £160 plus rewards

TSB Bank is back with its switching deal. You can get a £100 switching bonus when you move to a Spend & Save (free) or Spend & Save Plus (£3 monthly fee) current account with TSB, as well as £60 cashback and a choice of rewards.

To qualify for all three, here are the conditions you need to follow:

£100 bonus: Complete a full switch using CASS, log into your account using the TSB mobile banking app and make a minimum of five debit card payments before 14 March. The bonus will then be paid into your account between 28 March and 11 April.
£60 cashback: Make a minimum of 20 debit card payments every month and get double cashback of £10 every month for the first six months (if you’ve completed the switch).
Choose your reward: When you make 20 debit card payments in August, you get to choose one out of three rewards in September – a night away for two at a choice of hotels including Mercure, two Odeon cinema tickets every month for three months or a NOW Entertainment membership for six months.

You will not be eligible for this deal if you’ve already used a TSB switching deal since 1 October 2022. This is the lowest-paying switching deal that TSB has introduced – having previously offered up to £210 for switching to the bank

NatWest – get £150 plus rewards

NatWest is back with its bank switching offer. The bank is offering £150 to new and existing customers when they move to a Reward Account (£2 monthly fee). You could also benefit from a further £60 in rewards each year through the account.

To qualify, customers will need to:

Switch their bank account to a NatWest Rewards account using the Current Account Switch Service.
Pay in £1,250 into the new account
Log into the mobile app within 60 days of switching

Once you’ve met these conditions, the £150 will be paid into your account within 30 days. All your direct debits and standing orders will be automatically transferred within seven days of switching.

You aren’t eligible if you’ve already used a switching deal from the NatWest Group, or if you switch from Royal Bank of Scotland or Ulster Bank.

Customers can also get an additional £4 each month or £60 each year in rewards if you sign up for the account. This is if you have two direct debits of over £2. You get another £1 by logging into the mobile app.

You also get access to a Digital Regular Saver that pays 6.17% interest on savings of up to £150 per month. On top of that, you can avail a Travel Reward Credit Card that gives 1% back in rewards on travel spend, and a free Rooster Card subscription (usually £1.99 per month or £19.99 per year).

The Co-operative Bank – get £150

The Co-operative Bank has relaunched its Switch and Stay offer, which offers up to £150. Customers can get £75 when they complete a switch, plus £25 per month for the following three months.

The limited-time offer is open to new and existing customers, provided they meet the eligibility criteria and terms and conditions.

Accounts included in the Switch and Stay offer are the Standard Current Account, Current Account Plus, Privilege, Privilege Premier or Everyday Extra account.

To qualify for the £75, in the first 30 days following the switch, you must:

Deposit a minimum of £1,000 into the new account (this includes balances transferred as part of the switch).
Have two active Direct Debits.
Make a minimum of 10 debit card or digital wallet transactions (pending payments will not count toward fulfilment of this criteria).
Register for the bank’s online and/or mobile banking service, and;
Set up and kept active the debit card in a digital wallet (Apple Pay, Samsung Wallet or Google Pay)

You won’t qualify if you have benefitted from a switch bonus at The Co-operative Bank since 1 November, 2022.

New current account customers must apply for the account while the offer is live, and request a full switch within two weeks of the account opening.

Both new and existing customers need to complete a full switch into their eligible current account within eight weeks of the switch being requested.

To get the £25 per month in the first three months, customers must do the following each month:

Deposit a minimum of £1,000 into your account
Have two active Direct Debits, and;
Make a minimum of 10 debit card or digital wallet transactions.

Will bank switching offers make a comeback?

Several current account providers have ditched their switcher offers over the past few months. Free cash deals from Barclays and Lloyds Bank have disappeared.

But, while offers have "fizzled out" for the time being, according to Rachel Springall - finance expert at Moneyfacts - more could be on the way. She says: "Consumers will see these types of incentives come and go throughout the year when banks decide to compete for new business.

"This should not deter customers from ditching and switching to an account that works harder for them, as there are still some decent packages available to suit different circumstances. It’s vital that customers choose an account based on its overall value, and not just for a free cash incentive."

How to switch bank accounts

The CASS makes it quick and painless to switch banks as the banks are required to do the legwork and complete the switch within seven working days. All you do is open a new current account and request a switch via CASS. The service will then close your old account and move all your money, direct debits and standing orders to your new account within seven days.

Plus, for three years, any money that is paid into your old bank account or tries to leave that account will automatically be put into your new account. Still, it is important to remember that while these offers might look attractive, you should only switch to an account that suits your needs as some accounts may also charge a monthly fee.

You should always check the terms and conditions to make sure you qualify for the bonus before you start the switch process. If you're applying for any credit in the next six months, such as a mortgage, it's also worth being aware that switching bank accounts could affect your credit score.

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Jessica is a financial journalist with extensive experience in digital publishing.

She was previously Digital Finance Editor at GB News and Personal Finance Editor at Express.co.uk. She enjoys writing about savings, pensions and tax, and is passionate about promoting financial education.

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