The best offers for switching banks

You can earn up to £175 by switching your current account. Here are the best offers on the market today.

Banks are on the lookout for new current account customers, and they are prepared to pay you up to £175 if you move your main account to them – but make sure you pick the account that best suits your needs.

The Current Account Switch Service (CASS) makes it quick and painless to switch banks. 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 your old account will automatically be changed to your new account. 

The best offers for switching banks on the market  

Santander: £175 cash back  

From 23 August, Santander is offering £175 cashback to both new and existing customers if they switch to any of the following accounts: 1|2|3 Current Account (£2 monthly fee), 1|2|3 Lite Current Account (£2 monthly fee), Everyday Current Account (no fee), Select or Private Current Account (£4 monthly fee).  

The fresh offer replaces the former £160 cashback for new applications.  

The bank is also giving double cashback on 1|2|3 Current Account, 1|2|3 Lite Current Account, Select and Private Current Account customers on their gas and electricity bills for a period of two months from September. With energy prices hitting the roof, this could be useful to consumers looking to get some respite from their rising energy bills.  

The bank is also offering double cashback on Santander Home and Santander Life Insurance policies that are paid by direct debit for two months. Both the cashback rate and the monthly cap will double, from 2% to 4% and from £5 to £10 respectively.  

In order to be eligible for the account, customers need to use the CASS, deposit a minimum of £1,000, and set up and maintain two active direct debits.  

The £175 cashback will be paid within 30 days after this. The Free Everyday Current Account offers no cashback on bills, but the £175 welcome bonus still applies. 

First Direct: £175 switching bonus  

Customers who use the Current Account Switch Service and pay in at least £1,000 to a new First Direct 1st Account will receive £175.  

The offer is only available to new customers.  

On top of the switching bonus, First Direct also offers a 3.5% regular saver account. To receive the full amount, savers must put away £25 to £300 a month and the maximum you can save in any given year is £3,600.  

These options make this one of the best offers for switching banks.  

Natwest and RBS: £175 switching bonus  

New and existing customers who switch their current account to Natwest or RBS get £175 cashback.  

To receive the £175 you must deposit £1,250 in the account by 16 December 2022 and you must have logged into your online banking account by then too.  

You can apply for the account online or via their app. Apply by 3 November 2022.  

Nationwide: £125 bonus 

Nationwide is giving £125 for its existing customers to switch to the Nationwide FlexPlus, FlexDirect or FlexAccount accounts, while new customers get £100 for switching.  

You must set up and maintain two direct debits as part of the switch.

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