Get paid to switch your current account
Santander and NatWest are offering bonuses if you switch to their current accounts, but make sure you choose the right service.


NatWest and Santander are both offering big cash bribes to encourage people to switch to their current accounts. You could get £150 if you move your day-to-day banking to NatWest’s free Select account or its £2 a month Reward account. Santander is offering £140 if you use the current-account switching service (CASS) to move to one of its current accounts.
The money is a great incentive, but you need to consider more than just the switching bonus when choosing a current account. There’s no point getting £150 if you then run up an overdraft that costs you far more. Equally, check you can meet the criteria to get the bonus before you move.
NatWest’s best current account deals
NatWest’s Select account offers no additional rewards, but it is a free bank account. However, the more tempting option is the bank’s Reward account, which pays you £4 a month as long as you have two direct debits going out of your account, plus an additional £1 a month if you log on to internet banking. You can also earn 1% cashback when you spend with certain retail partners, including Caffe Nero. However, the account has a £2 monthly fee and you’ll pay interest at an effective annual rate (EAR) of 39.49% if you use the overdraft facility.
Subscribe to MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE

Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
The surprising thing with NatWest’s switching bonus is that it is available to existing as well as to new customers. If you already bank with NatWest then you can earn the £150 by moving to either a Reward Silver, Reward Platinum or Reward Black account. These are packaged bank accounts costing from £10 to £31 a month depending on the products you want included. Options range from travel insurance to a concierge service.
To qualify for NatWest’s switching bonus you must use the CASS, close your existing account and transfer your main current account to NatWest by 7 April. You must also deposit at least £1,250 into the account and log into online or mobile banking by 12 May. You can’t have received another switching bonus from NatWest since October 2017. If you meet the criteria, you’ll get your £150 by 9 June.
Get cashback on your bills
Santander is offering the switching bonus on any of its current accounts as long as you use the current-account switching service. Its 123 and 123Lite accounts are already popular, so adding a £140 incentive should encourage many people to move.
The accounts pay 3% cashback on water bills, 2% cashback on energy bills and 1% on council tax, phone, broadband and paid-for TV packages. With energy bills set to soar this year earning a bit back via your current account could prove very appealing. In order to get the cashback, you have to pay in at least £500 a month, have two active direct debits and log into online or mobile banking at least once every three months.
The difference between the 123 and 123Lite accounts is you also get 0.3% interest paid on balances up to £20,000 with the former, but it costs £4 a month. The 123Lite account pays no interest but costs less at £2 a month. If you are likely to use your overdraft, be aware that interest is charged at 39.94% on both accounts.
Santander will pay you a £140 switching bonus if you use the current-account switching service to move to one of their accounts, deposit at least £1,000 and log into online or mobile banking. Do all that and the money will be in your account within 30 days. If you’ve had a switching bonus from Santander before you won’t be eligible for this deal.
Two options for your overdraft
If you have a large overdraft then you could save more than you’d gain from these switching bonuses by moving to a current account with an interest-free borrowing facility. Nationwide’s FlexDirect account comes with a 0% overdraft of up to £2,750 for the first 12 months. That could save you around £140 over a year if you are £1,000 in the red with a bank charging 40%, such as the NatWest and Santander accounts.
Alternatively, if you only need a small overdraft then First Direct’s 1st account could be a good option. It has a £250 interest-free overdraft and is offering a £150 switching bonus to new customers.
Get the latest financial news, insights and expert analysis from our award-winning MoneyWeek team, to help you understand what really matters when it comes to your finances.
Ruth Jackson-Kirby is a freelance personal finance journalist with 17 years’ experience, writing about everything from savings accounts and credit cards to pensions, property and pet insurance.
Ruth started her career at MoneyWeek after graduating with an MA from the University of St Andrews, and she continues to contribute regular articles to our personal finance section. After leaving MoneyWeek she went on to become deputy editor of Moneywise before becoming a freelance journalist.
Ruth writes regularly for national publications including The Sunday Times, The Times, The Mail on Sunday and Good Housekeeping, among many other titles both online and offline.
-
Top 10 areas with the biggest inheritance tax bills – is your town on the list?
People in some of the wealthiest parts of London pay the most inheritance tax – but there are a few areas outside the capital where big bills are paid when a loved one dies
-
Inheritance tax reform ‘largely protects family farms’ – what are the alternatives?
Independent analysis of the government’s inheritance tax reforms has found eight out of 10 farming estates will be able to pay their IHT bill without having to sell off parts of the farm
-
Why is Britain's industrial base crumbling?
Opinion More and more factories in the UK are closing, and the government doesn’t seem to care. What’s going on?
-
Scotland's former first minister Nicola Sturgeon leaves behind a toxic legacy
On the left, Nicola Sturgeon is seen as something of a political hero. That makes sense… but only if you exclude her actual record in office
-
Car finance mis-selling judgment could be a big blow for the banks
Opinion The car finance mis-selling judgment could still be disastrous for big finance even though banks dodged the worst possible outcome
-
Why strong currency is the key to upward mobility
Change your social status and your life by saving money in strong currencies, says Dominic Frisby
-
Santander launches free railcard offer - are you eligible?
Santander is offering a free four-year railcard to some customers from today. We explain who will qualify for the incentive
-
A new wealth tax is a terrible idea. The rich are already being hit by sneaky taxes – Merryn Somerset Webb
Opinion Ideologues want to squeeze more tax out of the rich with a wealth tax. They’re already wrung dry, says Merryn Somerset Webb
-
Has your pension plunged in stock market turmoil? How to avoid creating real shortfalls
Sliding stock markets are no reason to sell out of your pension in a panic, says David Prosser
-
What MoneyWeek writers read and watched in 2024
Here's a roundup of MoneyWeek's favourite books, films and TV shows in 2024