The best current account switch offers
It’s easy to neglect your current account. Perhaps you’ve been with the same bank since you opened your first account, and you haven’t reviewed it since. Or maybe you bank with a particular bank because your parents do.
Or perhaps you have considered switching, because you’ve heard that some banks are handing profits back to customers and thought it might be a good idea to explore your options.
Banks will sometimes offer cash incentives to new customers to get them to switch their accounts over to them. However, as always, there are some things to keep in mind as well as requirements you need to tick off.
Top current account switch deals
Santander Edge current account
Switching to Santander’s Edge current account comes with a £180 bonus. You can also get one per cent cashback on up to £10 a month on selected household bills.
Additionally, it allows you to access the Santander Edge saver, which has a rate of six per cent.
However, the account does come with a £3 fee – so it’s worth considering if it would make sense for you to pay that over the longer term. To receive the monthly cashback, you must also pay at least £500 into your account each month and have two active direct debits.
To get the bonus, you’ll have to set up two active direct debits and pay in £1,500 within 60 days of opening the account.
First Direct 1st Account
If you’ve never had an account with First Direct or opened an HSBC current account since January 2018, you can get £175 for switching to First Direct’s 1st Account.
The account comes with a £250 interest-free overdraft, subject to status, and access to a seven per cent regular saver account.
To secure the bonus, you’ll have to open the account in-app, switch in from a different bank with two or more direct debits within 45 days, pay in £1,000 or more and make at least five debit card payments within 45 days.
The money will be paid to you by the 20th of the month after you meet the criteria.
TSB Spend & Save
You can get £100 upfront for switching to TSB’s Spend & Save account. The offer expires July 19, 2025.
You’ll need to complete a full switch and log into the TSB Mobile Banking App, and make at least five payments using the debit card.
You can also earn £15 cashback each month for up to 6 months if you make 20 or more direct debit payments in a calendar month.
Nationwide
This offer is a bit different – existing Nationwide members can get a free £200 by switching a non-Nationwide account into a new or existing FlexDirect account.
These accounts also offer five per cent on balances of up to £1,500, one per cent cashback for 12 months and a zero per cent on a £50 overdraft.
You can also access Nationwide’s regular linked savings account, which pays 6.5 per cent. In order to get the bonus, you have to open the account online, switch over from a different bank with two direct debits within 28 days, and pay £1,000 within 31 days of requesting the switch. You also need to make at least one payment with the debit card.
How to switch your current account
In order to qualify for these bonuses, you have to switch an old account using the Current Account Switch Service, or CASS.
The switch automatically moves all your direct debits, standing orders and payments to your new account. It also takes care of closing the old one.