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Are you tired of sticking with the same old bank that never rewards you for your loyalty? Then it may be time to switch things up and take advantage of the best bank switch offers, free money, and cashback deals around.
Say goodbye to the days of being tied down to a bank that charges you excessive fees, offers little to no perks, and leaves you feeling unappreciated. With so many great offers available in the UK, it’s time to take the leap and make a switch. Plus, the sooner you switch, the sooner you can start reaping the benefits and rewards of your brand-new current account.
Whether you’re looking for a sign-up bonus, cashback deals on your everyday spending or you just want to find something a little more convenient, this article has it all! We’ll walk you through the best deals on the market to make your decision as quick and easy as your switch should be.
Best free cash switch offers
A free cash switch offer is a promotional deal that pays you a cash bonus for switching current accounts from your old bank to a new bank account. These offers usually come as a lump sum of cash to tempt you to switch.
On top of that, you may well find you get a better overall bank account. According to the Current Account Switch Service, some 800,000 people switched accounts in just the first half of 2023, up 26% from the year before. While a free cash switching bonus is great, people are also moving for better online banking, improved customer service and better interest on savings.
Here are the banks that give you money for opening an account and the best free cash switch offers available right now:
Lloyds Bank switch offer
- Switching bonus: £200 switch incentive, plus other bonuses
Which bank accounts are eligible?
Club Lloyds, Club Lloyds Silver or Club Lloyds Platinum accounts – ends 10 December 2024.
Criteria
Switch from your current bank using the switching service and close your current account. You will also need to set up at least 3 direct debits as part of the switch.
The £200 incentive will be paid within 10 working days of you switching!
With the Club Lloyds account there is a £3 fee each month unless you pay in £2,000 or more a month.
Exclusions
You cannot get the offer if you’ve received an incentive for switching to a Lloyds Bank account, Bank of Scotland Bank account or Halifax current account since April 2020.
first direct switch offer
- Switching bonus: £175 switch incentive, plus 7% regular saver
Which bank accounts are eligible?
first direct 1st Account – offer can be withdrawn at any point (they’ve not given an exact date).
Criteria
Switch from your current bank using the switching service and include at least two direct debits.
Within 45 days you need to make a deposit of at least £1,000, make 5 or more card payments and log on to digital banking.
The £175 incentive will be paid by the 20th the following month.
Exclusions
You cannot get the offer if you have ever had a first direct product or have switched to HSBC on or after 1 January 2018.
Nationwide switch offer
- Switching bonus: £175 switch incentive, plus 5% interest plus cashback
Which bank accounts are eligible?
FlexDirect Current Account – offer can be withdrawn at any point (they’ve not given an exact date).
Criteria
Switch from your current bank (not a Nationwide account) using the switching service online and include at least two direct debits.
You need to put at least £1,000 in the account within 31 days of requesting the switch and pay for at least one thing using your debit card (but not gambling).
You must close the account you switch from, but they do this for to you. And, you must complete the switch within 28 days.
The £175 incentive will be paid within 10 days of completing the criteria.
Exclusions
You cannot get the offer if you’ve made a switch to a Nationwide account, or have received switch incentive from Nationwide, since 18 August 2021.
Co-op switch offer
- Switching bonus: £75 switch incentive, plus £25 a month for 3 months
Which bank accounts are eligible?
Co-op Bank Current Account – offer can be withdrawn at any point (they’ve not given an exact date).
Criteria
Open a new account and switch from your current bank within 2 weeks.
Within 20 days, add at least £1,000 to your account, set up 2 direct debits and register for online banking.
You must also set up a debit card in your digital wallet (Apple or Google Pay), and make at least 10 individual transactions using your debit card.
The full switch must be made within 8 weeks.
The £75 incentive will be paid within 7 days of completing the criteria.
To get the £25 a month for three months (total of £75), you need to add at least £1,000 each month, make 10+ debit card transactions and keep two active direct debits.
Exclusions
You cannot get the offer if you’ve received a switch incentive from Co-op Bank since 1 November 2022.
TSB switch offer – ended
- Switching bonus: up to £190 – £100 switch incentive, plus triple cashback offer of up to £90, plus other reward in April 2025
Which bank accounts are eligible?
TSB Switch & Save or Spend & Save Plus – offer ends 27 September 2024 (but may be withdrawn earlier).
Criteria
Switch from your current bank through their website, banking app, or in-branch, and request a full switch within 21 days (this means your old account will be closed).
You must make at least five payments using your debit card and log into the banking app at least once.
The £100 incentive will be paid between 15 October and 25 October 2024.
To get the next £90, complete the main switch and make 20 or more payments each month for 6 months using your debit card.
They will then give you £15 monthly as cashback instead of £5.
Then…in March 2025, make 20 or more payments using your debit card, check an email from The Marketing Lounge, and claim your reward. This includes a hotel stay for two, Odeon cinema tickets for 3 months (6 tix in total) or a 6 month NOW Entertainment pass.
Exclusions
You cannot get the offer if you have switched to TSB Bank using the switching services since 1 October 2022.
Barclays switch offer – ended
- Switching bonus: £175 plus Apple TV+ subscription, up to 5.12% AER (variable) with Rainy Day Saver and up to 15% cashback
Which bank accounts are eligible?
Barclays Bank Account or a Premier Current Account – offer ends 30 August 2024
Criteria
To get the £175 bonus, you must use the Barclays app to switch to a new bank account with them.
You must also join Barclays Blue Rewards, which costs £5 each month.
You need to do a full switch, move over at least two direct debits, and pay in at least £800.
The £175 switching bonus will be paid within 28 days of following their criteria.
Exclusions
You won’t be eligible for the bonus if you have an open Barclays current account before 8 July 2024. This includes a Barclays Bank Account, student/graduate account, Platinum Bank Account, or a Premier Current Account.
If you’ve had a switch bonus from Barclays in the past, you can’t get it again this time.
You need to complete the switch within 30 days of signing up through their app.
First Direct switch offer – ended
Which bank accounts are eligible?
First Direct 1st Account – offer can be withdrawn at any time, no specific end date given
Criteria
You need to switch to the 1st Account from your current bank.
Within 30 days, set up two direct debits or standing orders, make 5+ transactions, log onto digital banking, and deposit £1,000.
You will receive the £175 switch bonus on the 20th day of the following month.
Exclusions
You need to be a new First Direct customer who has never had a product with them. Also, you cannot be an HSBC current account customer who opened an account on or after 1 January 2018.
How to switch current accounts
So, you’re ready to switch accounts, and you’re excited about what comes next. But what does come next? And how do you make the switch?
Pick a partial or full switch
First, you’ll have to decide what type of switch you want to make. Depending on the terms of the bank’s offer, you can make a partial or a full switch, but they may decide you must do a full switch.
- Partial switch: A partial switch allows you to choose what you want to move over from your old account. Although you can make partial switches on current accounts, you’ll need to have permission from the other account holder when you want to switch any joint account.
- Full switch: A full switch means you are moving everything to a new account. You’ll have to use your new account details for any direct debits and standing orders, though. When you choose to switch, you’ll be protected by the Current Account Switch Guarantee. You will also need to completely close your old account to make a full switch.
Choosing your new account
Next, you’ll need to pick the current account you want to switch to. You should always do your research and read the fine print before you switch, though.
It’s important to ensure that you meet the eligibility criteria and that the fees and interest associated with the new account aren’t too high. Otherwise, the bonuses or rewards may not be worth the switch.
Some banks only allow you to switch when you’re making a full switch and closing your current account. So, if you only want to make a partial switch, you’ll need to ensure you’re signing up with the right bank.
When you make a full switch, you’ll also want to look for the Current Account Switch Guarantee to ensure you’re fully protected during your move to the new bank.
Meeting the requirements
Certain banks have a list of conditions that you’ll need to meet before you can claim your reward or get the cashback offer.
Once you have chosen your preferred account, you’ll need to closely check the requirements and ensure that you can meet them. They usually need you to have the account for a certain period of time before your bonus is paid out, so be aware of how long before the cash lands in your account.
Some banks may need you to deposit a certain amount into your account every month or have one or two active direct debits. If you don’t have any debits and standing orders on your current account, now may be a good time to consider setting some up!
Additionally, there are a handful of banks that have exceptions to their eligibility criteria. For example, if you have previously held an account with the same bank, you may not receive the reward. The same is sometimes true for existing customers as well, so read the fine print carefully.
Making the switch
When you’re ready to switch current accounts, you can start the application process. To make the process easier, gather all the documents and ID before you apply. While some applications can be completed at the offering bank, others will need to be completed online.
Once your application has been accepted, you can pick a date to make the switch. Most banks have a waiting period of 7 days or longer before you can switch, so make sure to plan ahead for any incoming and outgoing payments.
After the waiting period, your current account should switch over with no hassles. Still, it’s a good idea to examine your account and check that all your payments and money have been moved successfully. You may also need to follow up on free cash or cashback offers that haven’t been paid out after the stipulated time.
Other things to be aware of
Downsides of switching current accounts
A bank switch offer is always tempting. After all, all you need to do is switch current accounts and get free money! Still, switching isn’t always as simple as it may seem. Plus, each bank has a list of criteria and certain terms and conditions on their current accounts that may influence their offer.
Several banks require a minimum deposit every month or charge higher fees to reward customers. This may lessen the benefit of the current account you’ve chosen, and the switch may not be worth it in the long run.
Be aware that opening a new bank account will require a hard credit check. This will appear on your credit file, dropping off after about a year or two, and can temporarily lower your credit score, although usually by only a few points.
If you are planning to take out an important credit product (like a mortgage), having hard searches on your account may be seen as a negative, but we have never heard feedback from our community that it has had an impact.
Why do banks give away money for free?
Very simply, banks are happy to give away money because they think they’ll make even more back from you!
They’ll actively look to cross-sell their other services and products (like your own bank does now) for account upgrades, overdraft fees, loans, credit cards, insurances, and investment accounts.
How often do banks offer switch deals and cashback promotions?
Banks usually offer switch deals at certain points of the year. However, this isn’t true for all banks. Some banks may change their current offers every year, while others have these promotions for limited periods of time.
It’s best to keep an eye out for new deals and offers and take advantage of them when they are available. Otherwise, you may miss out on a fantastic deal!
Will I be without a bank account during the switching process?
No, you will still be able to use your current account fully until the switch is completed. If you’re making a full switch, this should take around seven working days. Once the switch is done, you can use your new account.
Once the full switch has been made, you will lose access to your old account. On the switching date, you will need to start using the new account for all incoming and outgoing payments. It’s important to remember that you can still access your old statements after the switch.
Naomi knows the burden of living on very little and became debt free by following her own money saving tips and tricks. She is an expert on saving money at the supermarket and side hustles.
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