Santander’s £185 bonus is the best switching deal if you switch to its Santander Edge Up current account, even with its £5 monthly fee. You get access to the Santander Edge Saver at 7% on balances up to £4,000 and if you deposit the maximum amount, after a year you’ll have £280 in interest. You can also earn 1% cashback, up to £15 a month, on selected household bills, plus up to £15 a month cashback at supermarkets and on travel costs. Combined, that’s a maximum of £360 in cashback over a year. Add that to the £185 switching bonus and you stand to earn an impressive £765 overall, once you've subtracted the monthly fee. And that’s before you factor in the 3.50% monthly interest on your Santander Edge Up current account balance.
HSBC's offer has a higher headline cash incentive, but also has lots of hoops to jump through! You’ll get an initial £100 when you open an HSBC Advance Account, lower than the cash offers currently available from NatWest and Santander.
To get the additional £120 - paid as £10 per month for up to 12 months - you’ll need to do the following every single month for 12 months: pay in £1,500, make over 20 debit card payments, log in to the mobile app and deposit £50 into the new Online Bonus Saver account you opened when you switched. This means committing to saving a minimum of £600 during the year, on top of an initial £50 deposit when you switch.
The Online Bonus Saver has a rate of 4% AER, so you’ll earn £13 in interest after 1 year from your deposits. However, the Advance Account also gives you access to HSBC’s Regular Saver at 5.00%. If you save the maximum amount of £250 a month into this account, after a year you’ll have £82.50 in interest. Overall you could earn nearly £318 from this offer but not until month 13 after you switch.
Meanwhile, there's a tasty £200 switching deal from sister banks NatWest and RBS. The money's paid into your account within 7 days of meeting eligibility criteria and you get access to a Digital Regular Saver at 6.17%. If you save the maximum amount of £150 a month into the savings account, after a year you’ll have £59.83 in interest. If you opt for the Reward Account as your current account, you’ll get up to £5 a month in rewards such as cashback. This consists of £4 for having 2 monthly direct debits worth over £2 and a further £1 for logging into the mobile banking app once during the month. Accounting for the Reward Account £2 monthly fee, overall that’s £295.83.
Latest reviews of new current account switching offers
£185 cash when you switch to an Everyday Current Account. T&Cs apply.
Requirements to get the £185 switching bonus
Switch a current account held elsewhere using the Current Account Switch Service into a Santander Edge, Santander Edge Up, Everyday or Private (v2) current account
Within 60 days set up 2 active direct debits
within 60 days pay in £1,500 to your newly opened account
Continue to hold your Santander account on the date until it makes the switcher offer payment
Exclusions
If you, or anyone named on the account has previously received a switcher incentive on one of the accounts, you will not be eligible for this offer
The direct debits you setup cannot include direct debits set up to fund a savings account you have with Santander, cahoot or Cater Allen
You switch from an account you hold with Santander, cahoot or Cater Allen
Offer ends No information has been given on when this offer will end.
Representative example: If you use an arranged overdraft of £1,200, you'll be charged
interest at 39.94% EAR variable
.
Easy to apply
No fees for using Santander cash machines
No monthly fees
No monthly fee or minimum funding requirement
4-month interest-free overdraft for new customers
Cashback and rewards with Santander Boosts.
No interest paid on in-credit balances
Interest charged on overdrafts after first 4 months
Switch your current account to NatWest and you could earn £200 within 7 days of meeting eligibility criteria. T&Cs apply.
Requirements to get the £200 switching bonus
Apply online or via the NatWest mobile app (no monthly fee for the Select account)
Switch a current account held elsewhere using the Current Account Switch Service into a NatWest bank account
Deposit £1,250 into your account
Log in to the mobile banking app within 60 days
Exclusions
You won’t be eligible to earn £200 if you’ve taken advantage of a cash switcher offer from NatWest, Royal Bank of Scotland plc or Ulster Bank since 1 January 2020
Joint accounts will only be eligible for one payment
Offer ends No information has been given on when this offer will end.
Representative Example: Effective Annual Rate: 39.49% EAR (variable). Representative APR: 39.49% APR (variable). Assumed credit limit: £1,200 Subject to status. How does this overdraft compare? Representative APRs help you compare the cost of different credit products.
No monthly fee
Emergency cash option
Easy to open and manage
Arranged overdraft available
Access to mobile banking app to help you manage your finances
Switch your current account to Royal Bank of Scotland and you could earn £200 within 7 days of meeting eligibility criteria. T&Cs apply.
Requirements to get the £200 switching bonus
Apply online or via the RBS mobile app (no monthly fee for the Select account)
Switch a current account held elsewhere using the Current Account Switch Service into a RBS bank account
Deposit £1,250 into your account
Log in to the mobile banking app within 60 days
Exclusions
You won’t be eligible to earn £200 if you’ve taken advantage of a cash switcher offer from NatWest, Royal Bank of Scotland plc or Ulster Bank since 1 January 2020
Joint accounts will only be eligible for one payment
Offer ends No information has been given on when this offer will end.
Representative Example: Effective Annual Rate: 39.49% EAR (variable). Representative APR: 39.49% APR (variable). Assumed credit limit: £1,200 Subject to status. How does this overdraft compare? Representative APRs help you compare the cost of different credit products.
£200 for accounts switched using the Current Account Switch Service.
Requirements to get the £200 switching bonus
Apply online or via the Ulster mobile app (no monthly fee for the Select account)
Switch a current account held elsewhere using the Current Account Switch Service into a Ulster bank account
Deposit £1,250 into your account
Log in to the mobile banking app within 60 days
Exclusions
You won’t be eligible to earn £200 if you’ve taken advantage of a cash switcher offer from NatWest, Royal Bank of Scotland plc or Ulster Bank since 1 January 2020
Joint accounts will only be eligible for one payment
Offer ends No information has been given on when this offer will end.
Representative example: If you use an arranged overdraft of £1,200, you'll be charged
interest at 39.49% EAR variable
.
No monthly fee
Arranged overdraft available
Emergency cash service
Easy to manage via the app
Interest charged on overdrafts
No interest paid on balances
Limited features
Minimum opening balance
£0
Minimum operating balance
£0
Switch service guarantee
Yes
Account fee
£0
Overseas card transactions
2.65%
Overseas cash withdrawals
2.65%
Get up to £220 when you switch to an HSBC Advance Bank account
£100 for new accounts when a minimum of two Direct Debits or Standing Orders are switched using the Current Account Switching Service within 30 days of account opening, £1,500 or more is credited within 60 days of account opening, make 20 or more debit card payments, log onto the mobile app and deposit £50 or more into a new Online Bonus Saver.
Requirements to get the initial £100 switching bonus
Open an HSBC Advance Account and switch your existing account using the Current Account Switch Service
Within 30 days move over at least 2 direct debits or standing orders
Within 60 days pay in at least £1,500, make 20 or more debit card payments, log on to the mobile app, and deposit at least £50 into a new Online Bonus Saver account
Requirements to get an additional £10 per month for 12 months
Each month pay in at least £1,500 into your HSBC Advance Bank Account
Each month make 20 or more debit card payments and log on to the mobile app
Deposit £50 or more into your Online Bonus Saver account
Exclusions
You can't have held an HSBC or a first direct current account since 1 January 2019
Offer ends No information has been given on when this offer will end.
Representative example: If you use an arranged overdraft of £1,200, you’ll be charged interest at at 39.9% EAR variable.
Exclusive worldwide offers and discounts
Access to competitive savings account
Fee-free international transfers to other HSBC accounts
Cash withdrawal limit of £500 per day
No monthly account fee
You’ll need to meet set eligibility criteria
Interest charged on overdraft
Foreign transaction fee applies if you use your card abroad
Get a £20 welcome bonus when you spend your first £20 (T&Cs apply).
Requirements to get the bonus
Sign up using the unique link sent to your mobile number from Revolut's website
Pass the identity and verification checks
Top up your account and spend £20 using the app within 1 month of opening the account
Exclusions
You must not already have a Revolut account
Offer ends This offer is subject to availability and may be withdrawn at any time.
Low overseas fees
Quick application
Earn cashback on spending
Set budgets for financial goals
Virtual cards for online purchases
Easy to transfer money internationally
Linked 'Junior' account available for one child
1% currency conversion charge on weekend spending abroad
Free cash withdrawals in the UK and abroad both limited to £200 per month
Cannot deposit cash or cheques into the account
Charged a fee to receive your bank card
Minimum opening balance
£0
Account fee
£0
Overseas card transactions
0% Mon-Fri (max. £1,000 per month)
Overseas cash withdrawals
0% Mon-Fri (max. £1,000 per month)
Should I switch current accounts?
The answer depends on your circumstances, so only you can determine that. But here are a few things to think about:
Are you with your existing bank because it offers good service? Or are you with it because you just haven’t thought about moving?
Switching current account is pretty easy. Thanks to the Current Account Switch Service (CASS), all your payments and direct debits will be transferred automatically within 7 working days. The 2 banks involved will handle the process and you’ll barely have to lift a finger.
A switching bonus is a temporary benefit. Whereas your current account is something you use pretty much every day, even if you don’t really think about it. If the bank you’re considering has a really juicy switching bonus offer but an awful mobile banking app, it may not be worth putting yourself through that kind of misery for a few quid. The customer star ratings we show can help you see which banks treat customers well.
Banks are awful at rewarding customers for their loyalty. Banks know that people really don’t want to go through the hassle of getting a new account; once they’ve got someone as a customer, they don’t need to do much to keep them. So switching is more likely to land you a better deal.
So, weigh up the pros and cons carefully. If you do decide to switch, ideally you want to pin down the best combination of a nice switching bonus and a reliable bank that offers a good long-term service. You can see a full comparison in our current account guide here.
I am always shopping around for the best deals, if that’s a new savings account or getting a better mortgage rate when my last fixed one expired. I use Finder for advice on the best incentives for switching bank accounts, credit cards etc. Due to the cost of living crisis, I have been actively managing my finances even more”
What happens when you switch?
If you go through with a switch, all your incoming and outgoing payments are automatically transferred to your new account via the Current Account Switch Service (CASS) process. This includes your salary, all your bills – as long as they’re paid by direct debit or standing order – and, most importantly, any future payments you might receive from someone who has your old banking details (the service will also contact them to let them know the new ones!).
You can pick your switching date in advance, and even transfer an overdraft as long as your new bank agrees to it. Once it’s all done, your old bank will close your old account, and you’ll be all set with your new one. If your new bank offers a switching bonus, you’ll receive it once the switch is complete.
Using CASS is free and easy and you’re likely to end up with a better deal or a better banking experience if you’ve picked the right account for you. But keep in mind that this service only works for current accounts, so savings accounts won’t be transferred.
You’ll also need to update any regular payments made via debit card manually, and these can be a lot (for example, your PayPal or Amazon accounts will have memorised your debit card details, not your current account details, so you’ll need to change them when you get your new debit card).
In the unlikely event that anything goes wrong with the transfer, you’ll be protected under the Current Account Switch Guarantee. This means that if you incur any fees or interest because of the switch, you’ll be reimbursed.
Pros and cons of switching
Pros
You can get a nice cash switching bonus (and use it to treat yourself!).
You can choose a bank that offers better customer service or a better mobile app… whatever you don’t like about your current bank, you don’t have to put up with it!
All payments are automatically transferred to your new current account thanks to CASS.
It’s free and fairly quick; the switch has to be completed within 7 working days.
You’re protected by the Current Account Switch Guarantee if anything goes wrong with the transfer.
Cons
Other accounts you might have with the same bank, such as savings accounts, won’t be transferred.
You’ll need to amend your debit card details wherever you have them stored as your regular payment method.
Bottom line
You can earn a handsome reward if you switch your current account to a bank that’s offering one but don’t switch to it just because you’ll get a reward. Make sure you choose a bank that offers a good service and has the features and benefits that are right for you. If you do switch, the Current Account Switch Service, which most banks are signed up to, will make the process quick and easy.
Banks rarely reward customers for their loyalty, so if you can get paid to switch to a better current account, it could be a win-win.”
Frequently asked questions
Banks want your money. Customer deposits are how they're able to provide lending services such as mortgages and loans, which in return generate their profits.
But, as we mentioned above, some people hate moving bank accounts. With the notable exception of a few personal finance junkies like yours truly, most people just want to have a bank account that works and then not to think about it ever again.
So, for banks, getting new customers is quite hard. Switching bonuses are one of the marketing tools available to them to entice people to transfer their accounts and money to them.
You can switch from a joint current account to another joint current account as long as the other person agrees, so both of you will have to give the bank your consent.
It's only possible to transfer a joint account to one held by the same people. You can also switch from a one-person current account to a joint current account (but not the other way around).
Yes! A range of large high street banks offer student accounts packed with rewards, including free railcards, vouchers, generous overdraft terms, and even cold, hard cash as an incentive to get you to bank with them.
By switching, your new bank might offer better deals compared to your old one, such as a cheaper overdraft, cashback on certain payments and a better interest rate on in-credit balances (with the current account itself or for a linked savings account). From time to time, there are also business banking switching offers.
Switching banks will have an impact on your credit score, as your new bank will run a credit check before approving your application. Learn more about credit scores and switching banks.
Yes, but your new bank will need to agree to giving you the overdraft amount you need and transferring your existing one across. Otherwise, you may need to agree a way to pay off the overdraft with the new bank instead or pay it off before you switch.
If something goes wrong with the switching process, such as a direct debit isn’t transferred over, you should contact the bank you’re moving to so it can sort out the problem. Any charges or interest you have to pay because of the problem will be refunded under the Current Account Switch Guarantee with CASS.
We show offers we can track - that's not every product on the market...yet. Unless we've said otherwise, products are in no particular order. The terms "best", "top", "cheap" (and variations of these) aren't ratings, though we always explain what's great about a product when we highlight it. This is subject to our terms of use. When you make major financial decisions, consider getting independent financial advice. Always consider your own circumstances when you compare products so you get what's right for you.
Kate Steere is an editor at Finder, specialising in fintech, banking and cryptocurrency. She has previously written for The Motley Fool UK and Fitch Solutions, where she covered a wide range of personal finance topics and kept a close eye on market trends. Kate has a Bachelor of Arts in Modern History from the University of East Anglia. When not working, she can usually be found curled up with a good book or heading out for a run.
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2 Responses
Finder
KateFebruary 7, 2023Finder
Hi Joe,
Thanks for getting in touch.
If you sign up for our email, you’ll receive a monthly money newsletter which covers the newest switching deals available. You can find the sign up box on our homepage.
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Hi Joe,
Thanks for getting in touch.
If you sign up for our email, you’ll receive a monthly money newsletter which covers the newest switching deals available. You can find the sign up box on our homepage.
Alternatively, we regularly update our best bank account switching offers page. So please do check back to see if there is anything new.
Thanks,
Kate
Hi
Is there any way to get notified by your website when there’s a new bank switch offers available?
Many thanks
Joe Fox