These are free current and e-money accounts where you can get £100 or more plus other incentives for opening an account. However, for some accounts you will need to switch and close your old account to get the bonus. We have a separate guide on banking apps with sign-up bonuses and other ways to earn free money.
TSB – Spend & Save accounts – Up to £200 when you switch
Santander – Everyday and Edge accounts – £200 switch bonus
Lloyds Bank – Club Lloyds, Club Lloyds Silver or Club Lloyds Platinum accounts – £250 switch bonus
Our expert says: What’s the best switching deal right now?
"If you’re looking for the largest cash bonus, then the Club Lloyds switching deal will be your best bet as it’s offering an impressive £250. It’s also not bad for perks overall, as you get monthly interest, access to a regular saver and lifestyle benefits like a Disney Plus subscription or cinema tickets. You can also avoid the £5 monthly fee as long as you deposit at least £2,000 a month.
However, the best deal overall, which will get you the most over the course of the year, is still Santander’s £200 offer. If you opt to switch to the Santander Edge account, which has a £3 monthly fee, you get access to its Santander Edge saver at 6% on balances up to £4,000. If you deposit the maximum amount, after a year, you’ll have £240 in interest. You can also earn 1% cashback, up to £10 a month, a maximum of £120 over the year. Add that to the £200 switching bonus, and you stand to earn an impressive £524 overall, once you’ve subtracted the monthly fee."
Switch a current account held elsewhere using the Current Account Switch Service, switching to Santander’s Edge Up, Edge, Everyday, Explorer or Private (v2) current account
A full switch including at least 2 household direct debits
Within 60 days, pay in a minimum of £1,500
Continue to hold your Santander account, including 2 active direct debits for at least 60 days, £200 bonus should be paid within 30 days after this
Exclusions
Must be a UK resident
Switching from an account held with Santander, cahoot or Cater Allen
If you held a current account with Santander on 1 January 2025
Must not have previously received a switch incentive from Santander
Offer ends This offer is subject to availability and may be withdrawn at any time.
Representative example: If you use an arranged overdraft of £1,200, you'll be charged interest at 39.94% EAR variable.
Pros
Easy to apply
No overeas 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.
Cons
No interest paid on in-credit balances
Interest charged on overdrafts after first 4 months
Switch a current account held elsewhere using the Current Account Switch Service, switching to Club Lloyds, Club Lloyds Silver or Club Lloyds Platinum account
A full switch including at least 3 active direct debits
Open a qualifying account between the 6 January and the 3 February
Exclusions
You have received a switching offer since 1 January 2023 for switching to any Lloyds, Bank of Scotland or Halifax Bank account
You switch from a Halifax or Bank of Scotland current account
Direct debits set up after your switch has been started and other types of automated payments, such as standing orders and recurring card payments, won’t count towards the offer
Offer ends 3 February
Representative example: If you use an arranged overdraft of £1,200, you'll be charged interest at 29.9% EAR variable.
Pros
Interest paid on balances up to a certain amount
Selected rewards and cashback offers
Preferential exchange rates
Exclusive banking offers available
Choose 1 "lifestyle benefit" each year, such as a TV, coffee or magazine subscription
Cons
You’ll need to deposit a certain amount each month or pay a monthly fee
You must pay out 2 direct debits each month to qualify for interest
Highest interest rate only paid on specific balances
Minimum opening balance
£0
Minimum operating balance
£0
Switch service guarantee
Yes
Account fees
£0
Overseas card transactions
0%
Minimum opening balance
£0
Account fees
£0
Interest (AER)
1.5% AER
HSBC Premier - Up to £750 switch bonus
8.7
Great
Account fees
£0
Interest (AER)
0% AER
Get up to £750 when switching.
Requirements to get the bonus
Switch a current account held elsewhere using the Current Account Switch Service, switching to a HSBC Premier account
Open a Premier account by 23 February
By 30 April switch your bank account and salary of at least £100,000
And/or transfer at least £100,000 of savings & investments to HSBC
Maintain your balance for 3 months for an additional £500
Exclusions
You have received any other HSBC UK joining incentive since 1 January 2025
You’re an existing HSBC UK or first direct current account holder on 5 January 2026 or have applied for an account prior to this date
Offer ends 23 February.
Representative example: If you use an arranged overdraft of £1,200, you'll be charged interest at 39.9% EAR variable.
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. Most of the data in Finder's comparison tables is provided by Defaqto. In other cases, Finder has sourced data directly from providers.
Kate Steere is an editor and money expert at Finder, specialising in banking, savings and fintech. 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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Finder.com is an independent comparison platform and information service that aims to provide you with the tools you need to make better decisions. While we are independent, the offers that appear on this site are from companies from which Finder receives compensation. We may receive compensation from our partners for placement of their products or services. We may also receive compensation if you click on certain links posted on our site. While compensation arrangements may affect the order, position or placement of product information, it doesn't influence our assessment of those products. Please don't interpret the order in which products appear on our Site as any endorsement or recommendation from us. Finder compares a wide range of products, providers and services but we don't provide information on all available products, providers or services. Please appreciate that there may be other options available to you than the products, providers or services covered by our service.
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