It’s not all about switching deals when it comes to banking offers. There are also sign-up bonuses, refer-a-friend deals, reward programmes and business banking offers. Find out which banks are offering what.
Sign-up bonus deals
From time to time, banks and e-money account providers offer cash just for opening an account. Below we’ve listed the latest we’ve found.
first direct – 1st account – Access to a 7% AER interest Regular Saver Account
NatWest – Digital Regular Saver – Access to 6.17% AER on balances up to £5,000 with a Digital Regular Saver account
HSBC – Advance Bank Account – Access to a 5% AER HSBC regular saver account
Lloyds – Club Lloyds Monthly Saver – Access to a 6.25% monthly saver account
Nationwide – FlexDirect Account – Access to a 5.00% AER regular savings account
Santander – Edge – Access to a 7.00% AER interest savings account on balances up to £4,000. This includes a 2.50% AER / 2.47% gross (variable) bonus rate for the first 12 months from opening.
Chase – Current Account – Access to a 5.1% AER (bonus) interest Chase saver account
Virgin Money – M Plus Account – Access to 2.5% AER on balances up to £25,000 with a linked M Plus Saver account
Best cashback account offers
If you fancy earning a bit of extra cash every time you spend money, then a current account with cashback could be the answer. Below we have listed a number of accounts with attractive cashback offerings.
Santander – Edge – 1% cashback on household bills, 1% cashback at supermarkets and on travel costs (exclusions apply)
Chase – Current Account – 1% cashback on eligible spending up to £1,500 each month
Best student bank account offers
Banks also offer tempting deals for students. From railcards to tastecards to upfront cash, there are multiple incentives a student can choose. We’ve published a separate guide to comparing and finding the best student bank account deal for you.
Get an exclusive 2 months free and £15 pocket money offer when you sign up with this link
gohenry is designed for children aged 6 to 18, and is managed digitally through an app for a monthly fee. It consists of a parent and child account combination, which sees parents use their account to top up the child’s balance and set limits on their spending.
The child can check the available balance in their account and spend the money they’ve been given using a prepaid Visa debit card. Its free to use the card to make purchases online and in-store, as well as to make ATM withdrawals in the UK. But you only get one free money load from the parent’s account to the child’s account each month – after that it’s 50p per top-up.
Full parental control thanks to instant notifications and spending limits
One-month free trial
It can be used by children as young as six
Reward system for completed tasks
Children learn about personal finance in a controlled environment
Relatives can also send money to the children
You can manage up to four child accounts from the same parent account
No fees to spend or withdraw cash abroad - these were scrapped in 2020
Monthly fee
Only one free top-up to the child account a month
Safe, but not as safe and regulated as a bank
It doesn’t pay any interest
There are cheaper cards available
Monthly fee
£3.99
Card delivery fee
£0
Card transaction fee
£0
Cash withdrawal fee
£0
Loading fee
1 free/month, then 50p each
Replacement card fee
Free, or £4.99 if changing the card design
Network
VISA
How many child accounts
4
Fees abroad
£0
Other fees
£4.99 for a customisable card or Eco Card
Freeze/unfreeze card
Yes
Refer-a-friend offers
Get a free National Trust day pass when you refer a friend
On the starling app, tap profile picture and choose 'refer a friend' then 'share referral link' and message it to your friends
Once their account is approved, both will be sent a free National Trust individual day pass
Exclusions
Each of the Referring Customers and Referees must acknowledge and agree that no direct financial reward will arise as a result of the scheme, and neither party shall in any circumstances attempt to derive a financial or other benefit from the scheme
Maximum of 50 daily referrals per referring customer
Passes cannot be used at paid-for events or certain properties
Offer ends There's no specified date when this offer ends, but it's subject to availability and can be withdrawn at any time.
Representative example: If you use an arranged overdraft of £1,200, you'll be charged
interest at 15% EAR variable
.
No monthly-fees
No overseas fees
100% digital sign-up
24/7 UK customer support
'Settle up' feature to split joint bills
Pays interest on current account balance
Overdrafts available (only on personal accounts)
No branch network
Limited options for depositors
No competitive switch incentives if you switch your account
Limited product range compared to other banks
Lower ATM withdrawal limit than some other digital challengers
Both you and your friend must live in a country Monese operates in: UK, Austria, Belgium, Bulgaria, Croatia, Cyprus, Czech Republic, Denmark, Estonia, Finland, Germany, Greece, Hungary, Iceland, Ireland, Italy, Latvia, Liechtenstein, Lithuania, Luxembourg, Malta, Norway, Portugal, Romania, Slovakia, Slovenia, Sweden
Your friend needs to be at least 18
Signup and make a card transaction to both get your first £5
You get £5 more each once your invited friend has spent a total of £500 in card transactions on their Monese account or sent this much internationally (outside the EU/EEA)
Open a Monese account through the Monese app or website by clicking on the Referral Link or by using the Referral Code when signing up
Exclusions
You can earn a maximum of 2 referral bonuses from each friend referred
Refer a maximum of 15 people
You can earn a maximum of £150 from this offer (£10 x 15)
The person you invite must be a different individual
This offer can't be used for any kind of commercial activity or in connection with any paid promotions
Offer ends This offer is subject to availability and may be withdrawn at any time.
UK current account that does all you can expect, including direct debits and standing orders.
Fast and easy set-up (no credit check or proof of local address needed).
Colourful app that is easy to use, allows you to categorise your transactions and freeze the card if you lose it.
Free card payments and ATM withdrawals abroad.
You can load cash into the account for free.
Can open both a UK and European account and switch instantly.
With a free plan, fee-free ATM withdrawals and cash loads are limited to £200 per month.
You can’t put your savings in a separate account or earn interest on them.
It doesn’t offer anything more than a current account.
No physical branches.
Minimum opening balance
£0
Account fee
£0
Triodos - £60 voucher for the Ethical Superstore or Neal’s Yard Remedies for the recommended friend, plus a £25 charity donation for the recommender
Recommend a friend and £25 will be donated to the existing customers chosen charity for each successful recommendation.
Requirements to get the bonus
The recommender:
You need to be over 18 and have one of the following Triodos products in your name: Personal Current Account, Savings Account, Cash ISA, Investment ISA, including joint accounts
You must register for the refer-a-friend scheme by using the link within the invitation email
The recommended friend:
You must use the same email to register for the scheme and your new Triodos account
You need to open a Personal Current Account within 60 days of registering for the scheme
You need to deposit £100 within 30 days of opening the account
You must be a new customer of Triodos Bank UK and not already hold any accounts with Triodos Bank UK
You need to register for the refer-a-friend scheme by using the unique link given to you from the recommender
Exclusions
A maximum of 30 donations to a chosen charity within a 12-month period
You can't apply for this offer if you live with or are family members of someone who works for Triodos
Joint accounts get one £25 donation
Offer ends This offer is subject to availability and may be withdrawn at any time.
Ethical banking
Arranged overdraft available
Easy to manage
Interest charged on overdrafts
Foreign transaction charges
No cash deposits
Minimum opening balance
£0
Minimum operating balance
£0
Switch service guarantee
Yes
Account fee
£3 per month
Overseas cash withdrawals
2.5%
High interest offers
TSB - Spend & Save - Access to a Monthly Saver Account
Earn £5 cashback a month when making 20 or more debit card payments each month.
This account from TSB allows users to earn up to £5 cashback for the first six months when they make 30 or more payments on their debit card each month. Alternatively, if you’re happy to pay a monthly fee, you could consider the Spend and Save Plus account instead, which offers cashback with no end date. The Spend and Save account also enables you to set up different Spending Pots and earn interest as you do so, plus set yourself goals and track how your money is growing. With the Save the Pennies feature, every debit card payment will be rounded up to the nearest pound and the pennies can be transferred to your Savings Pot or other eligible TSB savings account. In addition, you’ll have access to a competitive Monthly Saver account with a rate that’s fixed for a year, helping your savings to grow further. You can also apply for an arranged overdraft.
If you use an arranged overdraft of £1,200, you'll be charged interest at 39.9% EAR variable/APR representative.
Earn cashback as you spend
Competitive Monthly Saver
Save the Pennies feature
Overdraft available
Cashback on Save and Spend account expires after six months
Interest charged on overdrafts
Minimum opening balance
£0
Minimum operating balance
£0
Switch service guarantee
Yes
Account fee
£0
Overseas cash withdrawals
2.99%
Lloyds - Club Lloyds Silver - Access to a Monthly Saver Account
£175 for accounts switched using the Current Account Switch Service including 3 active direct debits until 30.7.24.
This account from Lloyds Bank offers you additional benefits such as travel insurance, mobile phone insurance, breakdown cover and cashback. For a monthly fee of £10, you can get European and UK family travel insurance (up to age 65 and subject to eligibility), as well as AA family breakdown cover. In addition to this, you get worldwide cover for your mobile phone up to £2,000. As a Lloyds account, you’ll also benefit from its Everyday Offers programme, which gives you up to 15% cashback at selected retailers. If you are looking for a bit more, you can add Club Lloyds to your account. This will give you monthly credit interest (provided you pay 2 direct debits each month) and a Lifestyle Benefit each year such as an annual magazine subscription or cinema tickets. The cost of this is £3 a month, but Lloyds will refund this if you pay in £1,500 or more each month.
European and UK travel insurance
Family breakdown cover
Mobile phone insurance
Cashback with Everyday Offers
Arranged overdraft
£10 account management fee
High interest rate charged on overdraft
Insurance comes with individual T&Cs
Minimum opening balance
£1
Minimum operating balance
£1
Switch service guarantee
Yes
Account fee
£3 per month (Account fee waived if account credit with at least £2000 per month). £11.5 per month
Overseas cash withdrawals
2.99%
Cashback offers
Chase - Current Account - Receive 1% cashback on everyday purchases for 12 months
Receive 1% cashback on everyday debit card purchases capped at £15.
This account from digital bank Chase offers a range of rewards with no monthly fee. Whenever you spend on your Chase debit card, whether at home or abroad, you’ll earn 1% cashback (capped at £15 per month). You can transfer your cashback whenever you like. Plus, you can round up your spending to the nearest £1 and the difference will automatically be saved for you - your round-up balance will even earn 5% interest. You’ll also have access to the Chase Saver account which pays a competitive rate of interest, and you’ll be able to spend on your debit card fee-free across the globe.
Rewards when you spend
Interest when you don’t
No fees abroad from Chase
No branches if you prefer face-to-face banking
Can’t deposit cash or cheques into the account
Overdrafts not available yet
Minimum opening balance
£0
Minimum operating balance
£0
Switch service guarantee
Yes
Account fee
£0
Overseas cash withdrawals
0%
Santander Edge - 1% cashback on household bills and 1% cashback at supermarkets and on travel costs (exclusions apply)
Every time you spend abroad in the local currency using your Santander debit or credit card between 18 June to 15 September 2024, you'll be entered into a prize draw to win 1 of 18 travel vouchers each worth £5,000 each. T&Cs apply.
Santander Edge is an everyday current account which allows you to earn cashback on selected household bills and essential spending. You can earn cashback on selected household bills when you pay by direct debit and cashback at supermarkets and on travel costs when you use your debit card. Plus, you’ll have access to the Santander Edge saver account which pays a competitive rate of interest. In return, you’ll need to pay a monthly fee to maintain the account and meet certain eligibility criteria.
Representative example: If you use an arranged overdraft of £1,200, you'll be charged
interest at 39.94% EAR variable
. Account fee of £3 per month.
1% cashback on essentials
1% cashback on selected bills
Linked savings account with 7% AER (variable) in year 1
On the starling app, tap profile picture and choose 'refer a friend' then 'share referral link' and message it to your friends
Once their account is approved, both will be sent a free National Trust individual day pass
Exclusions
Each of the Referring Customers and Referees must acknowledge and agree that no direct financial reward will arise as a result of the scheme and neither party shall in any circumstances attempt to derive a financial or other benefit from the scheme
Maximum of 50 daily referrals per referring customer
Passes cannot be used at paid for events or certain properties
Offer ends There's no specified date when this offer ends, but it's subject to availability and can be withdrawn at any time.
Representative example: If you use an arranged overdraft of £1,200, you'll be charged
interest at 15% EAR variable
.
No monthly-fees
No overseas fees
100% digital sign-up
24/7 UK customer support
'Settle up' feature to split joint bills
Pays interest on current account balance
Overdrafts available (only on personal accounts)
No branch network
Limited options for depositors
No competitive switch incentives if you switch your account
Limited product range compared to other banks
Lower ATM withdrawal limit than some other digital challengers
No group savings feature
Doesn't have a specific monthly budgeting tool
Minimum opening balance
£0
Minimum operating balance
£0.01
Switch service guarantee
Yes
Account fee
£0
Overseas cash withdrawals
£0
Why do banks offer bonuses and rewards?
Banks want you as a customer. In a competitive market, one way to stand out is to offer bonuses and rewards to encourage you to open an account.
These can include sign-up bonuses, ongoing rewards, refer a friend incentives, high interest on your current account or a linked savings account.
The Current Account Switching Service has made it easier to switch your current accounts. So it’s worth keeping an eye on what’s available and what you can take advantage of.
Can an offer or a reward affect my credit score?
There’s typically no impact on your credit score just from accepting a sign-up bonus or earning rewards using your account.
However, if you’ve switched current accounts to secure the offer or reward, this can affect your credit score. But only temporarily.
When you open a new account, banks tend to do a “hard” credit search, which will show on your credit file. This will reduce your credit score very slightly, but the effect is short-lived.
Bottom line
If you’re looking to earn a little cash or are just interested in changing current accounts, it’s worthwhile to look at the best banking offers available. Whether it’s an initial influx of cash you are after or ongoing rewards, there’s something for everyone. But as well as considering what offer to take advantage of, make sure the current account you’re switching to has the right features, tools and banking options for you.
Frequently asked questions
You can switch a joint account to another joint account as long as the other person agrees. You can also switch from a single account to a joint account, but not the other way around.
Yes, lots! If you’re in the market for a student account, you’ll find lots of big names offering accounts packed with rewards, including free railcards, vouchers, generous overdraft terms and cash incentives.
Beyond cash switching incentives (£200 for making the switch), there are other rewards on offer. Some banks offer a welcome cash deal just for opening an account. Others have a high interest rate on credit balances or linked savings accounts. You’ll also find cashback deals available and ongoing monthly reward programmes.
Banking scores
★★★★★ — Excellent
★★★★★ — Good
★★★★★ — Average
★★★★★ — Subpar
★★★★★ — Poor
Finder scores, in blue, are based on our expert analysis. We also show reviews from users, where we've received more than 10, with a score in yellow. We gather more reviews from customers every year in Finder's customer satisfaction survey.
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 has the source: Moneyfacts Group PLC. In other cases, Finder has sourced data directly from providers.
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. See full bio
Kate's expertise
Kate has written 175 Finder guides across topics including:
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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.com 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.com 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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