Compare Latest Current Account Deals
£100 for opening bank account
Why we like it: No minimum monthly funding or monthly fee to maintain the account. Earn up to 15% cashback with Retailer Offers. Stress-free account switching in 7 days with the Current Account Switch Service. £300 ATM withdrawal per day, Arranged Overdraft facility (subject to status). Online and Mobile Banking with text and email alerts. Must be 18 or older and live in the UK permanently. 39.94% EAR overdraft charge. Bank is registered with the Financial Services Compensation Scheme (FSCS), so any money you keep will be fully protected, up to £85,000
Why we like it: SPECIAL OFFER - £125 for SWITCHING to an HSBC Advance Account. Earn 1.00% AER/gross when you save between £25 and £250 per month. Arranged overdraft limit of at least £1,000 on account opening. Money banking app. No monthly account fee. Easy switching with the Current Account Switch Service. Must be 18 or older and be UK resident. Must pay in £1,750 per month or £10,500 over 6 months. Must be approved for an arranged overdraft of £1,000+. Get the £125 when switching to an HSBC Advance Account as a new customer with at least 2 Direct Debits or standing orders. Offer for new customers only who haven’t held an HSBC current account, or opened a first direct account since 1 January 2018. Eligibility criteria and T&C’s apply. Offer may be withdrawn anytime
Why we like it: Earn 0.30% AER (variable) interest on balances up to a maximum of £20,000. Up to 3% cashback on household bills - 1% on council tax bills, Mobile and home phone bills, broadband and paid-for TV packages, and Santander monthly mortgage payments. 2% on Gas and electricity bills, Santander Home Insurance premiums and Santander Life Insurance premiums, and 3% on water bills. Monthly fee of £4. Cashback capped at £5 for each cashback tier each month. Must pay in £500 pm. Bank is registered with the Financial Services Compensation Scheme (FSCS), so any money you keep will be fully protected, up to £85,000
Why we like it: Free current account. Pays 0.05% AER interest on balances up to £85,000. Get set up in minutes. Send money abroad: Fast and secure money transfers to bank accounts in 38 countries worldwide. No fees when you pay with your card abroad or withdraw money. Get a spotlight on your spending: See what you’ve spent instantly with real-time payment notifications. 3 month interest holiday on the first £500 of an arranged overdraft. Best British Bank and Best Current Account in 2020 at the British Bank Awards. Awarded 5 stars by Defaqto. Bank is registered with the Financial Services Compensation Scheme (FSCS), so any money you keep will be fully protected, up to £85,000
Why we like it: Earn £4 a month back in Rewards by making a minimum of 2 direct debit payments of at least £2 each. Plus earn an extra £1 a month in rewards with 1 mobile app login. Earn Rewards that you can redeem as cash back, gift cards or e-codes with our retail partners. Great money management tools with our mobile banking app. ‘Criteria Apply’. Arranged overdraft available (subject to eligibility). Multiple ways to pay: Apple Pay, Google Pay™ and Contactless Visa Debit. Must be 18 or older and UK resident. Customers need to pay at least £1,250 into any eligible personal current account every month (excludes transfers between your own accounts). Must not currently hold 2 Reward accounts. £2 monthly fee. Representative example: If you use an arranged overdraft of £1,200 you’ll be charged interest at 39.49% EAR variable
Why we like it: Earn £4 a month back in Rewards by making a minimum of 2 direct debit payments of at least £2 each. Plus earn an extra £1 a month in rewards with 1 mobile app login. Earn Rewards that you can redeem as cash back, gift cards or e-codes with our retail partners. Great money management tools with our mobile banking app. ‘Criteria Apply’. Arranged overdraft available (subject to eligibility). Multiple ways to pay: Apple Pay, Google Pay™ and Contactless Visa Debit. Must be 18 or older and UK resident. Customers need to pay at least £1,250 into any eligible personal current account every month (excludes transfers between your own accounts). Must not currently hold 2 Reward accounts. £2 monthly fee. Representative example: If you use an arranged overdraft of £1,200 you’ll be charged interest at 39.49% EAR variable
Why we like it: Can be opened by or on behalf of any child up to the age of 18. Debit or cash card available for those aged between 13 and 18. Monthly interest. No monthly fee. For children under age 13, the account must be opened in trust and managed by an adult (trustee). If you’re aged between 13 and 18 years old and live permanently in the UK you can apply online by telephone or in branch. No overdraft facility. 1% interest on the entire balance once the balance is £100, 2.00% AER/1.98% gross (variable) on the entire balance once the balance is £1,500, 3.00% AER/2.96% gross (variable) on the entire balance once the balance is £1,500 or over (up to a maximum of £2,000). Bank is registered with the Financial Services Compensation Scheme (FSCS), so any money you keep will be fully protected, up to £85,000
Why we like it: An everyday current account. Great money management tools with our mobile banking app. ‘Criteria Apply’. Multiple ways to pay: Apple Pay, Google Pay™ and Contactless Visa Debit Card. Limits apply. Arranged overdraft available (subject to eligibility). No monthly fee. Defaqto 5* rated. Must be 18 or older and UK resident. Representative example: If you use an arranged overdraft of £1,200 you’ll be charged interest at 39.49% EAR variable
Why we like it: An everyday current account. Great money management tools with our mobile banking app. ‘Criteria Apply’. Multiple ways to pay: Apple Pay, Google Pay™ and Contactless Visa Debit Card. Limits apply. Arranged overdraft available (subject to eligibility). No monthly fee. Defaqto 5* rated. Must be 18 or older and UK resident. Representative example: If you use an arranged overdraft of £1,200 you’ll be charged interest at 39.49% EAR variable
How to earn £100 for opening a bank account
If you are looking to move your current account to a different provider, there are various factors to consider when making your choice. Issues like what interest rate you will pay on your overdraft and earn on your savings will be important, but for many switching incentives are a key decider.
Many providers now make current account switch offers, which include cash when you change accounts and cashback for things like having Direct Debits coming out of your account or paying household bills from the account. These benefits can swiftly add up and make a real difference to which account offers the best deal for you.
Between the various switching bonuses and cashback offers available on some of the most popular current accounts, it is possible for savvy switchers to earn £100 or more when they change account. The follow accounts will earn you at least £100 for opening a bank account either upfront or within the first year the account is open.
HSBC Advance Current Account - £125 cash switching bonus
Open the HSBC Advance Account and you will receive £125 cash as a joining bonus. Again, you will need to switch your everyday banking to HSBC using the Current Account Switch Service and set up at least 2 direct debits. You will also have to pay in at least £1,750 per month, or £10,500 within six months000 during the first three months you hold the account.
Is it worth opening a new bank account for a good switching offer?
When thinking about opening a new bank account, switching offers can be a good deciding factor, but it is also important to think about your long term needs. For example a Santander 1|2|3 Current Account offers interest of 1.5% AER on your entire balance up to £20,000, plus cashback of between 1-3% on a range of household bills.
This may not be the most attractive offer upfront, but it means if you are likely to keep a large balance in your account and pay a number of household bills out of your account, the interest and cashback you earn can soon add up and outweigh most switching offers.
It is therefore a good idea to think about exactly what you need from a current account and how you are likely to use it before making a decision about opening a new bank account. This can help to ensure you get the most out of your account on an ongoing basis.
Find the best bank accounts to switch to
Whatever your reasons for opening a new bank account, it is a good idea to spend some time researching your various options before making the switch. Check out the range of current accounts on offer from across the market to see which offers the best deal for you.
