Compare Latest Current Account Deals
£200 for opening bank account
Why we like it: Unlimited payments and withdrawals. Interest paid annually. Open in a single or a joint name. Maximum deposit £250,000. FSCS Protected. Winner of Platinum Feefo Trusted Service Award in 2024. Must be UK resident and be aged 18 or older
Why we like it: Interest paid annually. Unlimited deposits and withdrawals. Open and manage online. FSCS Protected. Must be UK resident and be aged 18 or older
Why we like it: The Home Deposit Saver lets you earn a competitive rate of interest whilst building up the deposit needed for your first or next home. £500 bonus to boost your savings if you receive a residential purchase mortgage offer from Leeds Building Society. Interest paid annually. Open and manage online. FSCS Protected. You can only pay in up to £500 in a single month. Withdrawals are limited to 1 each year. You can deposit up to £30,000 in total. Bonus eligibility criteria apply. Must be UK resident and be aged 18 or older
Why we like it: A new savings account from Chip built to move with the Bank of England and reward you faster than the banks. Interest paid monthly. Deposit and withdraw almost instantly. No fees or charges for holding account. FSCS eligible on your deposits. Must be UK resident. Must be aged 18 or older.
Why we like it: Which? Recommended Savings Provider. No notice period. Deposit from £100. Interest paid monthly or annually. Apply in minutes. Your eligible deposits with RCI Bank UK Limited are protected up to a total of £85,000 by the Financial Services. Compensation Scheme (FSCS)
Why we like it: Instant access to your savings. Unlimited deposits and withdrawals. Interest paid monthly, either to a linked current account, or adding it to your Online Flexi Saver account. Easy application process, you just need a UK mobile phone and UK driving licence or passport. Manage account online. Maximum balance £250,000. Must be aged 18 or older and have a UK address. Must have a linked UK current account. Your eligible deposits with Investec Bank are protected up to a total of £85,000 by the Financial Services Compensation Scheme (FSCS)
Why we like it: Choose monthly or annual interest payments. Unlimited deposits and withdrawals. 24/7 access to your savings. Open and manage online. After 12 months the rate will revert to the underlying rate, currently 1.55% gross/AER variable. Post Office Online Saver is provided by Bank of Ireland UK. Must be UK resident. Must be aged 18 or older. FSCS protected
Why we like it: Save from £1. Unlimited payments and withdrawals. Interest paid annually. Open in a single or a joint name. Maximum deposit £500,000. Open and manage account online. FSCS Protected. Must be UK resident. Must be aged 16 or older
Why we like it: All funds deposited into the RCI Bank E-Volve Savings 14 Day Notice Account will be used to fund pure electric vehicles and charging facilities. Interest paid monthly or annually. Manage account online. UK-based support, seven days a week. Which? Recommended Savings Provider. Unlimited withdrawals subject to 14 days notice. Must be UK resident. Must be aged 18 or older. Your eligible deposits with RCI Bank UK Limited are protected up to a total of £85,000 by the Financial Services Compensation Scheme (FSCS)
Why we like it: The interest rate tracks the Bank of England (BoE) Base Rate. Interest is calculated on the minimum daily balance and applied to the account on the first day of every subsequent month. Open and manage account online. Your eligible deposits are protected up to £85,000 by the Financial Services Compensation Scheme. The maximum deposit you may pay into any one OakNorth Account is £500,000. The maximum amount (excluding the interest) that you will be allowed to hold on deposit with OakNorth Bank across multiple accounts is also £500,000. Unlimited withdrawals, subject to 95 days notice. Available to individuals, aged 18 or over, who are UK residents
Why we like it: Unlimited deposits and withdrawals. Interest paid monthly: can be added to your Notice Saver or paid to your linked account. Easy application process, you just need a UK mobile phone and UK driving licence or passport. Manage account online. Maximum balance £250,000. Withdrawals subject to 90 days notice. Must be aged 18 or older and have a UK address. Must have a linked UK current account
Why we like it: 9 month term, minimum deposit £1,000, no withdrawals permitted. FSCS Protected
How to earn £200 for opening a bank account
Looking to move your current account to a different provider?
Before switching you should consider the following factors including:
- Do you need an overdraft facility
- Are you enjoying a competitive saving rate with your existing bank on your savings, and will your forfeit this if you move?
- Does the new bank offer cashback on purchases? How does this compare with your current bank?
- Is there a monthly bank fee with the new provider?
- Is there a minimum you need to pay into the new account every month?
- What reviews does the new bank for customer service?
The following accounts will earn up to £200 for opening a bank account either upfront or within the first year the account is open:
First Direct 1st Account - £175 cash switching bonus
First Direct 1st Account offer a £175 incentive for switching to their 1st Account. You will need to switch your everyday banking to First Direct using the Current Account Switch Service, and you will have to pay in at least £1,000 during the first 30 days you hold the account, plus register and Log onto digital banking, within 30 days of us opening your first direct 1st Account.
Santander Everyday Current Account - £185 cashback for switching
Switch to the Santander Everyday Current Account and you will receive £185cashback. You have to complete a full switch to a Santander Everyday Current Account within 60 days, set up 2 Direct Debits, pay in £1,500 and log into Online or Mobile Banking.
Santander Edge Current Account - £185 cashback for switching
Santander are offering a £185 cashback incentive to switch to their Edge Current Account. To qualify you must complete a full switch to a Santander Everyday Current Account within 60 days, set up 2 Direct Debits, pay in £1,500 and log into Online or Mobile Banking.
Is it worth opening a new bank account for a good switch 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, First Direct and Santander offer high interest rates on savings up to set amounts.
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 precisely 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.
