This comparison simply includes all savings accounts.
Switch bank current account and get £100
Why we like it: SPECIAL OFFER - Get £170 when you switch to an HSBC Advance Bank Account.
Why we like it: SPECIAL OFFER - Get £150 when you switch to a First Direct 1st Account, or if you're not ready to switch £20 welcome when you open a current account.
Compare current account switch offers worth £100 or more
There are a number of reasons to switch your current account to a new bank or building society, including looking for a better interest rate or benefits. Many banks are increasingly using upfront switching bonuses and monthly cashback schemes to incentive customers to move to them.
There are now a number of current account providers who offer £100 or more in switching bonuses and other rewards to new customers. This means it could be worth your while to make the switch, especially if you are not happy with your existing current account.
To help you make a decision, we have selected some of the current accounts offering the most generous terms to new customers. All of the current accounts below will earn you £100 or more in switching bonuses or cashback within the first year.
Open the HSBC Advance Account and you will receive £170 cash as a joining bonus. 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 months of holding the account.
First Direct 1st Account offer a £150 incentive for switching to their 1st Account, or £20 for opening account without switching. 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 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 0.30% 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.
Things to bear in mind when switching your current account
Although switching offers can be tempting, you also need to think about your long-term needs. For example a Santander 1|2|3 Current Account will give you interest of 1.5%AER on your entire balance up to £20,000. The account also offers from 1-3% cashback on a range of household bills.
This means if you are likely to keep a significant balance in your account at all time, the interest and cash back you earn on this account could outweigh the benefits of a one-off switching offer or the monthly cash back on a different current account.
It is therefore a good idea to compare a wide range of current accounts when choosing which to switch to. That way you can make an informed decision about which current account offers the best match for your requirements, so you get the best possible deal for your day-to-day banking.