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Switching current account incentives
Why we like it: SPECIAL OFFER - Switch to a 1st Account and bank £175*. You also get access to a 7% AER/gross fixed for 12 months Regular Saver Account if saving between £25 and £300 a month (up to £3,600 per year). £250 interest-free overdraft (subject to status). No minimum monthly funding and no monthly account fee. No first direct fees for when spending abroad, withdrawing cash from the UK or when making a debit card payment in a foreign currency in the UK. Mobile banking app. UK based contact centre. For the £175 switching cash offer you need to open a 1st Account, switch your everyday banking to us using the Current Account Switch Service and pay in at least £1,000 within three months of opening the account. This offer is only available to new First Direct customers, or HSBC customers who haven't opened an account since 1 January 2020. *Complete a full switch using the Current Account Switch Service, including at least 2 Direct Debits or standing orders. Then deposit £1,000, make 5+ debit card payments, and log on to digital banking, within 30 days of your account opening. New customers only, who haven’t previously held a first direct product. Sorry, we also can’t offer this to people who have opened an HSBC current account on or after 1 January 2018. Offer can be withdrawn at any time. Subject to status. UK residents only
Compare switching current account incentives
If you are unhappy with your existing current account and wondering if you can get a better offer elsewhere, switching incentives can help to draw you to one particular bank or building society over another.
Many providers now offer very generous switching offers to move your current account, with a number of banks and building societies now offering over £100 in upfront bonuses as well as cashback and other incentives.
Although a current account switching incentive may be enough to make you want to move accounts by itself, you also need to bear in mind other factors, such as what interest rate you will earn on your savings and pay on your overdraft.
With that in mind, we have compiled a list of the top switching offers for current accounts available right now, to help you when researching which current account to switch to.
Santander Edge Current Account - £175 cashback for switching
Santander are offering a £175 incentive to switch to their Edge Current Account. To qualify you must complete a full switch to a Santander Edge Current Account using the Current Account Switch Service, set up 2 active Direct Debits and pay in £1,500 within 60 days
Santander Edge Up Current Account - £175 cashback for switching
Santander also offer a £175 bonus if you switch to their Edge Up Current Account. Again, to qualify you complete a full switch to a Santander Edge Current Account using the Current Account Switch Service, set up 2 active Direct Debits and pay in £1,500 within 60 days
Should you switch your current account for incentives?
Switching offers can be very tempting, but you also need to consider your long term needs when deciding whether to move your day-to-day banking. Things like the interest rate you earn on your savings and other benefits can soon add up in value and potentially outweigh even a generous switching incentive.
For example, a Santander 1|2|3 Current Account will currently earn you interest of 1.75%AER on your entire balance up to £20,000 plus cashback of between 1-3% on a range of household bills. This means if you tend to be in credit by a significant amount and pay various household bills out of your account each month, these benefits could be worth more than many switching bonuses.
Compare switching current account incentives and more
Whether your main goal when switching your current account is to get better ongoing benefits or you are tempted by a particularly generous switching offer, it is essential to do plenty of research of the available options before making a final decision. Take a look at some of the top current accounts on offer from across the market right now to see which offers the best deal for you.
