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Switching current account incentives
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: 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: A bank account that can build credit history. No credit check during sign up. Apply straight from your mobile. Instant online decision. Get your Contactless Debit Mastercard within 3-5 working days. Add Creditbuilder onto your account and it could help build your credit rating at no extra cost. Deposit cash into your account at any Post Office UK branch. Money is available in your account immediately. Manage your account 24/7 from any device with the banking app - get real time balance information, statements, add payees send payments and apply for extras. Automatic payment alerts. UK based Customer Services Team. Your money is protected up to £85,000 by the FSCS (Financial Services Compensation Scheme)
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: 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
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.
M&S Current Account - £185 M&S gift card to switch and stay
If you regularly shop at M&S this offer may be particularly attractive. Move your day-to-day banking to M&S using the Current Account Switch Service and you will receive a £125 M&S gift card. All you need to do is move two or more active monthly Direct Debits to the account to qualify.
You will then receive an extra £5 onto your gift card every month for the first 12 months the account is open. To earn this reward, you simple need to pay in at least £1,000 a month and keep two Direct Debits active. Over the first year it is possible to earn a total of £185 in M&S credit.
The account also offers 5% AER/gross fixed for the first 12 months, plus a minimum £500 overdraft with the first £100 interest free.
Co-operative Bank Current Account - £110 cash switching bonus + up to £5.50 per month
The highest cash offer right now as a switching incentive comes from the Co-operative Bank Current Account. They will give you £110 cash if you use the Current Account Switch Service to switch your everyday banking to them, as long as you move at least four active Direct Debits to your new account.
Sign up for the Co-op’s Everyday Rewards scheme and you can then earn up to £5.50 extra per month in cashback. Over the first year, this adds up to a grand total of £176 in cash rewards.
The Co-operative Bank Current Account comes with no monthly account fee to pay and you can apply online within minutes.
First Direct 1st Account - £100 cash switching bonus
First Direct offer £100 cash as a joining bonus when you open a 1st Account with them. To qualify you will need to switch your everyday banking to First Direct using the Current Account Switch Service and you need to deposit at least £1,000 during the first three months for you hold the account.
As an added bonus, if you decide to leave within the first 12 months the account is open, First Direct will pay you another £100. To qualify for this leaving offer, you must have paid in at least £1,000 a month for six months, be a first time customer with First Direct and you need to inform them of your decision with 12 months of opening the account.
Find out more about the First Direct 1st Account here >>
Halifax Current Account - £75 cash switching bonus + £3 per month cashback
By switching your current account to Halifax with the Current Account Switching Service you can earn a £75 cash bonus. You will need to move all active credits and debits from your previous current account to your new one to qualify.
You can also earn £3 cashback per month if you pay in at least £750 a month, have two or more active Direct Debits and stay in credit. That adds up to £111 in your first year between the switching bonus and monthly cashback.
TSB Classic Plus Account - £120 cashback per year
The TSB Classic Plus Account won’t earn you a bonus upfront for switching, but you will earn £5 cashback every month if you maintain at least two active Direct Debits. Use your debit card to make at least 20 purchases in any given month and you will earn another £5 for each qualifying month. This means you can earn up to £120 in cashback each year.
The TSB Classic Plus Account also gets you 3% AER variable interest on balances up to £1,500, making it one of the most generous accounts for interest on your savings. To qualify, you need to pay in at least £500 a month, register for internet banking, paperless statements and paperless correspondence. As an added bonus, there is no monthly account fee to pay.
Find out more about the TSB Classic Plus account here >>
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 1.5%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.
