September 2, 2024|Best BuyDeals
Written by BCWYC Team
One of the quickest ways to make some extra cash is to take advantage of the very competitive current account market and get a switching bonus.
There are always a number of these and it can be hard to know which is the best for you. In this article we’ve broken down the offers at each major UK bank.
Bank by bank
1 Top Bank switch account offers
1.1 TSB up to £220 plus freebie switching offer
2 Other bank switch offers
2.1 Barclays Premier Avios “£119” switching offer
3 Previous Bank switch account offers
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Andy says: why switching is worth it
If you’ve been with the same bank since your first jobor University, you’re probably missing out. Since seven-day switching was introduced in 2013 the banks have been offering free cash, high interest and other extras to get you to move to them.
Just from switching, I made £1,900 between 2013 and 2018 – and a few hundred more since. And there’s more to be made from other benefits just by opening additional bank accounts. Many accounts have freebies, high interest linked savings accounts and better banking apps which are all worth grabbing.
Switch bank like a pro (again and again and again)
Find out where to get extra Direct Debits and other tricks to max switching offers
Top Bank switch account offers
We’ll update this page as new offers appear – though do check the terms and conditions at each bank before you apply to ensure it hasn’t changed.
Do remember that you’ll be credit checked when you make an application. And you can read more about how to switch bank here.
TSB up to £220 plus freebie switching offer
A new switching deal runs from 1 August 2024. It could be worth £190 in cash plus £30 extra via a cashback site and a freebie on top, worth £30 to £60 itself.
To get the full amount you’ll need to get an extra cashback bonus via cashback sites Quidco and TopCashback, and from the accounts themselves. Read my full analysis here.
Switching bonus | £100 |
Additional bonus | Triple cashback for six months (Up to £90 total) |
Additional reward | Cinema tickets, hotel stay or NOW pass |
Cashback site bonus | Up to £40 |
Switch bonus paid | By 24 October 2024 |
Open to existing customers | Yes |
Switching requirements | Switch using the Current Account Switch Service and close old account with 21 days of the offer ending |
Use the debit card 5 times by 27 September 2024 | |
Log in to online or app banking by 27 September 2024 | |
Additional bonus requirements | Make 20 debit card transactions per calendar month for six months |
Cashback site bonus requirements | Make two debit payments in three of the four months from opening Pay in £500 a month in three of the four months from opening |
Exclusions | Not already have received a TSB switching bonus since 1 October 2022 |
Offer limited to once per person and account | |
Offer ends | Unknown, but likely early to mid September |
Read our full analysis
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+ Get a £20 Quidco bonus (new members only). More details
Other bank switch offers
Barclays Premier Avios “£119” switching offer
There’s an alternative offer for new Barclays Premier customers who switch in. They’ll earn Avios points that can be changed to £125 worth of Nectar points.
This is only for customers who have large salaries or huge amounts saved with Barclays (it might be possible to get accepted as a joint couple who meet this requirement combined). You also have to be brand new to Barclays too.
You need to add on Barclays Avios Rewards which costs £12 a month, though you’ll earn some of that back in Avios points (1,500 a month = £7.50 when converted to Nectar) and another 7,000 points if you stay a year (=£35).
So effectively you’re looking at a spend of £144 over the first year and 50,000 points, adding up to a profit of £119 in Nectar points.
If you stop Avios Rewards after four months (when you get the bonus), you’ll have spent £48 and earned 31,000 points, giving you a profit of £112 (as Nectar points).
Of course, if you value Avios points on flights at a higher rate, your profit margin will increase. You’ll also get airport lounge membership.
You can’t have both Blue Rewards and Avios Rewards at the same time.
Switching bonus | 25,000 Avios points (worth £125 if converted to Nectar) |
Bonus paid | Four months after joining Avios Rewards |
Open to existing customers | No, must join Avios Rewards within 4 months of opening first Barclays current account |
Requirements | Open a new Premier Banking account |
Earn £75,000 a year or have £100,000 saved / invested with Barclays | |
Add Barclays Avios Rewards to your account (£12 a month) | |
Switch using the Current Account Switch Service and close your old account | |
The old account must be from a different bank | |
Exclusions | Offer limited to once per person |
Offer ends | Unknown |
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Previous Bank switch account offers
Barclays £175 switching offer (expired)
Here’s more on the latest switching deal for Blue Rewards, and you can also read our full guide and analysis.
Switching bonus | £175 |
Bonus paid | Within 28 working days of completing the switch |
Open to existing customers | No |
Requirements | Open a new Bank Account or Premier Current Account via the Barclays app |
Add Blue Rewards if you choose the Bank Account (you might need to wait a few days after applying to do this) | |
Switch using the Current Account Switch Service | |
Switch two active direct debits | |
Pay in £800 by 30 August 2024 | |
The old account must be from a different bank | |
Exclusions | Offer limited to once per person |
Not open to joint accounts | |
Cannot have had an existing Barclays current account open on or since 8 July 2024 | |
Cannot have ever had a switching bonus from Barclays | |
Offer ends | 30 August 2024 (last date to start the switch) |
Read our full analysis of the offer
Co-operative Bank up to £160 switching bonus
Co-operative Bank has launched a switching bonus worth £100, with another £60 available on top, as well as potentially another £114 in interest as well. However you will have to pay £15 a month for the account. Our full analysis is here.
Switching bonus | £100 |
Extra bonus | £10 a month for six months |
Switch Requirements | Open up an Everyday Extra current account at £15 a month |
Then within 30 days complete the following: | |
Switch using the Current Account Switch Service and close old account | |
Deposit £1,000 | |
Set up two direct debits or standing orders | |
Use the debit card at least 5 times | |
Set up online banking | |
Bonus requirements | Make 5 debit card transactions a month for six months |
Payout 2 direct debits or standing orders every month for six months | |
Exclusions | Not already have a bonus from Co-operative Bank since 1 November 2022 |
Offer limited to one welcome offer per person and account | |
Open to existing customers | No |
Switch bonus paid | Within 40 days of completing the switch |
Extra bonus paid | In the following month |
Offer ends | Ended 10 August 2024 |
Read our analysis of the offer
Club Lloyds £175 switching bonus (expired)
The new switching bonus from Lloyds Bank is worth £175 and runs from Tuesday 13 February to 28 March 2024. Once the switch has completed you’ll get the payment within 3 working days.
It’s only for Club Lloyds, Club Lloyds Silver and Club Lloyds Platinum accounts and only for new accounts.
Existing Lloyds customers can take advantage though you don’t qualify this time if you’ve received a switching bonus from Lloydsor Halifax since April 2020.
Only one payment will be made per customer, so you can’t get it twice via joint accounts.
All the details on how to do this, and Andy’s full analysis of the offer can be found here.
Switching bonus | £175 |
Bonus paid | Within 3 working days of completing the switch |
Open to existing customers | Yes |
Requirements | Switch into a new Club Lloyds, Club Lloyds Silver or Club Lloyds Platinum account |
Switch using the Current Account Switch Service and close your old account | |
Switch three active direct debits from the old account | |
The old account must be from a different bank | |
Exclusions | Offer limited to once per person |
Cannot have received a switching bonus from Lloyds or Halifax since April 2020 | |
Offer ends | 30 July 2024 (last date to start the switch) |
Read our analysis of the Club Lloyds switch offer
First Direct £175 switching bonus (expired)
First Direct currently offers £175 for opening a 1st Account with them and switching in. Here’s our full analysis of the offer.
There’s also £45 available on top if you apply via Quidco or Topcashback.
Switching bonus | £175 |
Open to existing customers | No |
Requirements | Move two direct debits or standing orders from your old bank |
Switch using the Current Account Switch Service and close old account | |
Pay in £1,000 within 30 days of opening the account (and keep it there for 24 hours) | |
Use your debit card five times in the first 30 days. | |
Exclusions | Not already have or ever had a First Direct account |
Not have opened an HSBC account since 1st January 2018 | |
Offer limited to once per person | |
Bonus paid | By the 20th of the following month after meeting the criteria |
Offer ends | 31 July 2024 |
Read our analysis of the offer
Nationwide £200 switching offer (expired)
This decent switching offer is for £200, but only existing customers can get it. It started 23 May 2024.
You can also claim this offer twice. Once for a personal account and once for a joint account (though this latter one is one payment for both parties in the joint account). I’ve written in detail about this switching offer here.
Switching bonus | £200 |
Bonus paid | Within 10 days of the switch completing |
Open to existing customers | Only |
Requirements | Be a qualifying Nationwide member as of 31 March 2024 |
Open a new or already have a FlexPlus, FlexDirect or FlexAccount | |
Transfer two direct debits | |
Switch using the Current Account Switch Service and close your old account within 28 days of starting the switch | |
The old account must be from a different bank | |
Not received a bonus from a switching offer since August 18 2021 | |
Offer ends | 4 July 2024 |
Read our analysis of the offer
Santander £175 switch offer (ended)
Santander has rarely offered any switching incentives – but in 2021 it launched an offer for new and existing customers which have run every year since then.
The latest is for £175 and began on 14 May 2024
You need to switch into an Edge, Edge Up or Private account. Here’s our full analysis.
Switching bonus | £175 |
Bonus paid | Around 90 days after requesting the switch |
Extra cashback | £15 via TopCashback or Quidco |
Open to existing customers | Yes |
Requirements | Open a new or hold an existing Edge, Edge Up or Private current account |
Set up two Direct Debits before or after the switch | |
Deposit £1,500 | |
Switch using the Current Account Switch Service and close your old account within 60 days of starting the switch | |
The old account must be from a different bank | |
Not have received a bonus already | |
Offer ends | Unknown |
Read our analysis of the offer
Virgin Money switching offer – 10% interest (ended)
Virgin Money has offered seven different switching offers since December 2020 under the name “Brighter Money Bundle”, but it’s been quiet since late 2022.
But they’ve returned in May 2024 with this offer, worth £110. (you can read our full analysis here).
Switching bonus | 10% gross bonus interest (10.47% AER) |
Only on balances of up to £1,000 | |
One for 12 months from 1 July 2024 to 30 June 2025 | |
Standard interest | 1% gross on up to £1,000 |
Bonus paid | On the last working day of each month, starting July 2024 |
Open to existing customers | No |
Requirements | Open a new Virgin M, M Plus or Club M current account by 31 May |
Switch using the Current Account Switch Service and close your old account by 26 June 2024 | |
Transfer two direct debits as part of the switch | |
Exclusions | Not had a Virgin Money M, M Plus or Club M current account since 30 April 2024 |
Offer ends | 30 May 2024 |
Read our full analysis
Previous offers have included:
- 15 bottles of wine from Virgin Wine (Dec 20 to Mar 21)
- 12 bottles and a £50 charity donation (Mar 21 to summer 21)
- £150 Virgin Experiences voucher
- £100 Virgin Experience voucher and 3% bonus interest (Jan 22 to April 22)
- 20,000 Virgin points (April 22 to August 22)
- 25% cashback on supermarket and fuel shopping (September 2022)
Danske Bank £200 switching offer (ended)
Don’t get too excited about a brand new switch deal – this is only available to residents in Northern Ireland.
Switching bonus | £200 |
Bonus paid | 10 days after meeting criteria |
Open to existing customers | No |
Requirements | Open a new Danske Reward, Choice or Freedom current account |
Deposit £1,000 within 60 days | |
Switch using the Current Account Switch Service and close your old account | |
The old account must be from a different bank | |
Exclusions | Cannot have had a switch offer from Danske Bank since 1 January 2023 |
Offer ends | Late May 2024 |
RBS £200 switching offer (ended)
RBS launched a £200 switch deal on 15 February 2024.
As with Natwest when it has run it’s been available to existing customers, though you couldn’t get the money from Natwest too.
I’ve written a full analysis of this RBS offer with more details on how it works here.
Switching bonus | £200 |
Bonus paid | Within 7 Days of completing criteria |
Open to existing customers | Yes |
Eligible accounts | Select, Reward, Premier Select or Premier Reward (for new customers, longer list for existing customers) |
Requirements | Pay in £1,250 within 60 days of switching |
Log on to mobile app banking within 60 days of switching | |
Switch using the Current Account Switch Service and close your old account | |
You must start the switch from the RBS website or your mobile app | |
The old account must be from a different bank | |
Exclusions | Offer limited to once per person |
Cannot have received a switching bonus from RBS, Ulster or Natwest since 1 January 2020 | |
Offer ends | 2 April 2024 |
Read our analysis of the RBS switch offer
Natwest £200 switch offer (expired)
A new offer from Natwest started on 15 February 2024, with no published end date. You can get £200 for a switch from another bank into a new or existing account.
As with RBS when it has run it’s been available to existing customers, though you couldn’t get the money from Natwest too.
We’ve written a full analysis of this offer with more details on how it works.
Switching bonus | £200 |
Bonus paid | Within 7 Days of completing criteria |
Open to existing customers | Yes |
Eligible accounts | Select, Reward, Premier Select or Premier Reward (for new customers, longer list for existing customers) |
Requirements | Pay in £1,250 within 60 days of switching |
Log on to online or app banking within 60 days of switching | |
Switch using the Current Account Switch Service and close your old account | |
You must start the switch from the Natwest website or your mobile app | |
The old account must be from a different bank | |
Exclusions | Offer limited to once per person |
Cannot have received a switching bonus from RBS, Ulster or Natwest since 1 January 2020 | |
Offer ends | 2 April 2024 |
Read our analysis of the Natwest switch offer
Previous Natwest switch deals
- In both 2018 and 2019 Natwest offered switching bonuses on three occasions between £100 and £150
- It returned in October and November 2020 offering £125.
- It ran 24 January 2022 until 7 April 2022 offering £150.
- A £175 offer ran September to November 2022.
- A £200 offer ran February to September 2023
- A £200 offer started February 2024
Ulster £200 switching offer (ended)
Ulster launched a £200 switch deal on 15 February 2023.
As with Natwest and RBS when it has run it’s been available to existing customers. Though technically you can’t get the money from Natwest and RBS too, in the past some have been able to.
We’ve written a full analysis of this Ulster Bank offer with more details on how it works here.
Switching bonus | £200 |
Bonus paid | Within 7 Days of completing criteria |
Open to existing customers | Yes (more here) |
Eligible accounts | Select (for new customers, longer list for existing customers) |
Requirements | Pay in £1,250 within 60 days of switching |
Log on to mobile app banking within 60 days of switching | |
Not have received a switching bonus from Ulster, RBS or Natwest since 1 January 2020 | |
Switch using the Current Account Switch Service and close your old account | |
You must start the switch from the Ulster website or your mobile app | |
The old account must be from a different bank | |
Exclusions | Offer limited to once per person |
Offer ends | 2 April 2024 |
Read our analysis of the Ulster Bank switch offer
HSBC up to £220 switch & stay bonus (ended)
This is a high paying offer, but you’ll have to jump through lots of hoops not just for the first £100 switch bonus, but for 12 further months for up to £120 on top.
All the details on how to do this, and Andy’s full analysis of the offer can be found here.
£100 switch offer
Switching bonus | £100 cash |
Bonus paid | Money paid within 30 days of completing the requirements |
Open to existing customers | No |
Requirements | Open a new HSBC Advance current account |
Pay £1,500 into the account within the first 60 days in one or more deposits | |
Switch two Direct Debits or standing orders | |
Switch using the Current Account Switch Service and close your old account within 30 days | |
The old account must be from a different bank | |
Open an Online Bonus saver and add £50 in the first 60 days | |
Spend with the debit card 20 times in the first 60 days | |
Open the HSBC app in the first 60 days | |
Exclusions | Not had an HSBC or First Direct current account on or since 1st January 2019 |
Offer ends | Ended 28 March 2024 |
£10 a month details
Monthly bonus | £10 cash |
Bonus paid | On the 20 of the following month |
Start | Start the requirements in the calendar month after receiving your first £100 |
Monthly requirements | Pay £1,500 into the account |
Monthly requirements | Pay two Direct Debits or standing orders |
Pay £50 into your Online Bonus saver | |
Spend with the debit card 20 times | |
Open the HSBC app | |
Offer ends | 12 months after starting |
Read our analysis of the HSBC switch offer
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Bank of Scotland switching bonus
Bank of Scotland isn’t running a switching offer right now.
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Chase Bank welcome bonus (ended)
The new £20 referral scheme began on 11 May 2022 and ended 7 June 2022. You do not need to switch. Here’s more on how it works, and how to refer your friends (earning up to £400).
Welcome bonus | £20 |
Bonus paid | Unknown |
Open to existing customers | No |
Requirements | Use the link below (automatically adds referral code) |
Pay in £20 within 30 days of opening the account | |
Exclusions | Not already have or had a Chase Bank current account |
Offer limited to once per person | |
Offer ends | 7 June 2022 at 23:59 |
Sign up for Chase and get £20
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Halifax switch deal (ended)
Until 31 August 2023 Halifax is offering up to £225 for switching to a new Halifax Reward or Ultimate Reward account.
The Reward account is my pick of the two and you can earn a £5 monthly reward. The Ultimate Rewards account has added features such as insurance but comes with a £17 monthly fee.
It’s open to existing Halifax customers too, even if you already hold one of these accounts. Here’s more information about how to get the £225.
Switching bonus | £150 |
Bonus paid | Within 3 working days of completing the switch |
Additional cashback bonus | Up to £75 (three x £25) |
Additional cashback paid | By the 20 of the following month |
Open to existing customers | Yes |
Requirements | Open a new Reward or Ultimate Reward account |
Switch using the Current Account Switch Service and close your old account | |
The old account must be from a different bank | |
Additional cashback requirements | Spend £750 a month in some or all of September, October and November 2023 with the debit card |
Exclusions | Offer limited to once per person |
Not have received a switching bonus from Halifax or Lloyds since April 2020 | |
Offer ends | 31 August 2023 (last date to start the switch) |
Halifax has regularly been offering cash bonuses of between £75 and £150 since switching began in 2013. More recently it ran offers in April/May and July/August 2021 (£100) and October/December 2021, March/May 2022 (£125) and July/August 2022 (£150).
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HSBC Advance & HSBC Global Money offer (ended)
There’s up to £260 up for grabs with this opening offer (£205 from HSBC and £55 with TopCashback), though there are a few steps involved. You don’t have to switch an account to HSBC to get this one. We think that this deal will end on 6 November 2023, so you’ll have to be quick if you want to take advantage.
You can get £125 when you:
- Open a new HSBC Advance or Premier Account
- Deposit £1,500+ within 60 days
- Make 5+ payments with your HSBC debit card
- Register and log in to the HSBC mobile banking app
- Open an HSBC Global Money Account within the app
The money is paid into your Global Money Account within 20 days.
You can then get another £80, plus a chance to win £3,000 if you use your Global Money debit card 5+ times by 21 April 2024.
The money will be paid into your Global Money Account between 1 May 2024 and 8 May 2024 and the prize draw takes place on 29 April 2024.
There aren’t any requirements to have direct debits or standing orders set up with this account. However you can’t have had an HSBC account since 1 October 2018, or opened a First Direct account since that same date.
You can also currently get £55 in cashback when you open a HSBC Advance account through TopCashback, which brings the total amount to £260.
Plus, if you’re a new TopCashback customer, you can get £15 when you spend £15 via it.
Welcome bonus | £205 cash |
Additional Quidco cashback | £55 when you apply through TopCashback |
£15 extra if you’re a new TopCashback member | |
Bonus paid | £125 paid within 20 days of completing the switch and £80 paid between 1 and 8 May 2024 |
Open to existing customers | No |
Requirements | Open a new HSBC Advance or Premier current account |
Pay £1,500 into the account within the first 60 days in one or more deposits | |
Make 5+ payments on your HSBC debit card | |
Register and log in to the HSBC mobile banking app | |
Open an HSBC Global Money account | |
Make 5 payments with your HSBC Global Money debit card by 21 April 2024 | |
Exclusions | Not had an HSBC current account or opened a First Direct current account since 1 October 2018. |
Offer ends | 6 November 2023 |
HSBC switch offer (ended)
You can get a £200 bonus when switching to the HSBC Advance current account, but that could be increased to as much as £250.
Cashback site Quidco is offering £40 extra when you apply via their site.
You need two Direct Debits or standing orders to qualify for the bonus. Unless you have spare Direct Debits you want to move, I’d go for the latter and simply transfer money from another bank account (and then back again!). Here’s my guide to the offer.
The account requirement of a £1,750 monthly deposit doesn’t need to stay in the account.
Switching bonus | £200 cash |
Additional Quidco cashback | £40 when you apply via Quidco |
£10 extra when you sign up to Quidco | |
Bonus paid | Money paid within 30 days of completing the switch |
Open to existing customers | No |
Requirements | Open a new HSBC Advance current account |
Pay £1,500 into the account within the first 60 days in one or more deposits | |
Switch two Direct Debits or standing orders | |
Switch using the Current Account Switch Service and close your old account within 30 days | |
The old account must be from a different bank | |
Exclusions | Not had an HSBC current account on or since 1st January 2020 |
Not opened a First Direct 1st account since 1st January 2020 | |
Offer ends | 3 July 2023 |
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Metro Bank switching offer (ended)
Metro introduced a brand new referral offer in 2020, but that ended 18th December 2020. The offer was £50 for both the person referring and the person signing up and switching. It was capped at £250 for the existing Metro customer. I’ll update it here it returns.
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Monzo account opening offer
You can get £5 free cash from Monzo when you join for the first time. You’ll need to get a refer-a-friend link from an existing customer. These links can be limited, so make sure the landing page explicitly says you’ll earn £5. If it doesn’t, see if you can find another link. You’ll get the fiver once you’ve done this.
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Revolut account opening offer (ended)
You can get a £10 free credit from Revolut when you join for the first time via this link and access to one month’s free Premium.
To get the tenner you need to top up your account from another bank and then spend at least £1 on the card.
You’ll have to pay if you want a physical card so I wouldn’t bother. There’s a virtual card you can use straight away from the app or add to your phone’s wallet.
You don’t have to take the one-month free Premium but if you do it has to be within 72 hours of signing up. If you don’t want to continue with Premium once the initial month you can easily downgrade in the app. Don’t forget or you’ll pay £6.99 a month. If you ordered the card you’ll have to pay for it, so again, don’t do this unless you’re going to stick with Premium.
Full terms and conditions are available when you click through. Ends 31 December 2022.
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Triodos referral offer (expired)
Sign up to Triodos’s current account via a referral link and you can get a £60 voucher to use at Ethical Superstore or Neals Yard. Or you can choose to have the money donated to charity. The existing customer that refers you will have a £25 donation made on their behalf.
You don’t need to switch to get the bonus, but you must pay in £100.
Here’s more on the current deal.
Referal bonus | £60 voucher or charity donation |
Open to existing customers | No |
Requirements | Open a new Triodos current account via a referral link |
Put £100 in the account within 30 days | |
Offer ends | Ongoing |