Bank account switching offers of new customer bonuses are used by banks and building societies to entice new customers and to encourage switching from one account to another. Thanks to the current account switch guarantee when you move bank accounts your new bank will switch your payments and transfer your balance, and your old bank will take care of closing your old account and forward any payments.
Compare Bank Account Switching Offers
Use our comparison table to see which banks give you money for switching accounts.
| Bank Account | Switching Offer |
|---|---|
| Halifax | 0% overdraft interest for 6 months |
| Santander | £150 cash incentive (needs balance of at least £1,500) |
| Chase Bank | At the moment, Chase Bank isn’t offering customers any special deals or rewards to make the switch. Customers who switch over will gain access to 1% AER on their current Chase Bank account. |
| Monzo | £10 referral bonus for both individuals |
| Monese | Not part of the Current Account Switching Service. £5 for each referral to both individuals, up to £150 |
| Curve | 1% cashback up to £15 when you open an account with Curve. Each qualifying referral also gets 1% cashback for 30 days. |
| Revolut | £20 sign-up reward after qualifying first purchase |
| Barclays | 25,000 Avios when you switch to Barclays |
| Nationwide FlexDirect | £175 reward when £1,000 deposited and a qualifying payment is made |
| First Direct 1st Account | £175 reward |
| Lloyds Bank | 3 months 0% interest free overdraft |
| TSB Spend & Save | £5 per month cashback for six months if 20 debit card payments are made each calendar month |
| Co-Op Bank | No switching offer |
| Starling Bank | There are no switch deals currently available through Starling Bank, however their current account does offer 3.25% interest on balances of up to £5,000. |
| Metro Bank | There are currently no switch deals on offer at Metro Bank. Their current account has no monthly fees, but charges 34% interest on overdrafts. |
Pros of switching bank accounts:
- Cash Bonuses: Many banks offer cash rewards for switching.
- Lower Fees: Introductory offers may include waived or reduced fees for a certain period.
- Higher Interest Rates: Some banks offer higher interest rates on savings accounts or current accounts as a part of the switching offer.
Cons of switching bank accounts:
- Short-term Incentives: Many offers are temporary, and the benefits may not be as attractive after the initial period.
- Conditional Offers: Some incentives may have conditions such as maintaining a minimum balance or making a certain number of transactions.
- Hidden Fees: New accounts might have fees or charges that were not present in your old account, such as higher overdraft fees after the introductory period.
Why do banks offer money to switch?
Banks often offer incentives to new customers to change their accounts over. These rewards can be significant, but they generally come with a range of conditions such as the need to deposit a certain amount of money or make a certain number of transactions.
Luckily, the switch process is simple, and direct debits can be transferred over automatically. These deals change frequently, but here are the current offers available to new customers.
Bank Account Switching Offers FAQ:
A bank account switching offer is a promotion offered by banks in the UK where they pay you an incentive to switch to one of their accounts from another provider.
A new customer offer is only available if you do not already have an account at a bank. They differ from switching offers, as you can still receive these is you are an existing customer. Although there is usually a timescale to take into consideration of how long you have held an acocunt
In the UK, the highest new customer offer for opening a new bank account is from Nationwide, where you can get £175for switching to them.
No, the current account switch guarantee means that when you ask your new bank to move your old account they will do all the work. The will also instruct your new bank to forward any payments made into your old account into your new one.
The main advantage of switching bank accounts is to claim a bank account switching offer, which can be up to £200 and also include some cash back on new purchases or direct debits. There are also other advantages such as getting better interest rates on savings, cheaper international money transfers, and using your bank account to also invest in the stock market.
Yes, there can be downsides. You need to check that the bank you are thinking of switching to offers all the services you use from your existing bank. For example, if you receive money in foreign currencies, will they accept it? Are the FX better or worse for foreign transfers? Are there fees after an initial free banking period and do they offer a Mastercard, or Visa debit card.
We keep a list of all the best refer-a-friend offers from banks which currently include:
- monzo
- monese
- revolut
- The Co-Op bank
Challenger Banks
A challenger bank is a new breed of bank, based almost entirely online that uses fintech to provide a low cost simple banking solution for customers.
Euro Bank Accounts
Euro bank accounts are bank accounts in the UK that offer bank accounts denominated in Euros as well as GBP.
Private Banks
Private banks offer personal service and potentially higher interest rates on savings for high net worth individuals.
Children's Bank Accounts
Children's bank accounts are bank accounts or apps that help children learn about, and spend money in a responsible way.
