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.
Best bank account switching offers
| Bank Account | Switching Offer |
|---|---|
| Halifax | £60 reward, 15% cashback & 0% overdraft interest |
| Santander | 1-3% cashback on bills from Santander |
| Chase Bank | 1% cashback for a year with Chase saver account |
| Monzo | £5 when you refer a friend to Monzo |
| Monese | €15 for every friend you refer to Monese |
| Curve | £15 + 1% cashback when you open an account with Curve |
| Revolut | £10 top-up offer plus a month of Revolut premium free |
| Barclays | 25,000 Avios when you switch to Barclays |
| Nationwide FlexDirect | £200 reward, up to 8% interest on regular savings & 0% interest on overdraft of up to £1,500 |
| First Direct 1st Account | £175 reward, up to 7% interest on regular savings, no fees when abroad |
| Lloyds Bank | £175 reward, up to 6.25% interest on regular savings, free gift (e.g. six cinema tickets) |
| TSB Spend & Save | £150 reward, £10 per month cashback for six months |
| Co-Op Bank | £125 referral reward to you and a friend if an existing customer of Co-Op Bank refers a new customer |
| Starling Bank | No switching offer |
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.
Chase Bank switch offer
At the moment, Chase Bank isn’t offering customers any special deals or rewards to make the switch. Customers to switch over will gain access to 1% AER on the Chase Bank current account.
Royal Bank of Scotland switch offer
Earlier this year RBS were offering new customers £200 to switch over, but this deal has now ended. Royal Bank of Scotland currently has no active switching deals
Co-Op Bank switch offer
Co-Op Bank is operating a ‘refer a friend’ program which offers a reward of £125 each, if one of you is an active customer and refers a new customer to a new Co-Op Bank current account or Everyday Extra account. There’s no limit on the number of referrals you can make, but in the first 60 days the new account holder has to deposit at least £800, add 2 or more direct debits, make 5 or more payments with the new debit card and register for online banking for the deal to activate.
Metro Bank switch offer
There are currently no switch deals on offer at Metro Bank. Their current account has no monthly fees, but charges 34% interest on overdrafts.
TSB switch offer
TSB currently offers a reward of £150 for new Spend & Save customers, as well as doubling their usual £5 per month cashback offer to £10 per month for the first six months. Customers can also earn 2.92% interest on their account and can apply for a £100 interest free overdraft.
To be eligible for the cashback offer, customers must have at least 20 debit card transactions within the month.
Starling Bank switch offer
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.
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
Switching and new customer offers form part of a banks advertising and marketing budget for new client acquisition. This means, they are factored into the cost of advertising a bank account
We have put together a list of all the banks in the UK that currently offer account switching deals including:
- Santander
- Chase
- monzo
- monese
- Curve
- Revolut
- Barclays
- Lloyds
- TSB
- The Co-Op Bank
- first direct
- Natwest
In the UK, the highest new customer offer for opening a new bank account is from Nationwide, where you can get £200 for 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
No, Starling Bank does not currently have any promotions for switching to them or new client welcome bonuses. If you would like to know more about Starling Bank read our interview with the founder Anne Boden.
No, Halifax does not have a currency bank account switching offer. But, they do offer some rewards and reduced fees for new customers. See our latest bank account offers for more info.
Yes, at the moment Lloyds current account switching offer is one of the best. You can currently claim £150 when you switch to Lloyds. See how it compares to other switching offers here.
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