Our picks of the best bank account switching offers and new customer welcome bonuses
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.
- Earn up to £60 a year or choose a…Show More
- Earn up to £60 a year or choose a lifestyle benefit – if you switch to a Reward or Ultimate Reward current account. Select a Reward Extras offer and get rewarded when you meet the Reward Extra conditions each month.
- Up to 15% Cashback – Earn as you shop with Cashback Extras. Activate offers through Online or Mobile Banking and shop with your debit card at selected retailers. Merchant offers and cashback amounts vary.
- 0% interest-free overdraft for the first 6 months when you switch – You will need to apply for an arranged overdraft during your current account application.Travel insurance, AA Breakdown Family Cover, mobile phone insurance and more.
- Pay at least £500 into your account a month
- Have 2 active Direct Debits
- You are over 18 and live in the UK permanently
- Not have a Co-operative Bank current account of any type
- Open a new Co-operative Bank Current Account or Everyday Extra account
- Complete a full switch from their main current account to their new Co-operative Bank account using the Current Account Switch Service.
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:
- The Co-Op Bank
- first direct
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:
- 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.