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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.

£60
Halifax
£60 reward, 15% cashback & 0% overdraft interest
Switch to Halifax and you could get:
  1. Earn up to £60 a year or choose a…Show More
Switch to Halifax and you could get:
  1. 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.
  2. 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.
  3. 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.
T&Cs apply. Show Less
1-3% cahsback
Santander
1-3% cashback on bills from Santander
You can earn 1-3% cashback on selected household bills paid by Direct Debit every month…Show More
You can earn 1-3% cashback on selected household bills paid by Direct Debit every month. Cashback is paid monthly, capped at £5 per month in each of the 1%, 2% and 3% cashback categories. Cashback is paid on Direct Debit payments made directly to the provider.How it works
  1. Pay at least £500 into your account a month
  2. Have 2 active Direct Debits
  3. You are over 18 and live in the UK permanently
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1% cashback
Chase
1% cashback for a year with Chase saver account
Earn 1% cashback on your everyday debit card spending, both at home and abroad.
Earn 1% cashback on your everyday debit card spending, both at home and abroad. Show Less
£5
Monzo
£5 when you refer a friend to Monzo
When you join Monzo you will get a link to share with everyone you’d like to invite and…Show More
When you join Monzo you will get a link to share with everyone you’d like to invite and we’ll give you and them £5 (as long as they sign up and make a card payment within 30 days).Show Less
€225
monese
€15 for every friend you refer to Monese
Earn up to €225 when you invite your friends! That’s €15 for each friend you refer!…Show More
Earn up to €225 when you invite your friends! That’s €15 for each friend you refer! For a limited time Show Less
£15
Curve
£15 + 1% cashback when you open an account with Curve
Earn £15 cashback on your first transaction and 1% cashback on every transaction for your…Show More
Earn £15 cashback on your first transaction and 1% cashback on every transaction for your first 30 days. Show Less
£10
Revolut
£10 top-up offer plus a month of Revolut premium free
Sign up to Revolut and get £10 cash reward by making your first virtual or physical…Show More
Sign up to Revolut and get £10 cash reward by making your first virtual or physical Revolut card payment to receive £10 credited to your Revolut account. Show Less
2,500 Avios
Barclays
25,000 Avios when you switch to Barclays
You’ll receive 25,000 Avios if you’re opening your first account with us and complete…Show More
You’ll receive 25,000 Avios if you’re opening your first account with us and complete a full switch using the Current Account Switcher Service within three months4. If you’ve been with us for four months or more, you’ll receive 2,500 Avios as a joining bonus. Show Less
£50
Co-Op Bank
£50 when you refer a friend to switch
To be eligible for this £50 for you. £50 for your friend offer, the person you’re…Show More
To be eligible for this £50 for you. £50 for your friend offer, the person you’re referring must:
  • 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.
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£200
Nationwide
Get £200 when you switch to Nationwide
To get this offer you need to switch your current account with another building society or…Show More
To get this offer you need to switch your current account with another building society or a bank to a FlexPlus, FlexDirect or FlexAccount current account. We’re sorry, but FlexBasic, FlexOne and FlexStudent do not qualify for this offer. Complete your switch online, using our website or Internet Bank. Complete a full switch using the Current Account Switch Service within 60 days of requesting the switch. You can do this by telling us in your application that you want to close your old bank account and move all your Direct Debits, standing orders and money over to a Nationwide account as part of your switchswitch over at least 2 active Direct Debits as part of your switch. You can only get this offer on the first sole and first joint current account you’ve switched to us since 18 August 2021. And you cannot be subject to any of the exclusions listed in our terms and conditions. We may change, replace or withdraw this offer at any time. Show Less
£20
First Direct
Get £20 when you open a first direct account
This offer is limited to one payment only, regardless if your account is a sole or joint…Show More
This offer is limited to one payment only, regardless if your account is a sole or joint account so we won’t make any additional payment for any joint account holder. You’ll get the money within four months of opening the account. This offer can’t be added to any other joiner or switcher offer. New customers to first direct only, who have not previously held a first direct product. Sorry, we also can’t offer this to people who have opened an HSBC current account on or after 1 January 2019.Current Account subject to status. Offer can be withdrawn at any time. You may hold an HSBC account and still qualify for the offer, as long as the current account was opened before 1 January 2019. We reserve the right to refuse your application and withdraw this offer at any time. Credit is subject to status and an assessment of your financial circumstances. Show Less
£175
First Direct
Switch to first direct and get £175
To get the £175 cash offer you need to open a 1st Account, switch your everyday banking…Show More
To get the £175 cash offer you need to open a 1st Account, switch your everyday banking to us using the Current Account Switch Service and pay in at least £1,000 within three months of opening the account. This offer is limited to one payment per customer or joint account, and you’ll get the money within 28 days of all the criteria being met. New customers to first direct only, who have not previously held a first direct product. Sorry, we also can’t offer this to people who have opened an HSBC current account on or after 1 January 2019. You may hold an HSBC account and still qualify for the offer, as long as the current account was opened before 1 January 2019. We reserve the right to refuse your application and withdraw this offer at anytime. Credit is subject to status and an assessment of your financial circumstances. Show Less

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:

 

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.

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.

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