Best bank account switching bonuses
LATEST: There are currently no cash switching incentives after First Direct withdrew its offer last night.
Updated
In this guide
However, just because you won’t get a switching bonus for moving bank accounts it doesn’t mean there might be a better current account for you on the market. We list what accounts you could consider.
Last November, nearly 163,000 people switched bank accounts through the Current Account Switch Service (Cass). It’s the highest number of switches the free service has facilitated in a calendar month since it launched in 2013.
John Dentry, of Pay.UK, the owner and operator of Cass, said many of these people made the switch because they were either looking for an account which facilitates online banking or to take advantage of a switching incentive.
“It’s encouraging to see more consumers and businesses utilising the service to take advantage of a healthy banking market and ultimately find a current account that best serves their needs,” he said.
While a potential cash incentive may seem tempting, it’s important to remember that the bank offering the most lucrative switching offer may not be the right one for you.
In this article, we outline:
- What are the top-paying bank switching offers currently available?
- Top accounts for ongoing rewards
- Switching offers for students
Read more: Six best current accounts
*This article may contain affiliate links that can earn us revenue
What are the top-paying bank switching offers currently available?
First Direct was the only bank to offer a cash switching incentive – offering potential customers £175 to join its 1st Account. However, this offer was withdrawn last night and now there aren’t any banks or building societies paying you to switch current accounts.
Read more: How to switch current accounts
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Bank accounts that offer the best ongoing rewards
However, if you’re still unhappy with your current banking provider it may be worth switching accounts. Some accounts offer cashback on your spending, high interest rates on your savings, or a Disney Plus subscription.
Just remember to make sure to use the Cass service when you change accounts. It’s free to use and it makes your switch easier by moving your direct debits and redirecting any payments to your new account.
Below we list some of these accounts which offer great perks:
You can earn 1% cashback on purchases such as coffee, your weekly grocery shop or next holiday. You just need to activate cashback in the app to get started.
Choose to round up your spending to the nearest £1 and the bank will autosave the difference for you. You can also earn 5% AER (variable) interest on your round-up balance. After a year, Chase* automatically transfers your remaining round-up balance to your current account.
Chase* also has an easy-access savings account paying annual interest of 4.1% AER (variable).
From April 24, the bank started paying 1% AER (variable) on money in a current account too.
Barclays
– Pay in a gross annual income of at least £75,000
– Have a total balance of at least £100,000 in savings with us, in Barclays UK investments, or in a mixture of both
The Premier Account also includes:
– Exclusive savings and mortgage rates. This includes an Instant Easy Access ISA at 1.66% AER on balances up to £10,000. However, it’s worth noting that several different providers better this rate.
– Access to “financial guides”, a team of bankers willing to guide you through your personal challenges.
– The option to join Barclays Avios Rewards for £12 a month, a scheme which gives you money off future journeys with British Airways.
– Apply for interest-free overdrafts of up to £500.
– Access to a black card, which allows ATM cash withdrawals of £2,000.
This makes it a handy account if you’re a frequent traveller and you wish to use its Avios Rewards scheme. For your £12 monthly fee you’ll be guaranteed 1,500 Avios points, which has a face value of around £15. But its real value is in the bonus 7,000 points you’ll receive for being a member for a full year and its discounted airport lounge passes.
If you are looking for a credit card that offers cashback or rewards when you spend then check out our top ratings.
Student switching offers
If you’re at university, we have ranked the best student bank accounts.
But here’s a quick snapshot of the student accounts with perks:
| Bank | Perk |
| HSBC | £100 cash bonus plus a year-long subscription to Headspace, a meditation and mindfulness app |
| Santander | Guaranteed 0% overdraft each year and a four-year young person’s railcard |
| Natwest and RBS | A four-year Tastecard, which gives you discounts at many restaurants in the UK |
For more information about student finances generally, check out our article here.
Remember: choosing a bank account based only on the free gifts it offers may not be the best method.
People tend to change their bank account less often than their partner, so you might be better off heading for a bank with great customer service rather than a free gift.
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Some of the products promoted are from our affiliate partners from whom we receive compensation. While we aim to feature some of the best products available, we cannot review every product on the market.
