Like the idea of a free cash boost? You could earn up to £200 just by switching your current account to a new provider.
Several banks offer generous switching incentives to new customers who move their current accounts to them, so if you’ve stuck with the same account for several years, it’s worth seeing if you can find a better deal elsewhere, and if you can pocket some free money at the same time.
Thanks to the Current Account Switch Service, switching can be done quickly and easily, and your new account should be up and running within seven days. You can usually arrange the whole thing online, and all your direct debits and standing orders will be redirected on your behalf. Latest data from the Current Account Switch Service reveals that a massive 1,277,484 switches took place between July 2022 and the end of June 2023, up 50% compared to the previous year.
Here’s our rundown of some of the best current account switching offers available at the moment.
Best bank switching incentives
Nationwide Building Society is currently offering the most generous cash switching incentive, paying £200 to anyone who moves their current account to either its FlexAccount, FlexDirect or FlexPlus account.
Provided you pay £1,000 a month into the FlexDirect account, you’ll receive a competitive 5% annual interest a year before tax on balances up to £1,500. This rate is fixed for the first 12 months, and after that it reduces to 1%. You’ll also have access to Nationwide’s Regular Saver account, which pays 8% annual interest on monthly payments up to £200. Neither the FlexDirect nor the FlexAccount has a monthly fee, but the FlexPlus account, which comes with additional benefits such as travel insurance and mobile phone cover, has a £13 monthly charge.
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First Direct offers current account switchers £175, along with access to its Regular Saver account paying 7% annual interest, which you can pay up to £300 a month into. Many people also qualify for a £250 interest-free overdraft, although whether you’re offered this will depend on your creditworthiness.
Lloyds Bank similarly will give account switchers £175 if they move to either its Club Lloyds, Club Silver or Club Platinum account, with these accounts also giving access to a linked Regular Saver account paying 6.25% annual interest on monthly payments up to £400. The Club Lloyds account has a £3 monthly charge, although this is waived provided you pay in at least £2,000 a month. The Club Silver and Club Platinum accounts have a £10 and £21 monthly fee respectively, and each come with a range of benefits including travel insurance.
If you want to take advantage of the Lloyds switching offer, you must start your switch by November 14 at the latest.