Could you cash in on a current account switch?
This autumn has seen a flurry of banks launch tempting cash incentives to try to persuade people to move their current accounts, so if you’re considering moving yours, now may be the time to act.
Some are now paying as much as £200 to attract new customers, but while these offers are appealing - especially at a time when many of us are feeling the pinch - it’s vital to make sure any account you’re considering moving to is right for your needs.
Rachel Springall, Finance Expert at Moneyfactscompare.co.uk, said: “It’s important not to choose a current account based on the switch incentive alone. Each provider offers different features and perks so, even if an account offers a larger switching incentive, a different account may offer better value for you in the long-term.
“Always compare all the features of an account before switching to ensure it’s suitable for your requirements and situation.”
Here’s our round up of some of the best switching incentives currently available and what you need to do to qualify:
Lloyds Bank
Lloyds leads the way with generous switching incentives, giving customers who move to its Club Lloyds or Lloyds Premier accounts an impressive £200 cash bonus. To qualify you must transfer at least three active direct debits from your old account.
The accounts come with a range of perks to pick from. These include a 12-month Disney+ subscription, discounts on coffee and dining, free cinema tickets or a magazine subscription.
Bear in mind that there’s a £5 fee for all Club Lloyds accounts, and additional fees for Platinum, Silver and Premier accounts, although you don’t have to pay the £5 charge in any month you pay £2,000 into the account.
NatWest and Royal Bank of Scotland (RBS)
The banks are offering a £175 switching incentive to customers who switch their main current account to an eligible account using the Current Account Switch Service (CASS) To qualify for the bonus, once the account has been opened, customers must deposit at least £1,250 and log into the mobile banking app within 60 days.
Once these conditions have been met, the £175 should be paid into your account within 30 days.
TSB
TSB’s current account switching offer is worth up to £180 in cash, and once you add the monthly cashback its accounts pay to this, there’s the potential to end up £210 better off. The bank is also currently running a monthly prize draw giving new and existing customers the chance to win a tech bundle or £300 in Red Letter Day vouchers.
To receive an initial £150 switching bonus, once you’ve moved your account over, you’ll need to log into the TSB Mobile Banking app and deposit £1,000 into the account by 9 December 2025. You’ll also need to make at least five payments using your debit card before this date.
You can earn an additional £10 cashback per month in the three months after you’ve received the £150 switching bonus, which is on top of the usual £5 cashback that is available on new Spend & Save and Spend & Save Plus accounts. To be eligible for cashback, customers must make at least 20 debit card payments in each calendar month.
Nationwide
Switch your existing current account to either the FlexAccount, FlexDirect or FlexPlus account and the building society will give you a £175 cash bonus.
To be eligible for the cashback, consumers will need to transfer at least two Direct Debits, deposit a minimum of £1,000 and make at least one payment using their new debit card within 31 days.
If you pay £1,000 or more each month into the FlexDirect account, you’ll be able to earn 5.00% AER interest on balances up to £1,500 for the first 12 months (1.00% AER after this), and receive 1% cashback on your spending for a year.
Co-operative Bank
Co-operative Bank pays £100 upfront followed by £25 per month for up to three months to customers moving to one of its current accounts.
To receive the £100 bonus, you’ll need to register for online or mobile banking services, deposit a minimum of £1,000 in your account, set up at least two Direct Debits and make a minimum of 10 card transactions in the 30 days following the switch. You’ll then get a further £25 a month for three months after opening the account providing you meet these criteria.
First Direct
Switch into First Direct’s current account and you could receive a £175 cash bonus. You’ll also have access to the bank’s Regular Saver account, which pays a generous 7% AER on monthly deposits up to £300.
To qualify for the cash bonus, you must open the account in-app or online for joint accounts, switch in at least two Direct Debits or standing orders, pay in £1,000 or more and make five or more debit card payments within 45 days of opening the account.
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