Banks including Santander, First Direct, Nationwide and TSB are offering money to customers to switch, or bumper interest products and cashback, or all three.
Banks are offering cash bonuses
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Bank customers are being urged to ditch and switch their current account and get paid anywhere between £25 and a hefty £200 for doing so plus get cashback and market-leading savings interest on top.
Right now, there’s a total of £1,781 available to be taken from banks in switch bonuses, interest payments and cashback between now and 12 months from now for customers who are able to claim or qualify for them.
Even if you’re already with a bank which is currently paying customers to switch to it, you can still move to another, different bank offering a cash payout instead and a cashback deal going forward.
You can also have multiple bank accounts open at a time, and you can switch any one bank account to another, or switch multiple bank accounts at once, and max out all their rewards, depending on your income and if you’re able to meet the minimum pay-in rules per bank.
The only blocks to this are if you’re with a sister bank. For example, Halifax or Bank of Scotland customers won’t be paid if they switch to Club Lloyds (owned by the same company) and HSBC customers can’t get paid a bonus by First Direct, which is also the same parent company.
There’s no reason not to switch, and the automatic bank switching service moves all your direct debits and standing orders over for you within 7 working days.
Here are the best bank offers currently on the market, and all the money you can get within 12 months from each bank.
Santander – £200 £240 interest £120 cashback
Santander is offering a free £200 to customers who switch to its Santander Edge current account, with the money paid between 60 and 90 days after the switch is initiated. The account charges a monthly fee, but if you use it regularly it more than pays for itself thanks to a 1% cashback on monthly bills, up to £10 a month, plus it has a linked 6% easy access savings account which if maxed out pays £240 interest.
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Nationwide – £175 £84 interest £75 interest £60 cashback
Nationwide is offering £175 for switching to it, plus another 5% interest on current account balances for one year, which is equivalent to £75 on maxed out balances, and 1% cashback up to £5 a month. You also get a linked 6.5% saver paying another £84 a year interest if maxed out. In total, that’s £395 you can get from Nationwide after 12 months.
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First Direct – £175 £137 interest
First Direct offers switchers a £175 up front cash payment, plus a linked 7% regular savings account. The £175 is paid by the 20th of the month after you meet the switch criteria. It will also give 7% interest on balances up to £1,500 with its linked saver, which over a year is £137 if maxed out, for a total of £312.
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Zopa – £30 cashback £138 interest
Zopa Biscuit doesn’t offer money for switching, but will give you 2% fixed cashback for one year on Direct Debits, maxing out at £30. It also offers a linked 7.1% interest savings account which, when maxed out, pays £138 over a year, for a total incentive of £168.
Club Lloyds – £161 interest £60 rewards
Lloyds doesn’t currently offer cash for switching, but you can still grab £161 of interest plus a reward worth £60.
The account offers Disney Plus with ads and a Coffee Club membership each worth £60. It also has a linked 6.25% savings account which pays £161 interest if maxed out.
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TSB – £25 Amazon voucher £30 cashback £71 interest
TSB will pay £25 Amazon vouchers to switchers who complete a switch via Money Saving Expert. It also gives you a linked savings account at 5% interest which if maxed out gives you £71. On top of that, you also get £5 cashback for six months, which is another £30.
