The banks and building societies offering up to £175 to switch accounts – full list (Image: GETTY)
Britons can currently earn up to £175 by switching their current account to one of the banks offering incentives.
The latest figures from the Current Account Switch Service (CASS), a service set up to take the hassle out of moving banks, reveal that more customers are taking advantage of these deals, with over 300,000 switches recorded in the final quarter of 2024.
Data released today highlights the banks gaining the most new customers and those losing out as people move for better perks, service, and sign-up bonuses.
Nationwide saw the highest net customer gains in Q3, with 22,622 new switchers, followed by Barclays (18,053), TSB (12,282), and Lloyds (10,018).
Additionally, 99.7% of all switches were completed within seven working days, with 91% of customers satisfied with the service.
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Alastair Douglas, CEO of TotallyMoney, said: “The most recent figures show that current account switching is as popular as ever, with 25% more than the previous quarter, taking the total up to more than 300,000. More often than not, the best offers on the market lure the most customers. And this could be why Nationwide saw the biggest net gains during the summer months. Back then, they had a market-leading £200 switch bonus and a 5.5% savings rate on up to £10,000 for 18 months.
“Following Nationwide were Barclays, TSB and Lloyds, who were offering £175, £190, and £175, respectively.”
Mr Douglas added: “Remember that loyalty doesn’t pay, but moving banks can. Not only might you get a cash bonus, but also better savings rates, an interest-free overdraft, access to a local branch, and better service.
“That’s because The Big Four Banks — HSBC, Lloyds Banking Group, NatWest Group, and Barclays — dominate three-quarters of the current account market, but none are rated in the top five for service.”
Here is the full list of current account bank switch deals available today.
First Direct 1st Account – £175
Digital bank First Direct is offering eligible switchers a free £175.
Mr Douglas said: “With this account, you’ll get a hefty sign-on bonus and if eligible, a £250 interest-free overdraft. For savers, you might be able to lock in a rate of 7.00%, and they won’t charge you for using your card abroad.”
Nationwide FlexDirect Account – £175
Nationwide Building Society is also offering eligible current account switchers a free £175.
Mr Douglas said: “Another bank offering £175 for your custom, and you can earn up to £60 in cashback in the first year. There’s also the option of a £50 interest-free overdraft, but try not to go past that, as they’ll start charging 39.9% interest. You can also earn 5% AER on savings.”
Santander Edge Account – £150
Santander is offering new and existing customers the chance to pocket a free £150.
Mr Douglas said: “When you switch to Santander Edge you can earn up to £150 and get up to £20 cashback per month. However, you will need to pay £3 per month for the account, so bear that in mind before applying.”
TSB Spend & Save Account – £100 cash and £60 cashback
TSB Bank is offering eligible current account switchers £100, as well as the perk of cashback of up to £10 per month.
Mr Douglas said: “TSB will pay you £100 to switch, and then up to £10 per month cashback for up to six months if you stay with them. For that, though, you’ll need to make 20 transactions per month, meaning you’ll probably need to treat it like your main account.
“And if you continue to do so through August, they’ll reward you with a night away for two at an approved hotel, a pair of cinema tickets for three months, or Now Entertainment Membership for half a year.”
However, before making any snap decisions, Mr Douglas urged people to “do their research”.
He said: “When making any financial decision, from applying for a credit card to taking out car insurance, do your research and find the best offer for you.
“When switching banks for a sign-on bonus, it’s important to read the small print, and to make a note of what you need to do to secure the cash. That’s because banks will make you jump through hoops to get the reward, and will usually ask you to transfer a certain number of Direct Debits, log in to your account a minimum number of times, and even make a set number of payments.
“On the plus side, you might benefit from better customer service, improved savings rates, and even an interest-free overdraft.
“You shouldn’t be put off because you can easily move banks using the Current Account Switch Service, and this will include moving balances, Direct Debits, and overdrafts, with 99.7% of switches being completed within seven working days.”
