These are free current and e-money accounts where you can get £100 or more plus other incentives for opening an account. However, for some accounts you will need to switch and close your old account to get the bonus. We have a separate guide on banking apps with sign-up bonuses and other ways to earn free money.
TSB – Spend & Save bank accounts – Up to £310 in cash and rewards
Nationwide – FlexPlus, FlexDirect or FlexAccount accounts – £200 switch offer (existing members only)
HSBC – Premier Bank Account – £500 Selfridges gift card and VIP experience
Revolut – Standard account – £20 sign-up bonus offer for new customers
Our expert says: What’s the best switching deal right now?
"TSB’s switching offer is the best deal at the moment based on what you could potentially earn, but there are a lot of hoops to jump through. In recent years we’ve seen a lot of switch deals broken down into multiple stages, each offering a smaller separate chunk of cash, which can sometimes take months to complete.
With this deal, you can get £100 for switching to TSB’s Spend & Save account and a further £90 cashback by making 20 or more debit card payments each calendar month. If you keep your TSB account until January 2026, complete step 1 and make 20 debit card payments in December 2025, you’ll get a reward including a £120 hotel voucher. Plus, you can access its TSB’s Savings Pots at 2.05% AER and a monthly saver at 5% AER. If you deposit £1,000 into a Savings Pot and save the maximum amount of £250 a month into the Monthly Saver, in 12 months you stand to earn £20.50 and £81 in interest respectively. Overall that’s £411.50."
Switch for up to £310 by switching your bank account to TSB.
Requirements to get the initial switching bonus
Open a Spend & Save account and complete a full switch using the Current Account Switch Service
Log into the TSB Mobile Banking App
Make at least 5 payments using the debit card on your new account
Complete the above steps before 19 July 2025
Requirements to get up to £90 in cashback
Make 20 or more debit card payments in a calendar month
Requirements for Switch & Stay Partner Reward in January 2026
Complete all of the £100 switch incentive conditions
In December 2025, make 20 or more payments using your debit card
Exclusions
If you’ve received an incentive or benefit for switching to TSB Bank plc using the Current Account Switch Service since 1 October 2022, you’re not eligible for these offers
Offer ends This offer is subject to availability and may be withdrawn at any time.
Representative example: If you use an arranged overdraft of £1,200, you'll be charged interest at 39.9% EAR variable.
Pros
Earn cashback as you spend
Competitive monthly saver
Save the Pennies feature
Cons
Cashback on Save and Spend account expires after six months
Interest charged on overdrafts
Minimum opening balance
£0
Minimum operating balance
£0
Switch service guarantee
Yes
Account fees
£0
Overseas card transactions
Europe: 2.99% Elsewhere: 2.99% plus flat fee of £1
£180 cashback for accounts switched using the Current Account Switching Service provided at least £1.5K credited and 2 direct debits active within 60 days of request.
Requirements to get the £180 switching bonus
Switch a current account held elsewhere using the Current Account Switch Service, switching to Santander’s Edge Up, Edge, Everyday or Private (v2) current account
A full switch including at least 2 direct debits
Within 60 days, pay in a minimum of £1,500
Continue to hold your Santander account, including 2 active direct debits, on the date we make the switcher offer payment
Exclusions
Must be a UK resident.
You switch from an account held with Santander, cahoot or Cater Allen.
If you held a current account with Santander on 1 January 2025.
Must not have previously received a switch incentive from Santander.
Offer ends This offer is subject to availability and may be withdrawn at any time.
Representative example: If you use an arranged overdraft of £1,200, you'll be charged interest at 39.94% EAR variable.
Pros
Easy to apply
No overeas fees for using Santander cash machines
No monthly fees
No monthly fee or minimum funding requirement
4-month interest-free overdraft for new customers
Cashback and rewards with Santander Boosts.
Cons
No interest paid on in-credit balances
Interest charged on overdrafts after first 4 months
£200 cashback for accounts switched using Current Account Switch Service.
Requirements to get the £200 switching bonus
Be a qualifying Nationwide member on 31 March 2025
Switch a non-Nationwide bank account with at least 2 active direct debits to Nationwide
Switch to Nationwide online
Close your non-Nationwide bank account
Within 28 days, complete the switch
Within 31 days of requesting the switch, you must put at least £1,000 into the account and complete a transaction using your Nationwide debit card
Exclusions
Offer applies to Nationwide's 3 main current accounts - FlexDirect, FlexPlus and FlexAccount.
If you’ve had a Nationwide current account online switch offer before, although there are 2 exceptions: 1. If you had the offer before on a sole current account, and you’re switching into a joint current account that hasn’t already had the offer. 2. If you had the offer before on a joint account, and you’re switching into a sole current account that hasn’t had the offer.
Offer ends This offer is subject to availability and may be withdrawn at any time.
Representative example: If you use an arranged overdraft of £1,200, you'll be charged interest at 0% EAR variable.
Pros
Pays interest on in-credit balances
Interest-free overdraft for the first 12 months
No monthly fee
Account can easily be opened online
Cons
Interest rate drops after the first 12 months
Interest is charged on overdrafts after the first 12 months
Receive a £500 Selfridges gift card and a VIP shopping experience for accounts switched using the Current Account Switch Service.
Requirements to get the switching bonus
To qualify for this switcher, you need to be eligible for the HSBC Premier Account. This means you need to meet 1 of these criteria:
- You have an individual annual income of at least £100,000 - You have savings or investments of at least £100,000 with HSBC UK - You already qualify for HSBC Premier in another country
Your monthly salary, equivalent to an individual annual salary of £100,000, paid directly into your Premier Bank Account
At least 2 direct debits
Complete a full switch by 12 August 2025
Your monthly salary and 2 or more direct debits must continue until 31 October 2025
Exclusions
Must be a UK resident aged 18+.
Must not have been an existing HSBC UK or first direct current account holder on 28 May 2025.
Offer ends This offer is subject to availability and may be withdrawn at any time.
Representative example: If you use an arranged overdraft of £1,200, you'll be charged interest at 0% EAR variable.
Pros
Access to HSBC Children’s Premier Account and Premier reward credit cards
Worldwide travel insurance for you and your family
The answer depends on your circumstances, so only you can determine that. But here are a few things to think about:
Are you with your existing bank because it offers good service? Or are you with it because you just haven’t thought about moving?
Switching current account is pretty easy. Thanks to the Current Account Switch Service (CASS), all your payments and direct debits will be transferred automatically within 7 working days. The 2 banks involved will handle the process and you’ll barely have to lift a finger.
A switching bonus is a temporary benefit. Whereas your current account is something you use pretty much every day, even if you don’t really think about it. If the bank you’re considering has a really juicy switching bonus offer but an awful mobile banking app, it may not be worth putting yourself through that kind of misery for a few quid. The customer star ratings we show can help you see which banks treat customers well.
Banks are awful at rewarding customers for their loyalty. Banks know that people really don’t want to go through the hassle of getting a new account; once they’ve got someone as a customer, they don’t need to do much to keep them. So switching is more likely to land you a better deal.
So, weigh up the pros and cons carefully. If you do decide to switch, ideally you want to pin down the best combination of a nice switching bonus and a reliable bank that offers a good long-term service. You can see a full comparison in our current account guide here.
I am always shopping around for the best deals, if that’s a new savings account or getting a better mortgage rate when my last fixed one expired. I use Finder for advice on the best incentives for switching bank accounts, credit cards etc. Due to the cost of living crisis, I have been actively managing my finances even more”
What happens when you switch?
If you go through with a switch, all your incoming and outgoing payments are automatically transferred to your new account via the Current Account Switch Service (CASS) process. This includes your salary, all your bills – as long as they’re paid by direct debit or standing order – and, most importantly, any future payments you might receive from someone who has your old banking details (the service will also contact them to let them know the new ones!).
You can pick your switching date in advance, and even transfer an overdraft as long as your new bank agrees to it. Once it’s all done, your old bank will close your old account, and you’ll be all set with your new one. If your new bank offers a switching bonus, you’ll receive it once the switch is complete.
Using CASS is free and easy and you’re likely to end up with a better deal or a better banking experience if you’ve picked the right account for you. But keep in mind that this service only works for current accounts, so savings accounts won’t be transferred.
You’ll also need to update any regular payments made via debit card manually, and these can be a lot (for example, your PayPal or Amazon accounts will have memorised your debit card details, not your current account details, so you’ll need to change them when you get your new debit card).
In the unlikely event that anything goes wrong with the transfer, you’ll be protected under the Current Account Switch Guarantee. This means that if you incur any fees or interest because of the switch, you’ll be reimbursed.
Pros and cons of switching
Pros
You can get a nice cash switching bonus (and use it to treat yourself!).
You can choose a bank that offers better customer service or a better mobile app… whatever you don’t like about your current bank, you don’t have to put up with it!
All payments are automatically transferred to your new current account thanks to CASS.
It’s free and fairly quick; the switch has to be completed within 7 working days.
You’re protected by the Current Account Switch Guarantee if anything goes wrong with the transfer.
Cons
Other accounts you might have with the same bank, such as savings accounts, won’t be transferred.
You’ll need to amend your debit card details wherever you have them stored as your regular payment method.
Bottom line
You can earn a handsome reward if you switch your current account to a bank that’s offering one but don’t switch to it just because you’ll get a reward. Make sure you choose a bank that offers a good service and has the features and benefits that are right for you. If you do switch, the Current Account Switch Service, which most banks are signed up to, will make the process quick and easy.
Banks rarely reward customers for their loyalty, so if you can get paid to switch to a better current account, it could be a win-win.”
Frequently asked questions
Banks want your money. Customer deposits are how they're able to provide lending services such as mortgages and loans, which in return generate their profits.
But, as we mentioned above, some people hate moving bank accounts. With the notable exception of a few personal finance junkies like yours truly, most people just want to have a bank account that works and then not to think about it ever again.
So, for banks, getting new customers is quite hard. Switching bonuses are one of the marketing tools available to them to entice people to transfer their accounts and money to them.
You can switch from a joint current account to another joint current account as long as the other person agrees, so both of you will have to give the bank your consent.
It's only possible to transfer a joint account to one held by the same people. You can also switch from a one-person current account to a joint current account (but not the other way around).
Yes! A range of large high street banks offer student accounts packed with rewards, including free railcards, vouchers, generous overdraft terms, and even cold, hard cash as an incentive to get you to bank with them.
By switching, your new bank might offer better deals compared to your old one, such as a cheaper overdraft, cashback on certain payments and a better interest rate on in-credit balances (with the current account itself or for a linked savings account). From time to time, there are also business banking switching offers.
Switching banks will have an impact on your credit score, as your new bank will run a credit check before approving your application. Learn more about credit scores and switching banks.
Yes, but your new bank will need to agree to giving you the overdraft amount you need and transferring your existing one across. Otherwise, you may need to agree a way to pay off the overdraft with the new bank instead or pay it off before you switch.
If something goes wrong with the switching process, such as a direct debit isn’t transferred over, you should contact the bank you’re moving to so it can sort out the problem. Any charges or interest you have to pay because of the problem will be refunded under the Current Account Switch Guarantee with CASS.
We show offers we can track - that's not every product on the market...yet. Unless we've said otherwise, products are in no particular order. The terms "best", "top", "cheap" (and variations of these) aren't ratings, though we always explain what's great about a product when we highlight it. This is subject to our terms of use. When you make major financial decisions, consider getting independent financial advice. Always consider your own circumstances when you compare products so you get what's right for you. Most of the data in Finder's comparison tables has the source: Moneyfacts Group PLC. In other cases, Finder has sourced data directly from providers.
Kate Steere is an editor at Finder, specialising in fintech, banking and cryptocurrency. She has previously written for The Motley Fool UK and Fitch Solutions, where she covered a wide range of personal finance topics and kept a close eye on market trends. Kate has a Bachelor of Arts in Modern History from the University of East Anglia. When not working, she can usually be found curled up with a good book or heading out for a run. See full bio
Kate's expertise
Kate has written 138 Finder guides across topics including:
Finder.com is an independent comparison platform and information service that aims to provide you with the tools you need to make better decisions. While we are independent, the offers that appear on this site are from companies from which Finder receives compensation. We may receive compensation from our partners for placement of their products or services. We may also receive compensation if you click on certain links posted on our site. While compensation arrangements may affect the order, position or placement of product information, it doesn't influence our assessment of those products. Please don't interpret the order in which products appear on our Site as any endorsement or recommendation from us. Finder compares a wide range of products, providers and services but we don't provide information on all available products, providers or services. Please appreciate that there may be other options available to you than the products, providers or services covered by our service.
We update our data regularly, but information can change between updates. Confirm details with the provider you're interested in before making a decision.
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