Last November, nearly 163,000 people switched bank accounts through the Current Account Switch Service (Cass). It’s the highest number of switches the free service has facilitated in a calendar month since it launched in 2013.
John Dentry, of Pay.UK, the owner and operator of Cass, said many of these people made the switch because they were either looking for an account which facilitates online banking or they were hoping to take advantage of a switching incentive.
“It’s encouraging to see more consumers and businesses utilising the service to take advantage of a healthy banking market and ultimately find a current account that best serves their needs,” he said.
While a potential cash incentive might seem tempting, it’s important to remember that the bank offering the most lucrative switching offer might not be the right one for you. Even if a switching bonus is not on offer, there could still be a better bank account for you, so read on.
In this article, we outline:
- What are the top-paying bank switching offers currently available?
- Top accounts for ongoing rewards
- Switching offers for students
Read more: Six best current accounts
*This article may contain affiliate links that can earn us revenue
What are the top-paying bank switching offers currently available?
If you’re an existing Nationwide customer, then you can earn £200 by switching to either its FlexAccount, FlexDirect, or FlexPlus. It comes after the building society announced it was gifting eligible members £100 as part of its Fairer Share scheme.
Otherwise, Santander launched a £175 switching offer for its Santander Edge current account, Santander Edge Up current account, or Private current account earlier this month. What makes this switching incentive different to other offers is that it’s available to both new and existing customers.
Santander now joins First Direct as one of the most accessible switching offers across the country. Lloyds Bank will also join these providers when it releases its switching offer on Tuesday.
Danske Bank does offer a £200 switching offer, which is the highest on the market, but it’s only available to residents of Northern Ireland.
We list these offers below:
Read more: How to switch current accounts
Santander – Santander Edge
Eligible accounts: Santander Edge, Santander Edge Up, Private current account
If you’re looking to take advantage of Santander’s current account switching offer then you’ll have options.
The Santander Edge account costs £3 month but you will more than make it back with its great perks by claiming up to £20 a month cashback through card spending and bills. The Edge Up current account, which follows a similar set-up, costs £5 per month but comes with the potential to earn up to £30 cashback through the same spending.
For a limited time, those switching to a Santander Edge account could earn an additional £18 if they apply for a Santander Edge credit card.
Both accounts come with no Santander fees for using your card abroad.
The Private current account, meanwhile, is only available to select few due to its eligibility criteria.
Current account switching end date:There is no current end date to this switching offer but it may be withdrawn at any time.
- Switching Incentive: £175.00
- Account Fee: £3.00
- Overdraft: Yes
First Direct – 1st Account
Eligible accounts: 1st Account
One thing First Direct does well is customer service. During the Times Money Mentor awards last year it scored overwhelmingly high in this category and won “The Times readers’ favourite financial app” award to boot.
As a digital provider, which is part of the HSBC banking group, you will only be able to contact its support team via phone, app or website. This is available 24/7, meaning you won’t need to wait for regular banking hours to log any requests or pick up the phone to make a call.
Current account switching end date: There is no current end date to this switching offer but it may be withdrawn at any time.
- Switching Incentive: £175.00
- Account Fee: £0.00
- Overdraft: Yes
Danske Bank – Danske Reward => £1000 per month
Eligible accounts: Danske Reward, Danske Choice, Danske Freedom
Danske Bank’s current accounts are only available to those in Northern Ireland, meaning this switching offer is only available to a select few in the UK.
But, if you’re eligible, you can claim your switching incentive by opening any of its three current accounts. Its Reward account is the only one with a monthly cost, charging £2 but could come with £5 in cashback each month.
Meanwhile the Danske Choice is its basic current account and the Danske Freedom is available only to those aged between 18 and 27.
Current account switching end date: There is no end date to this switching offer but it may be withdrawn at any time.
- Switching Incentive: £200.00
- Account Fee: £2.00
- Overdraft: Yes
Nationwide Building Society – FlexAccount
Eligible accounts: FlexAccount, FlexDirect, FlexPlus
Nationwide’s £200 switching incentive is only available to existing customers, so if you were contemplating an upgrade now could be the perfect time.
The FlexAccount is the most basic of the three accounts, coming with no monthly fee but limited perks.
The FlexDirect, meanwhile, is also free but offers in credit interest of 5% fixed for 12 months. So it can be a decent option for savers.
And finally, the FlexPlus costs £13 and comes with a range of insurance benefits.
Current account switching end date:There is no current end date to this switching offer but it may be withdrawn at any time.
- Switching Incentive: £200.00
- Account Fee: £0.00
- Overdraft: Yes
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Bank accounts that offer the best ongoing rewards
If you’re unhappy with your current banking provider it may be worth switching accounts regardless of special bonuses. Some accounts offer cashback on your spending, high interest rates on your savings, or a Disney Plus subscription.
Just remember to make sure to use the Cass service when you change accounts. It’s free to use and it makes your switch easier by moving your direct debits and redirecting any payments to your new account.
Below we list some of these accounts which offer great perks:
This current account from JP Morgan’s UK bank Chase* comes with ongoing rewards.
You can earn 1% cashback on purchases such as coffee, your weekly grocery shop or next holiday. You just need to activate cashback in the app to get started.
Choose to round up your spending to the nearest £1 and the bank will autosave the difference for you. You can also earn 5% AER (variable) interest on your round-up balance. After a year, Chase* automatically transfers your remaining round-up balance to your current account.
Chase* also has an easy-access savings account paying annual interest of 4.1% AER (variable).
From April 24, the bank started paying 1% AER (variable) on money in a current account too.
Barclays
To take advantage of the Blue Rewards Scheme you’ll need to open Barclays’ Premier Account. It comes with a £20 monthly fee, but will be free if you meet one of the following criteria:
– Pay in a gross annual income of at least £75,000
– Have a total balance of at least £100,000 in savings with Barclays, in Barclays UK investments, or in a mixture of both
The Premier Account also includes:
– Exclusive savings and mortgage rates. This includes an Instant Easy Access ISA at 1.66% AER on balances up to £10,000. However, it’s worth noting that several different providers better this rate.
– Access to “financial guides”, a team of bankers willing to guide you through your personal challenges.
– The option to join Barclays Avios Rewards for £12 a month, a scheme which gives you money off future journeys with British Airways.
– Apply for interest-free overdrafts of up to £500.
– Access to a black card, which allows ATM cash withdrawals of £2,000.
This makes it a handy account if you’re a frequent traveller and you wish to use its Avios Rewards scheme. For your £12 monthly fee you’ll be guaranteed 1,500 Avios points, which have a face value of about £15. But its real value is in the bonus 7,000 points you’ll receive for being a member for a full year and its discounted airport lounge passes.
If you are looking for a credit card that offers cashback or rewards when you spend then check out our top ratings.
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Student switching offers
If you’re at university, we have ranked the best student bank accounts.
But here’s a quick snapshot of the student accounts with perks:
| Bank | Perk |
| HSBC | £100 cash bonus plus a year-long subscription to Headspace, a meditation and mindfulness app |
| Santander | Guaranteed 0% overdraft each year and a four-year young person’s railcard |
| NatWest and RBS | A four-year Tastecard, which gives you discounts at many restaurants in the UK |
For more information about student finances generally, check out our article here.
Remember: choosing a bank account based only on the free gifts it offers may not be the best method.
People tend to change their bank account less often than their partner, so you might be better off heading for a bank with great customer service rather than a free gift.
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