The best bank accounts for switching bonuses 2024

Considering changing banks? We round up the best UK bank switching bonuses.

Banks have long used juicy current account switching bonuses as a way of enticing new customers.

They can be an easy way to boost your bank balance, especially if you're looking to change banks anyway.

What’s more, they often come with other perks like interest-free overdrafts and access to savings accounts with excellent rates.

So, let's run through the top switching bonuses currently available. 

Starling Bank is a popular choice among switchers: click here to see if the bank is right for you

Lloyds – £200 cash

Lloyds is offering a £200 bonus to open a new Club Lloyds, Club Lloyds Silver or Club Lloyds Platinum account.

Note, the Silver and Platinum accounts are fee-paying accounts. 

For up to £25.50 a month (£22.50 if you pay in at least £2,000 a month), the Platinum account offers worldwide travel insurance for those up to the age of 80 and AA family breakdown cover, among other benefits.

With the Silver account, you’ll get European and UK family travel insurance if you're under the age of 65, mobile phone insurance and AA breakdown family cover.

The monthly fee is £14.50 (£11.50 if you pay in at least £2,000 per month).

The Club Lloyds account is free if you pay in a minimum of £2,000 per month. Otherwise, a £3 monthly fee applies.

You’ll also bag a ‘lifestyle benefit’ of your choice every year, including six cinema tickets, an annual digital Coffee Club or Gourmet Society membership, an annual magazine subscription, or 12 months of Disney+.

The bank also pays 1.5% in-credit interest on balances up to £3,999.99 and 3% for balances between £4,000 and £5,000, as well as allowing you to earn up to 15% cashback.

NatWest –  £180 cash

With the NatWest Reward account, you'll receive a free £180.

You'll also get access to the bank's digital Regular Saver, which pays 6.17%.

On top of this, you can receive up to £5 a month cashback.

To receive the cashback, you'll need to have an existing Reward account or open a new account, set up at least two Direct Debits and log onto the bank's mobile app every month.

You'll also need to switch from a non-NatWest, Ulster or RBS account.

To qualify, you’ll need to pay in at least £1,250 within 60 days.

Be aware, the account carries a £2 monthly fee.

Nationwide – £175 cash

Nationwide is currently offering new customers a £175 welcome bonus.

To qualify, you’ll need to open a FlexDirect or FlexPlus packaged account.

As well as the £175 welcome bonus, you’ll qualify for 5% AER on up to £1,500 and 1% cashback for 12 months (up to £5 per month).

To receive the cashback, you'll need to open your account online, switch from a different bank and set up at least two Direct Debits within 28 days.

The FlexPlus account has a £13 monthly fee (increasing to £18 in December) and offers benefits such as worldwide family travel insurance.

First direct – £175 cash

If good customer service is important to you, then it's worth checking out first direct. The online bank regularly tops customer satisfaction polls and is currently offering a hefty £175 bung to anyone who switches to its 1st Account. 

The 1^st Account offers a free £250 overdraft limit and access to first direct’s 7% Regular Saver account (fixed for 12 months).

To qualify, you'll need to switch your account using the Current Account Switch Service, pay in at least £1,000 and make a minimum of five debit card payments in the first 45 days of account opening.

You should get your £175 by the 20th of the following month after you've completed all of the above, but you won’t be eligible if you’ve previously had an account with first direct or with HSBC since 1 January 2018.

Santander – £150 cash

With Santander, you'll receive a free £150 if you open a new Edge, Edge Up or Everyday account.

To qualify, you'll need to open a new account and switch from a different bank within 60 days.

You'll also need to set up at least two Direct Debits and deposit at least £1,500.

Both the Edge and Edge Up accounts also allow you to earn cashback on supermarket and household bills – up to £30 per month with the Edge Up and up to £20 with the Edge.

The Edge Up account pays 3% on deposits up to £25,000, while the Edge account has a linked savings account paying 6% AER.

Note, the Edge Up account has a £5 monthly fee and the Edge account has a £3.

The Everyday account is fee-free.

Co-op – £75 upfront and £25 a month for three months

The bank is currently offering up to £150 to those who open a free current account or fee-paying Everyday Extra Account.

You'll receive £75 upfront, plus an additional £25 per month for three months if you regularly use the account.

However, you’ll need to meet a fair few criteria to qualify.

To receive the £75 upfront, you'll need to deposit a minimum of £1,000, set up at least two Direct Debits and use your debit card at least 10 times.

You'll then receive £25 per month for three months if you maintain the Direct Debits on the account and use your card at least 10 times.

The Everyday Extra account has a £15 monthly fee and you’ll receive perks such as worldwide family travel insurance, breakdown cover and mobile phone insurance.

Triodos Bank - £60 voucher or charity donation

Triodos Bank will make a £25 donation to an existing customer’s chosen charity (Friends of the Earth, RSPB, or Soil Association) when they recommend someone.

The existing customer must be over 18 and have a current account, savings account, cash ISA, investment ISA, or joint account to qualify, and must use the Refer a Friend scheme.

It’s worth pointing out that existing customers can recommend as many people as they want but they will have a maximum limit of 30 charity donations within a 12-month period. 

New Triodos customers will be able to choose from a £60 voucher for Ethical Superstore or Neal’s Yard, a charity donation, or a combination of both.

They need to open a Personal current account (which costs £3 a month) using the email address they used to register for the referral scheme, within 60 days of registration.

The new customer must use the unique link from the recommender and deposit £100 within 30 days of opening the account. Triodos employees and their family/household members are not eligible for this offer.

A quick warning on bank switching

Before we jump in, be warned: while the incentives are great, you need to ensure the account you're switching to meets your specific financial needs or you could end up significantly out of pocket.

For example, if you're constantly in the red and the account has no interest-free overdraft, you could quickly rack up hundreds of pounds in interest and charges.

Now that we've got the warning out of the way, let's take a look at how you can easily bag some extra cash or freebies.