The best bank accounts for switching bonuses

HSBC is pulling its table-topping £200 switching offer this Sunday. Not eligible? Here's our roundup of the best switching offers.

Banks use current account switching bonuses as a way of enticing new customers.

They can be an easy way to boost your cash pot if you're looking to change banks anyway and often come with other perks like interest-free overdrafts and access to savings accounts with better rates.

Sadly, a number of the top switching deals are being pulled from the market – much like we've seen in the balance transfer credit card space in recent weeks.

Last week saw the demise of the NatWest £125 incentive (reduced to £75) and this Sunday will see the table-topping £200 HSBC offer scrapped.

So make sure you get your skates on if you're keen to take advantage.

Here's how it works: open and switch to HSBC's Advance account you'll nab £150, plus another £50 if you stick around for another year.

The catches? You'll need to pay in a fairly significant 1,750 each month and the offer is only available to people who are switching from a non-HSBC account and haven't owned any HSBC account since 2015. 

If you do miss out, or simply aren't eligible, you can compare the benefits and features of other top current accounts at the loveMONEY comparison centre, or you can read on to see our summary of the best offers.

Earn up to 3% on your cash: compare current accounts now

M&S Bank – £185 in gift cards

Sadly, it's not a cash reward, but you can pocket £185 in M&S vouchers when you join M&S Bank and stay for 12 months.

You just need to switch to the M&S Current Account or M&S Premium Current Account using the Current Account Switch Service and move a minimum of two active Direct Debits.

A £125 switching bonus will appear in your account once everything is wrapped up.

You can then get a £5 top up on the gift card each month that a minimum of £1,000 is paid into your account and two Direct Debits remain active, for up to 12 months after you switch.

So that's a total of £185 in year one – provided you meet all the criteria.

The fee-free M&S Current Account gives you access to a monthly savings account paying 5%, £100 fee-free overdraft and the chance to earn M&S Loyalty points each time you spend.

The M&S Premium Current Account offers all that plus a range of other benefits in return for a £10 monthly fee.

With the account, you can get yearly vouchers worth £95 including a birthday gift worth £10, 48 hot drink vouchers per year worth £127, preferential rates on selected products, access to exclusive offers and triple points in M&S stores and online.

First Direct – £100

First Direct offers a £100 incentive to those that open its 1st Account and pay in at least £1,000 within three months.

There’s a £10 monthly fee for the account after six months unless you pay in at least £1,000 a month or hold another First Direct product.

The account comes with a £250 interest-free overdraft, exclusive access to leading rates on loans and savings, plus an award-winning level of customer service with real people on hand 24/7.

It also comes with a satisfaction guarantee. First Direct promises to pay £100 to those unhappy with the account that decide to leave within a year of joining.

So while that technically does equate to £200 in total – thus matching the HSBC offer – you'll have to switch twice to get it.

NatWest - £75

Finally NatWest is giving new and existing customers £75 for switching to its SelectRewardReward SilverReward Platinum or Reward Black current account using the Current Account Switch Service.

This is an online-only offer and isn't available on the Basic, Expresscash or Student accounts.

Finding the best deal

When switching current account, it’s important to consider what your long-term needs are as well as the short-term gains a cash or voucher bonus can provide.

Other accounts like the Santander 123 Current Account, for example, offer decent levels of interest that could provide more value in the long-term, and not just give your bank balance a quick boost.

You can compare the benefits and features of the top current accounts by visiting the loveMONEY comparison centre.

This article is regularly updated


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