The best bank accounts for switching bonuses 2025


Updated on 03 February 2025 | 1 Comment

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

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 an £18 monthly fee.

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 1st 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 - end 5 February

With Santander, you'll receive a free £150 if you open a new Edge, Edge Up or Everyday account before midnight on 5 February.

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.

TSB: £100 upfront and £60 cashback

TSB pays a £100 upfront bonus when you open a Spend and Save account. 

To qualify, you'll need to open an account, log in to the mobile app, and make at least five debit card transactions by 14 March, 2025.

You should receive the £100 bonus between 28 March and 11 April, 2025.

You can also earn £10 cashback per month by making more than debit card transactions for six consecutive months.

If you also make more than 20 debit card payments in August, you can choose a reward for September.

This includes

  • One-night hotel stay for two 
  • Six Odeon cinema tickets
  • Six-month Now Entertainment membership

You'll also have access to a regular saver account offering 6% interest on deposits of up to £250 month.

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.

 

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