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

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.

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 30 days of account opening.

You should get your £175 within 28 days of completing 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.

Lloyds - £175 cash (Ends 30 July)

The bank is currently offering £175 to those who open a new Club Lloyds, Club Lloyds Silver or Club Lloyds Platinum account.

To qualify, you'll need to use the Current Account Switching service and set up at least three active Direct Debits.

Note, the Silver and Platinum accounts are packaged 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.

With these accounts, 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% 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.

Barclays - £175 cash, Apple TV+ and Major League Soccer Subscription Pass

Barclays will pay you £175 if you open a new sole account via its app.

To qualify, you'll need to switch from another bank, set up at least two Direct Debits, join the bank's Blue Rewards scheme (£5 monthly fee) and pay in at least £800 by 30 August.

Blue Rewards also includes a host of attractive perks, such as Apple TV+ and Major League Soccer Season Pass subscriptions.

Until September, the bank is also offering £5 cashback to Blue Rewards members.

Additionally, you'll receive access to a linked savings account, which pays 5.12% on balances of up to £5,000.

The switching offer isn't available on joint accounts.

Co-op - £100 upfront and £10 for six months

The bank is currently offering up to £160 to those who open an account.

However, there's a catch – as this offer is only available on its packaged Everyday Extras account, which carries a £15 monthly fee.

You'll receive £100 upfront, plus an additional £10 per month for six months if you regularly use the account.

To qualify for the £100 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 five times.

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

Other perks include 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.

Finding the best deal

We mentioned this at the start, but it's worth repeating – make sure you consider what your long-term needs are, as well as the short-term gains a cash or voucher bonus can provide.

Some accounts will pay a decent rate on any small sums of cash you keep in them, while others will pay you cashback on various monthly bills, and the value of these can really add up over time.

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