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.

TSB - £100 upfront and £15 a month for six months + reward of choice

TSB will pay you up to £190 when you switch to either the Spend & Save or Spend & Save Plus accounts. However, you'll need to meet some pretty strict criteria to bag the full amount.

Unlike most other banks, TSB will pay your cash in instalments. To qualify for the initial £100, you’ll need to open an account online, in branch or in-app.

Next, you'll need to switch your existing current account within 21 days and spend on your debit card at least five times (as well as logging into the mobile app) before 27 September.

If you meet all these criteria, you should receive your cash between 15 and 25 October.

You can then receive the additional £90 in six monthly instalments of £15 by making at least 20 debit card transactions per month. Note, this rate is triple the usual £5 cashback offered by the bank.

You'll then receive a further reward if you make at least 20 debit card transactions in March 2025. The choice of rewards includes a night for two in selected hotels, Odeon cinema tickets and a NOW Entertainment membership for six months.

Barclays - £175 cash, Apple TV+ and Major League Soccer Subscription (Ends 30 August)

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.

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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