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 - ends 22 April
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 before Monday, 22 April. After that, you'll need to pay in at least £1,000 and log on to digital banking within 60 days of account opening.
Be aware, you won’t be eligible if you’ve previously had an account with first direct or with HSBC since 1 January 2018.
Santander - four-year Railcard for 20 to 25 year olds
Santander is currently offering a four-year Railcard worth £100 to young people who open an Everyday, Edge or Edge Up account.
The card will save users a third on rail travel throughout Great Britain and offers discounts on meals out, holidays and entry to attractions.
To qualify, you’ll need to be aged between 20 and 25 on 30 June, open one of the accounts mentioned above and deposit at least £500 by 14 May.
Triodos Bank - £60 voucher
Triodos Bank will give new customers a £60 voucher for Ethical Superstore or Neal’s Yard, a charity donation, or a combination of both.
There is one catch, however, you’ll need to switch following the recommendation of an existing customer.
The bank will then make a £25 donation to the existing customer’s chosen charity (Friends of the Earth, RSPB, or Soil Association).
New customers 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.
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.
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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*This article contains affiliate links, which means we may receive a commission on any sales of products or services we write about. This article was written completely independently.