Why do banks offer switching bonuses?

Banks want your money. Customer deposits are how they're able to provide lending services such as mortgages and loans, which in return generate their profits. But, as we mentioned above, some people hate moving bank accounts. With the notable exception of a few personal finance junkies like yours truly, most people just want to have a bank account that works and then not to think about it ever again. So, for banks, getting new customers is quite hard. Switching bonuses are one of the marketing tools available to them to entice people to transfer their accounts and money to them.

How do I compare current accounts?

We've got a full answer to this question in our compare current accounts guide .

Can I switch a joint current account?

You can switch from a joint current account to another joint current account as long as the other person agrees, so both of you will have to give the bank your consent. It's only possible to transfer a joint account to one held by the same people. You can also switch from a one-person current account to a joint current account (but not the other way around).

Do banks offer switching rewards for student accounts?

Yes! A range of large high street banks offer student accounts packed with rewards, including free railcards, vouchers, generous overdraft terms, and even cold, hard cash as an incentive to get you to bank with them.

What other switching rewards can I get?

By switching, your new bank might offer better deals compared to your old one, such as a cheaper overdraft , cashback on certain payments and a better interest rate on in-credit balances (with the current account itself or for a linked savings account). From time to time, there are also business banking switching offers .

Does switching banks affect your credit score?

Switching banks will have an impact on your credit score , as your new bank will run a credit check before approving your application. Learn more about credit scores and switching banks.

Can I still switch bank account if I’m overdrawn?

Yes, but your new bank will need to agree to giving you the overdraft amount you need and transferring your existing one across. Otherwise, you may need to agree a way to pay off the overdraft with the new bank instead or pay it off before you switch.

What should I do if there’s a problem with my switch?

If something goes wrong with the switching process, such as a direct debit isn’t transferred over, you should contact the bank you’re moving to so it can sort out the problem. Any charges or interest you have to pay because of the problem will be refunded under the Current Account Switch Guarantee with CASS.

Best bank switching offers 2025

These are free current and e-money accounts where you can get £100 or more plus other incentives for opening an account. However, for some accounts you will need to switch and close your old account to get the bonus. We have a separate guide on banking apps with sign-up bonuses and other ways to earn free money.

TSB – Spend & Save bank accounts – Up to £310 in cash and rewards
The Co-operative Bank – Current Acount & Everyday Extra account – Up to £175 switch offer
first direct – 1st Account – £175 switch offer
Revolut – Standard account – £20 sign-up bonus offer for new customers

Our expert says: What’s the best switching deal right now?

"TSB’s switching offer is the best deal at the moment based on what you could potentially earn, but there are a lot of hoops to jump through. In recent years we’ve seen a lot of switch deals broken down into multiple stages, each offering a smaller separate chunk of cash, which can sometimes take months to complete.

With this deal, you can get £100 for switching to TSB’s Spend & Save account and a further £90 cashback by making 20 or more debit card payments each calendar month. If you keep your TSB account until January 2026, complete step 1 and make 20 debit card payments in December 2025, you’ll get a reward including a £120 hotel voucher. Plus, you can access its TSB’s Savings Pots at 2.05% AER and a monthly saver at 5% AER. If you deposit £1,000 into a Savings Pot and save the maximum amount of £250 a month into the Monthly Saver, in 12 months you stand to earn £20.50 and £81 in interest respectively. Overall that’s £411.50."

Kate Steere

Editor

Latest current account switching offers

TSB - Spend & Save bank accounts - Up to £310 in cash and rewards

7.1 Great

Read review

Minimum opening balance	£0
Account fees	£0
Interest (AER)	0% AER

£100 cashback for accounts opened and switched using Current Account Switching Service, log into the mobile banking app and make five debit card payments by 19.7.25.

Requirements to get the initial switching bonus

Open a Spend & Save account and complete a full switch using the Current Account Switch Service
Log into the TSB Mobile Banking App
Make at least 5 payments using the debit card on your new account
Complete the above steps before 19 July 2025

Requirements to get up to £90 in cashback

Make 20 or more debit card payments in a calendar month

Requirements for Switch & Stay Partner Reward in January 2026

Complete all of the £100 switch incentive conditions
In December 2025, make 20 or more payments using your debit card

Exclusions

If you’ve received an incentive or benefit for switching to TSB Bank plc using the Current Account Switch Service since 1 October 2022, you’re not eligible for these offers

Offer ends
This offer is subject to availability and may be withdrawn at any time.

Representative example: If you use an arranged overdraft of £1,200, you'll be charged interest at 39.9% EAR variable.

Pros
Earn cashback as you spend
Competitive monthly saver
Save the Pennies feature
Cons
Cashback on Save and Spend account expires after six months
Interest charged on overdrafts

Minimum opening balance	£0
Minimum operating balance	£0
Switch service guarantee	Yes
Account fees	£0
Overseas card transactions	Europe: 2.99% Elsewhere: 2.99% plus flat fee of £1
Overseas cash withdrawals	2.99% conversion fee plus 1.5% cash fee

Minimum opening balance	£0
Account fees	£0
Interest (AER)	0% AER

Read review

first direct 1st Account - £175 switch bonus

8.2 Great

See deal Read review

Minimum opening balance	£0
Account fees	£0
Interest (AER)	0% AER

£175 cashback for accounts switched using the Current Account Switch Service, including at least 2 direct debits or standing orders.

Requirements to get the £175 switching bonus

Switch a current account held elsewhere using the Current Account Switch Service into a 1st Account
A full CASS switch including at least 2 direct debits or standing orders must be made within 45 days of opening your first direct 1st Account
Within 45 days, deposit a minimum of £1,000 into your account
Within 45 days, make 5+ debit card payments
Within 45 days, register and log onto digital banking
first direct will perform a credit check

Exclusions

You have opened a first direct product, or opened an HSBC current account on or after 1 January 2018.

Offer ends
This offer is subject to availability and may be withdrawn at any time.

Representative example: If you use an arranged overdraft of £1,200, you'll be charged interest at 0% EAR variable.

Pros
No monthly fee
Easy to apply
Access to regular saver account
Excellent customer service – 24/7 support
FSCS protection
Cons
Interest-free overdraft is only up to £250
No interest paid on in-credit balances
Cannot bank in branch

Minimum opening balance	£0
Account fees	£0
Interest (AER)	0% AER

See deal Read review

Get up to £175 switch bonus

7.6 Great

Read review

Minimum opening balance	£0
Account fees	£0
Interest (AER)	0% AER

£100 cashback for accounts switched using the Current Account Switch Service.

Requirements to get the initial £100 switching bonus

Switch a current account held elsewhere using the Current Account Switch Service into an eligible Co-operative current account
Deposit £1,000 or more
Have 2 or more active direct debits
Register for online banking services or enable the mobile app
Make 10 or more card transactions

Requirements to get £25 a month for 3 months

Deposit £1,000 or more each month
Make 10 or more card or digital wallet transactions each month
Have 2 or more active direct debits

Exclusions

You must not have had, or be waiting to receive, any switch incentive from The Co-operative Bank since 1 November 2022.

Offer ends
This offer is subject to availability and may be withdrawn at any time.

Representative example: If you use an arranged overdraft of £1,200, you'll be charged interest at 35.9% EAR variable.

Pros
Monthly rewards
Available as a joint account
Easy to open and manage
Cons
Interest charged on overdrafts
Foreign transaction charges
No interest paid on in-credit balances

Minimum opening balance	£0
Account fees	£0
Interest (AER)	0% AER

Read review

Frequently asked questions

Banks want your money. Customer deposits are how they're able to provide lending services such as mortgages and loans, which in return generate their profits.
But, as we mentioned above, some people hate moving bank accounts. With the notable exception of a few personal finance junkies like yours truly, most people just want to have a bank account that works and then not to think about it ever again.
So, for banks, getting new customers is quite hard. Switching bonuses are one of the marketing tools available to them to entice people to transfer their accounts and money to them.
You can switch from a joint current account to another joint current account as long as the other person agrees, so both of you will have to give the bank your consent.
It's only possible to transfer a joint account to one held by the same people. You can also switch from a one-person current account to a joint current account (but not the other way around).

We show offers we can track - that's not every product on the market...yet. Unless we've said otherwise, products are in no particular order. The terms "best", "top", "cheap" (and variations of these) aren't ratings, though we always explain what's great about a product when we highlight it. This is subject to our terms of use. When you make major financial decisions, consider getting independent financial advice. Always consider your own circumstances when you compare products so you get what's right for you. Most of the data in Finder's comparison tables has the source: Moneyfacts Group PLC. In other cases, Finder has sourced data directly from providers.

Thank you for your feedback!

To make sure you get accurate and helpful information, this guide has been edited by Liz Edwards and reviewed by Katherine Denham, a member of Finder's Editorial Review Board.

Written by

Kate Steere

Editor

Kate Steere is an editor at Finder, specialising in fintech, banking and cryptocurrency. She has previously written for The Motley Fool UK and Fitch Solutions, where she covered a wide range of personal finance topics and kept a close eye on market trends. Kate has a Bachelor of Arts in Modern History from the University of East Anglia. When not working, she can usually be found curled up with a good book or heading out for a run. See full bio

Kate's expertise

Kate has written 128 Finder guides across topics including:

Fintech
Banking
Cryptocurrency
Mortgages
Payments

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Best bank account switching offers 2025