If you’d like to take advantage of bank switching and collect some free cash, you’ve come to the right place. We have all the latest and best bank switch incentives listed below, with all the information you need. It could be that this is extra money to help you with the cost of living, or you want to switch away from your current bank account and might as well get paid to do so. Whatever the reason you are looking for the best bank switch incentives, let’s dive in and look at where you could switch.
What Are Bank Switch Incentives?
Bank switch incentives are when a bank or building society will pay you to switch your current account to them. Using the Current Account Switch Service, it is easier than ever to switch your bank account. Following this, it is all done for you within a few days and you can claim a decent wedge of money by switching. There are often various terms and conditions that you must meet in order to be eligible for these best bank switch incentives, but they are pretty easy to follow and you could have that extra money in your new bank account fairly quickly! I’ve made over £1000 bank switching in less than a year. Let’s look at which banks will pay you to switch and how much they’ll hand over!
The Best Bank Switch Incentives
(last updated 10/07/2024)
| Account Name | First Direct 1st Account |
| Switch Incentive | £175 + £25 Amazon voucher |
| Service Rating | 91% of those polled say the customer service is ‘great’. |
| How To Get The Incentive | – Open the account via the app. – Switch in an account from a different bank. This needs to have 2 active direct debits or standing orders. – Pay in £1000+, use the debit card 5+ times and log onto online banking, all within 30 days of opening the account. – The £175 is paid by the 20th of the next month. – Make sure to add your email address when you join. You’ll receive the Amazon voucher within 90 days of opening the account and then you’ll have 90 days to claim it. |
| Who Can’t Get It | Anyone who has opened an account with sister bank HSBC since January 2018 will not be able to get this offer. |
| Other Info | To qualify for the incentive, you can’t ever have had a First Direct product, or opened an account with sister bank HSBC since January 2018. First Direct gives you fee-free overseas spending. There is a linked regular savings account giving 7% interest on up to £300 a month. |
| Account Name | Barclays Bank Account |
| Switch Incentive | £175 |
| Service Rating | 30% of customers say service is ‘great’. |
| How To Get The Incentive | – Open via the Barclays’ app (has to be a solo account, no joint accounts) – Switch across an account from a different bank (inc 2+ Direct Debits) – Join the Barclays Blue Rewards scheme (there is a charge of £5 per month for this. Make sure to register for digital banking. You’ll also need to deposit £800+ every month for Blue Rewards.) – Deposit at least £800 by August 30th 2024 – Once you meet the criteria, the £175 incentive will be paid within 28 days |
| Who Can’t Get It | You can’t have ever had a Barclays switch incentive before. Those with an open Barclays account will also be unable to claim this, including those who have closed one since 8th July. |
| Other Info | Perks include a free subscription to Apple TV+ which is normally £8.99 a month. You’ll also have access to Major League Soccer stream which is normally £12 a month. There is a 5.12% saver where you can deposit up to £5000. |
| Account Name | Club Lloyds |
| Switch Incentive | £175 (+ reward) |
| Service Rating | 59% of customers say service is ‘great’. |
| How To Get The Incentive | – Open the account – this can be done either online, by phone or in a branch. – Then switch in an account from a different bank. The switch must start before 30th July 2024. It must also include 3+ Direct Debits. – The £175 incentive will then be paid within 10 working days of the switch starting. |
| Who Can’t Get It | Those who have had a switch incentive from Lloyds, Bank of Scotland or Halifax since April 2020 will be unable to claim this. |
| Other Info | Unless you deposit £2000+ each month there is a £3 monthly fee for the Club Lloyds account. You’ll get access to the 6.25% fixed interest account, where you can put £400 each month for one year. The rewards available include 12 months Disney+ (with ads), cinema tickets, or a magazine subscription. Beware that if you close the account or switch away to another bank you will likely lose access to this reward. |
Examples of previous Bank Switch Incentives:
Nationwide
| Account Name | Nationwide FlexDirect |
| Switch Incentive | £200 |
| Service Rating | 78% of those polled say ‘great’. |
| How To Get The Incentive | – First, open the account via the app or online. – Switch your bank account, which must include 2+ active direct debits. – Your incentive should be paid within 10 days. |
| Who Can’t Get It | Anyone who has had a Nationwide switch bonus since 18th August 2021 will not be able to get this offer. |
| Other Info | There is no minimum pay in, however, to get interest on the account you will need to pay in £1000+ each month. You will get access to a linked regular saver account paying 8% interest on up to £200 per month. There is also an option to get a 0% (for 12 months) overdraft. After that, the interest rate would jump to 39.9%. |
First Direct
| Account Name | First Direct 1st Account |
| Switch Incentive | £175 |
| Service Rating | 90% of those polled say ‘great’. |
| How To Get The Incentive | – First, open the account via app, or online if applying for a joint account. – Switch in your other account & pay in £1,000+ within three months. – Once the switch has taken place, your incentive should be paid within 28 days. |
| Who Can’t Get It | Anyone who has previously had an account with First Direct will not be able to get the incentive. If you have had a current account with HSBC (sister bank) since January 2020 you will also not be eligible. |
| Other Info | There is no minimum pay in. You will get access to a linked regular saver account paying 7% interest on up to £300 per month. You will also have access to a £250 0% overdraft (39.9% after that). |
Barclays
| Account Name | Barclays Bank Acount |
| Switch Incentive | £175 |
| Service Rating | 30% of those polled say ‘great’. |
| How To Get The Incentive | – First, open a sole account via app & join Blue Rewards. – Switch in your other account, which has to include 2 active direct debits, by 30th November 2023. – Once the switch has taken place, your incentive should be paid within 28 days. |
| Who Can’t Get It | You can’t have, or previously have had any Barclays Bank Account. |
| Other Info | There is a minimum pay in of £800 per month for Blue Rewards. Blue Rewards costs £5 each month but if you have two direct debits you get £5 cashback, so the fee is basically covered. You can get 5.12% interest on up to £5,000, which is easy access. You will also have access to a £15 0% overdraft (35% after that). |
Final Thoughts
In conclusion, as you can see, some of the biggest bank accounts on the high street will pay you cold hard cash to switch your custom to them. It is worth noting that there will be a slight impact on your credit score when you open these bank accounts. You might not want to open a new account if you have a big financial event coming up such as remortgaging. Finally, let me know on Instagram how your process goes and which of the best bank switch incentives you opt to go for.
