Switching current accounts can earn customers hundreds of pounds in bonuses, with offers from Barclays, HSBC, First Direct and Lloyds among the most attractive available. The team at Martin Lewis' Money Saving Expert has listed the best current account switching offers, showing how much Brits can gain by making the move.
These offers come with strict criteria, so customers should check the requirements before applying. Switches are made using the Current Account Switch Service (CASS), which moves balances, Direct Debits and standing orders to the new account while closing the old one. Both banks must be signed up to CASS, as most major banks are, for the switch to happen automatically.
Barclays, HSBC and First Direct offers
Barclays is paying £300 to customers who switch, including a £150 upfront payment for switching three or more Direct Debits and paying in monthly earnings of £2,000 in the first month. To get five additional £30 payments, customers must continue paying in a £2,000 monthly salary and make 10 debit card payments in each of the next five months. For an optional £5/month fee, customers can join its Blue Rewards scheme to get Apple TV at half its usual cost, but they will also need to pay £800/month and register for digital banking.
HSBC is offering a £220 switch bonus to customers who deposit £2,000 and spend £500 on the debit card in the first 60 days. The account also gives access to HSBC's regular saver, paying 5% fixed interest on up to £250 a month for one year. The switching bonus is not available to those who've had an HSBC or First Direct account since January 1, 2023, and is paid within 60 days of meeting the criteria.
First Direct is offering a £210 bonus to eligible customers who make a complete switch to the First Direct 1st account. Customers must open an account via app (online if a joint account), and within 45 days switch to an account with 2 Direct Debits or standing orders. They must also pay £1,000 or more, make 5 debit card payments, and log in to digital banking. The bonus is paid by the 20th of the following month.
Lloyds offer and other rewards
Lloyds is offering a £200 bonus to customers who switch to Club Lloyds. The account also gives customers the choice of rewards each year: 12 months' Disney (with ads), six cinema tickets, a Coffee Club & Gourmet Society membership, or a subscription to a magazine. Customers also get access to a linked regular saver paying 6.25% fixed interest for a year on up to £250/month, a possible £100 0% overdraft buffer, and no fees on the debit card for overseas spending.
