Before moving your account, it’s important to see how your new bank measures up for customer service – and this is where Which? can help.
Read on for a breakdown of the latest switching offers (ordered by newest first), how they compare, and their key eligibility rules.
If you're thinking of switching to any of the accounts mentioned in this article, make sure you refer to the particular terms and conditions of the deal to make sure it's right for youLatest bank account switching incentives
Santander will pay £150 to new and existing customers who switch to its Edge, Edge Up, Private or Everyday bank account.
With the Edge account, you earn 1% cashback on essential grocery and transport spending and household bills (each capped at £10 per month), plus access to a 6% AER savings account on balances up to £4,000, for a £3 monthly fee.
The Edge Up account offers the same perks but you can earn up to £15 per month on essential spending and household bills, and 3.5% AER on current account balances up to £25,000, for a £5 monthly fee.
The Private current account provides 3.5% AER on balances up to £25,000. To qualify, you'll need to earn £250,000 or have £500,000 in assets.
How to get the bonusYou will need to pay in at least £1,500 within 60 days of the switch request and set up at least two active direct debits. Direct Debits must remain active at the time of assessment. Those eligible for the payment will get paid within 90 days of starting the switch process.
Existing customers can also benefit but you'll need to be switching from a non-Santander account to your existing Santander account.
What's in the small print?: Is Santander a good provider?It scored well for its mobile and online banking service, receiving four stars. When the deal ends: Find out more:NatWest is offering £180 when you open a 'Reward' account. This has a £2 monthly fee but allows you to earn up to £5 a month in 'rewards.'
Rewards include £1 for logging into the mobile app and £2 for each of the first two direct debits you set up.
You’ll also get 1% cashback at some retailers. You can choose to have your rewards paid into your account, swapped for eGift codes, or donated to charity.
How to get the bonus:You'll need to deposit a total of £1,250 and log in to the mobile banking app at least once within the first 60 days. The £180 is paid within seven days of meeting this criteria.
What’s in the small print?:However, if you’re already a NatWest customer, you can still benefit by switching an account from a different provider to a Reward account.
Is NatWest a good provider?: It received four stars for its online banking and its mobile banking app.When the deal ends:Co-operative Bank will pay new and existing customers an initial £75 for switching their bank account and an additional £25 per month for three months if they hit certain criteria.
New customers must apply for a standard current account or Everyday Extra account. This is a packaged bank account that includes worldwide travel insurance, UK and European breakdown cover and mobile phone insurance for £15 per month.
How to get £150:To get paid £25 for three months (£75 total), each month you must:
In a recent review of online banking security, it ranked 11th out of 11 providers, scoring 61%.
It's also worth noting that Co-operative Bank is in the process of being taken over by Coventry Building Society, meaning customers may eventually be moved over to Coventry.
When the deal ends: There’s no end date to the deal but it can be withdrawn at any point.Find out more:Nationwide will pay £175 to new customers who open one of its three current accounts. These include:
You'll need to switch over a minimum of two active direct debits, deposit £1,000 and make one debit payment within 31 days. Once these criteria have been met, you'll be paid £175 within 10 days.
Nationwide customers can benefit from this deal, but you’ll need to be switching from a current account you hold with another banking provider.
What’s in the small print?Is Nationwide a good provider?: Nationwide achieved an 81% customer satisfaction score in our annual survey, ranking fifth out of 20 providers. It scored highly for its online banking service, receiving five stars.In a recent online banking security review, Nationwide ranked joint fifth out of 11 providers with a score of 74%.
When the deal ends: Find out moreFirst Direct only offers one current account, but it packs a punch.
The 1st Account comes with no monthly fee and offers a £250 interest-free overdraft buffer. However, if you borrow more than £250, you'll pay 39.9% EAR.
It also offers fee-free spending abroad. Before the bank scrapped its fees in 2023, customers used to pay 2.75% to withdraw cash or spend money abroad.
How to get £175:Other requirements include depositing a minimum of £1,000 into the account within 30 days of opening, and registering and logging into digital banking.
What’s in the small printYou also won’t be eligible for this deal if you held a HSBC current account on or after 1 January 2018.
Is First Direct a good provider?: First Direct earned a full five stars for its online and mobile banking, as well as contacting customer service.In a recent online banking security review, First Direct ranked joint fifth out of 11 providers, with a score of 74%.
As a division of HSBC, First Direct is covered by the Financial Services Compensation Scheme (FSCS), but it’s important to keep in mind that the £85,000 FSCS protection limit applies across both brands. If you have accounts with both First Direct and HSBC, ensure your total deposits across the two are below this threshold to stay fully protected.
When the deal ends:Find out more:source https://www.which.co.uk/news/article/best-bank-account-switching-deals-december-2024-how-to-make-up-to-180-a2D4e7f98lL3