Britons can now only get free £175 via bank account switch as two providers have pulled £200 deals

Britons can now only get free £175 via bank account switch as two providers have pulled £200 deals

Greg Smith issues warning about tax on savings interest

Patrick O'Donnell

By Patrick O'Donnell

Published: 05/04/2024

- 20:18

Updated: 05/04/2024

- 23:23

High street banks have launched cash incentive deals to attract new customers to their range of current accounts

Britons have the opportunity to get up to £200 free if they decide to switch bank accounts this month.

Santander, NatWest and first direct are among the financial institutions who have been offering these deals recently, but the latter bank is the only one currently still running an incentive.

first direct is offering a £175 bonus for new customers who take out the bank’s 1st Account.

Until it was withdrawn last night, Santander had been offering a £200 bonus for new customers who take out one of the bank’s range of current accounts.

Meanwhile, NatWest recently paid a £200 bonus for new customers who take out either of the bank’s Reward or Select accounts.

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Santander and NatWest branches

Many banks are offering customers account switch deals


First Direct

The bank’s 1st Account is the only current account product it offers which does not come with a monthly fee and offers a £250 interest-free overdraft.

If an account holder chooses to go over this £250 threshold, they will be slapped with an interest rate of 39.9 per cent.

Notably, those who join up with First Direct will have access to its Regular Saver Account which pays a competitive seven per cent interest rate AER.

Savers will be able to deposit anywhere between £25 and £300 into this account for a fixed year-long term.


With this bank account switch, new customers could either be put on a Reward or Select bank accounts to get the extra £200.

NatWest’s Rewards account charges individuals £2 a month while customers continue to use it.

However, the product pays a £5 “reward” to account holders who log into the mobile app each app and have at least two direct debits.

Cashback incentives are also attached to this account. In comparison, the Select account has no incentives attached.


New customers who switch to Santander could have got an £185 bonus if they took out one of the following accounts:

  • Everyday Current Account
  • Edge Current Account
  • Edge Up Current Account
  • Private Current Account.


screenshot of first direct on laptop screenFirst direct is offering one of the best rates on the marketPA

For the Everyday Current Account, there is no monthly fee attached to the product offering access to line and mobile banking.

In comparison, the Edge Current Account is available for a £3 monthly fee but provides up to £20 a month cashback, fee-free spending abroad and a linked account with a seven per cent interest rate.

Santander’s Edge Up Current Account is on the market for a monthly fee of £5 with £30 a month in cashback up for grabs.

Finally, the bank’s Private Current Account is on sale for a £5 monthly fee and permits withdrawals of up to £1,500 daily and 3.5 per cent AER in credit interest.

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