Current account switch deal offers switchers up to £200 plus chance to get 8% interest rate on savings

Person looks at current account online on sofa

Current account switch deals offer switchers free cash if they move their current account

Jessica Sheldon

By Jessica Sheldon

Published: 06/12/2023

- 15:09

People who are unhappy with their bank or building society may opt to open up a current account elsewhere, and some providers are offering cash incentives to switchers

Banks and building societies have been offering free cash for customers who switch to their current account in recent years, and there are currently some deals available.

There is a lot to consider when it comes to choosing a current account, and the answer will often depend on individual circumstances.

However, for those who decide the current account is right for them, it could come with a cash incentive – provided they meet the eligibility criteria.

GB News has compiled a list of the current account switch offers which are available right now, correct at the time of writing.

Nationwide Building Society branch after rebrand

Nationwide Building Society is offering a £200 current account switching bonus


Nationwide Building Society, for instance, is currently offering switchers £200 to people who move their current account to the building society.

The telephone and internet-based retail bank first direct is giving eligible customers £175 for switching.

The Co-Operative Bank is currently running a refer a friend switching offer, which offers £125 for the current customer and £125 for the friend who switches.

To get Nationwide’s cash offer, the customer must switch a non-Nationwide account to a FlexPlus, FlexDirect or FlexAccount and close the non-Nationwide account during the switching process.

The switch to Nationwide needs to be carried out online, and it needs to be completed within 60 days.

Nationwide says to qualify, it must be the first time the customer has got one of their switch offers on a sole or joint account since August 18, 2021.

Additionally, switchers will need to make sure their non-Nationwide account has two or more active Direct Debits.

Once the new account has been opened, Nationwide will complete the switch via the Current Account Switching Service in seven days.

The £200 will be paid to eligible switchers within 10 calendar days of the switch completion.

It will also mean switchers become eligible for the Flex Regular Saver, a regular savings account available just for current account members, which currently pays eight per cent AER/gross a year (variable).

Meanwhile, if UK resident switches to the first direct 1st Account, they could get a welcome bonus of £175.

To qualify, switchers must use the Current Account Switch Service, deposit £1,000 within three months of opening the account, and be new to first direct. People who previously held a first direct product will not qualify.

Additionally, people who have opened a current account with first direct’s sister bank HSBC on or after January 1, 2020, will not qualify.

Among the eligibility rules, first direct states the offer is limited to one payment per customer or joint account.

Switchers will get the money within 28 days of all the criteria being met.

For the Co-operative Bank offer, the referred friend must switch to the standard Current Account or Everyday Extra account.

They can't have held a Co-operative Bank current account or smile account of any type since November 1, 2022.

Customers can refer a friend if they have a Cashminder account, Student account, Current Account Plus, Privilege or Privilege Premier account, but switchers opening smile current accounts, Student Accounts, and Cashminder accounts are excluded from this offer.

Within 60 days of the account opening, the switcher must complete a full switch from their main current account to their new Co-operative Bank account via the Current Account Switch Service.

Using their new eligible account, they also need to deposit £800, set up two Direct Debits, make a minimum of five card payments, and register for online banking services.

Additionally, switchers need to complete a referral form when they get their new Co-operative Bank account details, including their switch end date.

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