Get paid to move banks: Best current account switch offers worth up to £175

In the UK, switching banks isn’t always too high on people’s list of priorities - but there’s plenty of reason to consider whether yours offers you the service you need.

Whether that’s great interest rates for your savings, branches in your local area or plain old customer service being up to scratch, different people bank in different ways and it’s important to ensure yours fits the bill for what you need.

In addition, switching providers might give you more than just better service: you can be paid to do so, as banks and building societies fight for your custom.

Right now, the best offers to utilise the Current Account Switch Service (CASS) and move banks offers up to £175 to do so - along with a host of other potential perks such as bigger savings rates than are generally available.

If you need to know how the switch service works, check out our guide here - but essentially, it’s free, it’s regulated, your money is protected and millions of people have used it to switch banks. It takes about a week. For the best current account switch deals on the market, read on!

An ongoing offer with first direct, opening a 1st Account with them earns you a cash reward of £175. You may also eligible for a fee-free £250 overdraft, plus you will get access to a regular saver account which offers 7 per cent interest rate - fixed for 12 months - and in which you can save a maximum of £300 per month.

As is the case with most cash switch offers, to claim the reward you must open the account, switch using the CASS including at least two direct debits and deposit at least £1,000 into the account, within 45 days of opening it.

You will also need to make at least five payments on your debit card and log onto their digital banking service.

The deal is not available to anyone who has had an account with first direct previously, nor those who have opened an account with HSBC - the owners of first direct - since 2018.

Get a free fractional share worth up to £100.
Capital at risk.

Terms and conditions apply.

Go to website

Get a free fractional share worth up to £100.
Capital at risk.

Terms and conditions apply.

Go to website

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Very similar in terms, but with different additional perks, is the Club Lloyds account offer from Lloyds Bank.

There are three different Club Lloyds account types you can choose from, with different benefits, but the basic one is £3 per month unless you pay in at least £2,000 per month, then it’s free. The switch bonus is also for £175, with additional perks.

The linked saver account offers an interest rate of 6.25 per cent for up to £400 a month - so although a lower rate than first direct’s offer, the fact you can save more means that if you were to max out both savings accounts, the Lloyds one would generate you more interest across a full year.

Additionally, you can choose a reward such as Disney Plus, cinema tickets or a coffee club subscription.

Requirements include three direct debits when switching and the switch must be initiated by 1 April 2025. You can’t have already used Lloyds, Halifax or Bank of Scotland for a switch reward since 2020.

Nationwide Building Society are offering £175 too, to move to their FlexDirect current account.

While this one also comes with an attached savings account, they also offer five per cent AER for the first 12 months on up to £1,500 in your current account, which is £75 for the year if you have at least that much in for the whole year.

You’ll also get one per cent cashback (up to an extra £60) on debit card purchases for the first year, while the savings rate on offer if you open a Regular Saver account is 6.5 per cent - but you can only make three withdrawals per year or the rate drops.

You can’t get this reward if you’ve already done so with Nationwide since August 2021 and other usual requirements apply including two direct debits in the switch.

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The co-operative bank have a cash switch offer on at the time of publishing, but it ends on 6 March. You need to have applied by then to be eligible.

You get £75 for switching and then another £25 per month, for three months, to stay with and actively use your account - that totals £150.

There are a few hurdles to clear to get the first £75 including making ten card transactions and depositing £1,000 in the timeframes they specify.

You cannot have had a switch incentive from co-op bank since November 2022.

While immediate cash bumps are a nice reward, if you’re keen to play the longer-term outlook, cashback offers may be enticing too.

Chase are offering one per cent cashback on everyday debit card spending for 12 months. It’s a maximum of £15 per month, so £180 is possible in total, but of course you’ll need to factor in whether you’d earn the full amount if that’s your aim. Everyday spending of £1,500 per month would equate to £15 cashback at a rate of one per cent - but check the cashback exceptions to see if it’s suitable for you. You’ll also get access to a three per cent savings rate, and a five per cent round-ups pot.

Halifax offer a choice of rewards for their Reward Current Account which includes £5 a month paid in, while Barclays will offer rewards on their Premier Current Account if you have either a gross annual income of £75,000 or £100,000 in savings and investments with them.

Switch offfers and associated rates are correct at time of publishing. As always, if you are considering switching banks and using the CASS to do so, ensure you meet the eligibility criteria and that the bank account conditions suit your needs beyond the cash switch bonus.

When investing, your capital is at risk and you may get back less than invested. Past performance doesn’t guarantee future results.