Several high street banks are enticing customers with cash offers ranging from £75 to £175 to switch their current accounts. First Direct, Nationwide, TSB, and Co-op Bank are among the institutions offering financial incentives, with some deals including additional perks such as high-interest savings and cashback.
For consumers considering a change in banking provider, these offers provide an opportunity to benefit from immediate cash rewards alongside other account advantages. However, eligibility criteria and specific conditions apply, making it essential for prospective switchers to review the details carefully.
First Direct and Nationwide lead with £175 cash offers
Two of the most competitive deals currently available come from First Direct and Nationwide, both offering £175 to new customers who switch their current accounts.
According to Money Saving Expert (MSE), First Direct has consistently ranked highly in customer service surveys, with a recent poll showing a 91% satisfaction rating. In addition to the £175 switching bonus, new customers of First Direct’s 1st Account receive a £250 interest-free overdraft, subject to a credit check. The account also comes with a linked regular saver paying 7% fixed interest for a year, which can yield up to £137 in interest if fully utilised.
Nationwide’s FlexDirect account, another strong contender, offers the same £175 cash incentive along with 5% AER interest on balances up to £1,500 for the first year—equating to a maximum potential interest of £75.
Additionally, customers can benefit from 1% cashback on transactions for 12 months, up to £5 per month, as well as a £50 interest-free overdraft. Nationwide also offers access to a linked regular saver paying 6.5% variable interest for a year, which could generate up to £85 in interest, according to MSE.
TSB and Co-op Bank provide alternative options
While TSB and Co-op Bank do not match the £175 incentives of their competitors, they still offer cash rewards for switching, along with various account benefits.
TSB’s switching bonus stands at £100, with the requirement that customers ensure their current bank account is part of the Current Account Switching Service (CASS) before initiating the process. The application process is straightforward, with customers needing to fill in a switcher form to complete the transfer.
The Co-op Bank presents a slightly different offer, with £75 paid upfront for switching, but with the possibility of earning up to £150 in total if the account remains open for three months. According to MSE, prospective customers can choose between a fee-free current account or the Everyday Extra packaged account, which includes various insurance perks for a £15 monthly fee.
