Which banks offer money to switch your current account?

Not all bank accounts are made of quite the same stuff.

If you’re on the hunt for a better deal with your current account, one key thing to look out for are the attractive cashback offers you can take advantage of.

We’ve put together a list of our top five accounts with the best cashback offers.

1.First Direct

Cashback offer: £100

To qualify you have to…

  • Be opening their first account
  • Pay in a minimum of £100 per month

Key features:

  • £250 interest free overdraft
  • Access to market-leading loan and saving rates
  • £100 “satisfaction guarantee”
  • £10 monthly fee

2.NatWest/RBS Rewards Accounts 

Cashback offer: £125

To qualify you have to…

  • Be a new customer
  • Be 18+ and a UK resident
  • Pay in £1,250 each month

Key features:

  • Ability to “earn” rewards
  • Easy-to-use mobile banking app
  • Ability to arrange overdraft
  • £2 fee monthly

3. Santander 1|2|3

Cashback offer: up to 3% cashback on selected household bills (capped at 5%); up to 15% cashback with Retailer Offers

To qualify you have to…

  • Put at least £500 in the account each month
  • Have 2 active direct debits
  • Aged 18+
  • UK resident

Key features:

  • Monthly interest of 1.00% AER on up to £20,000
  • Ability to arrange overdrafts
  • 1|2|3 World offers

4. HSBC Advance Account

Cashback offer: £150 (+£50 if you hold the account for at least a year)

To qualify you have to…

  • Be switching from a non-HSBC current account
  • Put at least £1,750 each month

Key features:

  • Overdraft of £1000 (minimum)
  • 2.75% AER gross on savings
  • No monthly fee
  • Easy mobile banking

5. M&S Bank Current Account & Premium Current Account

Cashback offer: £185 in M&S vouchers

To qualify you have to…

  • Keep the account for at least 12 months
  • Have a minimum of 2 active debit cards
  • You get a £5 gift card each month assuming a minimum of £1000 is put into the account.

Key features:

  • No fees
  • Birthday gift worth £10
  • 48 hot drink vouchers per year
  • Exclusive rates and product discounts
  • M&S triple points
Written by Isla Geddes ,
31st March 2020