The current account market is particularly competitive at the moment with banks offering money for switching alongside innovative new accounts such as Santander’s Edge account.

To qualify for cash incentives for switching you need to close your old account and switch banks using the Current Account Switch Service (CASS). The service automatically moves across all payments, direct debits and standing orders to the new account.

The best cash switching incentives

NatWest/RBS

NatWest launched a £200 switching bonus yesterday.

New and some existing customers switching their everyday banking to NatWest or RBS online or via its mobile app can get £200 within seven days, if they meet certain eligibility criteria.

To get the money from NatWest, you’ll need to complete the move via the CASS, log into mobile banking and deposit a one-off £1,250 within 60 days.

However, if you have already received a switching bonus from NatWest, RBS or Ulster Bank since 1 October 2017 you won’t be eligible for the incentive.

First Direct

First Direct is currently offering a £175 switching bonus for new customers.

To get the cash, you need to pay in a minimum of £1,000 within three months and you can’t have held a First Direct or HSBC current account since January 2020.

The account offers a linked 7% regular saver on up to £300 a month. You might also be eligible for a 0% £250 overdraft.

TSB

Switching to either the fee-free Spend & Save or the £3 a month Spend & Save Plus account with TSB can net you £200, split into two instalments.

This includes £125 cash if you apply by 3 March and use CASS to move your existing banking to TSB by 24 March.

To be eligible for the money, customers will need to set up at least two direct debits, use their debit card at least once, and log into online banking or the TSB mobile banking app.

Once these conditions have been met, the £125 will be paid into the account by 21 April 2023.

To get the remaining £75, you’ll need to keep your account open and each month between 1 April and 30 September pay in a minimum of £500, make five debit card payments and have at least two active direct debits.

If you’ve switched to a TSB account via CASS since 1 October 2022, you won’t be eligible for the offer. The offer is due to end on 3 March 2023.

Lloyds

Lloyds is offering a £200 switching incentive on its Platinum, Club Lloyds Platinum, Silver and Club Lloyds Silver accounts.

These accounts come with a monthly fee between £10 and £21, plus a £3 monthly Club Lloyds fee for the Club account options. This is waived if you pay in £1,500 or more each month. From 1 April 2023, you’ll need to pay in £2,000 or more.

In order to qualify for the switching cash, you can’t have received an incentive for switching to Lloyds since April 2020.

This offer ends on 7 March 2023.