Best Bank Accounts with Switching Bonuses, Cashback and Interest Rates | Current Accounts Compared | Bobatoo

The best bank accounts with cashback, interest offers and switching bonuses

Woman looking on laptop with bank card in her hand

The current account market is competitive, which is why so many UK banks offer incentives to anybody who decides to switch bank account – some of the best bank-switching deals could see you earn up to £150 in cash for switching and the whole process takes just a matter of minutes.

If you’re not happy with your current bank, or perhaps you just want to take advantage of these offers, here are some of the best current account switching deals you should be looking out for.


Tip: In most cases, to qualify for a bonus, you’ll need to switch your current account by using the Current Account Switch Service. You can learn more about the free service here.

Bank switch incentives – the best bank to switch to

RBS – £150 switching bonus + cashback (ends 29th November, 2019)

 

+ £150 switching bonus

+ 2% cashback on household bills

+ Additional cashback with partnered retailers

Lasting until the end of November, when you switch to RBS with the Current Account Switch Service they will give you a £150 switching bonus, as long as you can pay in at least £1,500 every month and log in to the RBS online or their mobile banking service before January 10th, 2020.

With RBS, you can also earn 2% cashback on household bills (gas, electricity, water etc.) that are paid via Direct Debit, as well as a minimum of 1% cashback on purchases from partnered retailers.

To earn your bonus with RBS, you must:

  • Pay a £2/month administration fee
  • Use your debit card at least once a month (if not, you’ll only get £100)
  • Have not received a switching bonus from either RBS or Natwest since October 2017

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Natwest – £150 switching bonus + cashback (ends 6th December, 2019)

Natwest bank logo

+ £150 switching bonus

+ 2% cashback on household bills

+ Additional cashback with partnered retailers

Natwest’s offer is almost identical to that offered by RBS, given that the two are very closely linked. When you switch with the Current Account Switch Service, you can receive a bonus of £150 when you pay in £1,500 a month.

As well as offering their aforementioned cash bonus, switching to Natwest will give you access to 2% cashback on most of your household bills when paid via Direct Debit. Natwest say that their average customer earns £83 a year in cashback on their household bills, plus more when utilising cashback offers at selected retailers.

To earn your bonus with Natwest, you must:

  • Pay a £2 monthly administration fee
  • Use your debit card once a month (if not, you’ll only get £100)
  • Have not received a previous switching bonus from RBS or Natwest since October 2017

Barclays – Up to £252 switching bonus + cashback with Barclays Blue Rewards

Barclays logo

+ Up to £252 switching bonus

+ Cashback from selected retailers

While Barclays do not offer a free switching bonus, they do offer bank switch incentives for those who switch and sign up to their Barclays Blue Rewards scheme. Qualifying for a standard current account will allow you to earn up to £168 in rewards over 12 months, while a premier account could see you earn up to £252.

When you sign up to Barclays Blue Rewards, you will also earn an additional 1% cashback when shopping with selected retailers.

To earn your bonus with Barclays, you must:

  • Switch using the Current Account Switch Service
  • Pay 2 Direct Debits from your account every month
  • Pay a £4 monthly fee for Barclays Blue Rewards
  • Pay at least £800 into your account every month

First Direct – Up to £150 switching bonus + premium savings

First direct logo

+ Potential £150 bonus

+ 5% regular savings account

First Direct is another bank that pays you to switch, with a possible £150 if you join and leave again after 6 months – at which point, you can take advantage of one of the other switching offers mentioned! You get £50 for joining and £100 if you leave after 6 months, the idea being that you will have been won over by their first-rate customer service by then.

There aren’t any regular cashback offers for switching to First Direct, however by switching you will gain access to a premium rate savings account and earn 5% interest on the money you put aside.

To earn your bonus with First Direct, you must:

  • Switch using the Current Account Switch Service
  • Pay in a minimum of £1,000 within the first 3 months (NOT every month)
  • Have never held a First Direct account before

M&S Bank – Up to £220 switching bonus + premium savings

 

Marks and Spencer logo

+ Potential £220 in M&S gift cards

+ 5% regular savings account

Marks and Spencer’s bank don’t offer cash incentives, but a gift card bonus could be just as useful if you shop there regularly. You can switch bank accounts and get £100 worth of M&S vouchers, with an additional £80 gift card after 12 months (or £120 if you have an M&S credit card).

M&S bank do not offer regular cashback deals, but do give customers access to a regular savings account with 5% interest.

To earn your bonus with M&S Bank, you must:

  • Pay £1,250 into the account every month (to get your second bonus)
  • Maintain 4 active Direct Debits
  • Complete a full switch using the Current Account Switch Service

Nationwide FlexDirect – 5% premium interest rate

Nationwide logo

+ 5% interest on savings for 12 months

+ 0% arranged overdraft for 12 months

By switching banks to Nationwide, you can take advantage of a premium 5% interest rate on savings for 12 months, up to a maximum of £2,500. After your 12 months is up, your interest rate will be reduced to 1%.

You’ll also get 0% interest on an arranged overdraft for the first year that you hold an account with Nationwide, as well as the option to pay extra for vehicle breakdown cover and/or mobile phone insurance.

To take advantage of this, you must:

  • Open a Nationwide FlexDirect account
  • Pay in a minimum of £1,000 each month

Lloyds Club – 1.5% interest + free cinema tickets

Lloyds bank logo

+ 5% interest on savings for 12 months

+ 0% arranged overdraft for 12 months

Registering as a member of Lloyds Club doesn’t have too many regular perks, but you can benefit from an above-average interest rate and 6 free cinema tickets each year (these can be upgraded to VIP tickets for FREE, so take advantage!).

If the cinema isn’t your thing, you can get an annual Gourmet Society membership instead, or your choice of 27 different magazine descriptions.

To access these benefits, you must:

  • Pay a £3 monthly fee for Club Lloyds OR pay a minimum of £1,500 into the account

 

Santander 123 Up to 3% cashback on household bills + 1.5% interest

Santander logo

+ Cashback on household bills

+ 1.5% interest savings account

As far as new bank account offers go, this isn’t one of the best, but there is definitely still money to be saved with Santander’s 123 current account offers. The main benefit of this bank switch is cashback, mainly in the form of household bills.

When paid as a Direct Debit, you will earn 1% cashback on your Council Tax and any water bills, 2% on electricity and gas bills and 3% on your TV, mobile, broadband and landline bills – be warned, though, that not all suppliers take part in the scheme.

With a Santander 123 Current Account, you will also be able to save money in a 1.5% interest savings account.

To get these benefits, you must:

  • Pay a £5/month fee
  • Pay 2 Direct Debits
  • Pay at least £500 into your account

Money management with Bobatoo

Whether you’re looking to switch bank accounts, get a great deal on your car insurance or simply save yourself a bit of cash, Bobatoo’s money advice archive is full of useful information, tips and tricks that will come in handy.

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