The bank accounts that offer the most money to switch

We've highlighted the current accounts that will give you a nice cash bonus along with your debit card and Pin.

Love Money
Last updated: 23 January 2018 - 6.17pm

All bank accounts aren't the same. In fact, you can earn a nice easy cash bonus by switching to a different one.

What's more, it should only take seven working days if you use the Current Account Switch Service.

So if you're thinking about moving account, we've picked out the accounts that offer decent joining incentives and/or cash rewards.

[Read more: What are the different types of ISA and how does each work?]

NatWest

NatWest is offering new and existing customers £125 for switching to its SelectRewardReward SilverReward Platinum or Reward Black current account using the Current Account Switch Service.

New customers must open an account before 16 February 2018 and all customers must complete a full switch before 16 March 2018.

To get the bonus, you'll also need to deposit £1,500 into your account and log into NatWest's online or mobile banking service.

Just be aware that this is an online-only offer and it isn't available on the Basic, Foundation, Student, Graduate and Adapt accounts.  

HSBC 

If you open and switch to HSBC's Advance account you'll nab £150, plus another £50 if you stick around for another year. It's the biggest cash offer on the market, but you'll need to pay in £a fairly significant 1,750 each month.

The offer is only available to people who are switching from a non-HSBC account. 

M&S Bank

Sadly, it's not a cash reward, but you can pocket £185 in M&S vouchers when you join M&S Bank and stay for 12 months.

You just need to switch to the M&S Current Account or M&S Premium Current Account using the Current Account Switch Service and move a minimum of two active Direct Debits.

A £125 switching bonus will appear in your account once everything is wrapped up.

You can then get a £5 top up on the gift card each month that a minimum of £1,000 is paid into your account and two Direct Debits remain active, for up to 12 months after you switch.

So that's a total of £185 in year one – provided you meet all the criteria.

The fee-free M&S Current Account gives you access to a monthly savings account paying 5%, £100 fee-free overdraft and the chance to earn M&S Loyalty points each time you spend.

The M&S Premium Current Account offers all that plus a range of other benefits in return for a £10 monthly fee.

With the account, you can get yearly vouchers worth £95 including a birthday gift worth £10, 48 hot drink vouchers per year worth £127, preferential rates on selected products, access to exclusive offers and triple points in M&S stores and online.

First Direct

First Direct offers a £100 incentive to those that open its 1st Account and pay in at least £1,000 within three months.

There’s a £10 monthly fee for the account after six months unless you pay in at least £1,000 a month or hold another First Direct product.

The account comes with a £250 interest-free overdraft, exclusive access to leading rates on loans and savings, plus an award-winning level of customer service with real people on hand 24/7.

It also comes with a satisfaction guarantee. First Direct promises to pay £100 to those unhappy with the account that decide to leave within a year of joining.

So while that technically does equate to £200 in total – thus matching the HSBC offer – you'll have to switch twice to get it.

Finding the best deal

When switching current account, it’s important to consider what your long-term needs are as well as the short-term gains a cash or voucher bonus can provide.

Other accounts like the Santander 123 Current Account, for example, offer decent levels of interest and cashback incentives that could provide more value in the long-term, rather than just giving your bank balance a quick boost.

Compare top bank accounts and see if you could profit by switching

More from BT