Switching current accounts can be surprisingly rewarding. Several UK banks are offering substantial welcome bonuses to customers willing to move their main account, with incentives ranging from more than €200 in cash to a free electric toothbrush worth around €122.
However, the largest rewards often require customers to meet strict income, spending or savings conditions.
<h3>Santander Offers Around €279</h3>
Santander is offering approximately €279 to customers who switch to its Everyday current account, which has no monthly fee.
To qualify, new customers must pay at least €1,744 into the account, transfer at least two household direct debits and open a Santander Regular Saver. They must also deposit at least €233 into the savings account, which currently offers a headline interest rate of 8%.
The reward is attractive, but customers need to make sure they can comfortably meet every condition before switching.
<h3>HSBC And First Direct Have Cash Bonuses</h3>
HSBC is offering around €256 to eligible new customers. Applicants must open the account through the bank's mobile app, arrange at least two direct debits, deposit a minimum of €2,326 and spend at least €581 using the HSBC debit card.
First Direct, which is owned by HSBC, is offering about €203. To receive the payment, customers need to deposit at least €1,163, set up two direct debits or standing orders, make five debit card transactions and use digital banking.
Nationwide is offering a similar bonus of approximately €203, although customers must also satisfy its account-switching and usage requirements.
<h3>Some Deals Reward Regular Use</h3>
The Co-operative Bank has offered a package worth about €233 to new customers switching to an eligible account.
Its promotion includes an initial payment of around €145, followed by approximately €29 a month for three months if the account is actively used. One of the eligible accounts carries a monthly fee of about €14.
These types of deals can be worthwhile, but monthly charges should always be compared with the value of any benefits included.
<h3>High Earners Can Get Much More</h3>
NatWest has introduced one of the largest switching incentives, worth approximately €581, for customers moving to selected Premier accounts. Eligibility is significantly stricter. Customers generally need annual income of at least €116,280, or combined income of around €139,536. Alternatively, they may qualify by holding at least €116,280 in savings or investments with NatWest, or a mortgage worth at least €581,400.
One of the Premier accounts also charges a monthly fee of roughly €2.33. HSBC has offered a similar €581 incentive for eligible customers switching to its Premier account.
<h3>Starling Takes A Different Approach</h3>
Instead of cash, Starling is offering qualifying customers a Suri Pro 2.0 electric toothbrush with a UV cleaning and charging case, valued at approximately €122.
Customers must open an eligible personal current account within the promotional period and follow the instructions sent by email to claim the gift.
<h3>Check The Conditions Before Switching</h3>
Most cash incentives require customers to use the Current Account Switch Service, which transfers the existing balance, direct debits and standing orders to the new provider.
Rachel Springall of Moneyfactscompare explained that the switching service is designed to make moving accounts straightforward, but she advised consumers not to choose an account solely because of a temporary reward. Different accounts suit different spending habits and financial needs.
A generous bonus can make switching worthwhile, but the long-term value of the account matters more. Fees, savings rates, customer service and eligibility requirements should all be considered before moving simply to collect the welcome payment.
