Current accounts that pay you to switch

Looking for a cash boost? You could pocket £125 or more by switching current account



Several current accounts offer generous cash incentives to tempt you to move, so if you haven't reviewed your current account recently, now's the time to act.

You shouldn't just pick the account giving the most generous cashback without checking what sort of account features are being offered, though.

It's important your current account meets your needs. Plus, each account has its own requirements (such as the amount you must pay in monthly) and other terms and conditions, so check these out before you decide.

For example, there's no point moving to an account which doesn't pay you any interest when you're in credit if you tend to maintain a healthy balance.

Similarly, you don't want to switch to an account with eye-watering overdraft charges if you spend much of your time in the red, so always think about what you want from your current account before making your move.

Leading cashback deals

First Direct

First Direct offers a £125 switching incentive when you switch to its current account via MoneySuperMarket and the Current Account Switching Service.

To qualify, you must pay in at least £1,000 within three months of opening the account. You can only get the cashback if you haven't previously held a First Direct account.

There are no fees for this account for the first six months, but after that you'll be charged £10 a month unless you pay at least £1,000 into the account every month, or if you maintain an average monthly balance of £1,000.

The monthly fee will also be waived if you have a mortgage, credit card, personal loan, savings account or home insurance with the bank.

You won't earn any interest when you're in credit with this account, but it does come with a £250 interest-free overdraft which is useful if you tend to dip into the red regularly.

Marks & Spencer

If you're a keen Marks & Spencer shopper, then M&S Bank will give you a £125 gift card when you switch to its current account, with £5 a month top-up each month for 12 months.

This applies if you pay in £1,000 a month and a minimum of two direct debits remain active, giving you an extra potential £60 to spend in M&S (£185 in total).

To qualify you must use the Current Account Switch Service and have two active direct debits.

TSB exclusive

TSB is offering £130 cashback exclusively via MoneySuperMarket if you switch to its Classic Plus account using the full Current Account Switch Service. You'll need to apply by 26 June 2017.

You can also get additional cashback of £5 a month when you run 2 direct debits a month from the account. And there is additional £5 per month for using your debit card at least 20 times a month.
That's a potential cashback total of £250 (£130 plus £60 plus £60) in the first 12 months if you meet all the conditions for the whole period.

For these additional £5 monthly cashbacks, you'll need to have opened your account after 1 March 2017. These monthly cashback offers end on 30 June 2018, and you must be registered for internet banking.
This account pays interest of 3% AER (variable) on balances up to £1,500 when you pay in at least £500 per month and register for internet/paperless banking.

To get this account you must apply by 26 June 2017 and complete your switch by 14 July 2017 with a minimum of two active direct debits, and you must pay in £500 within 28 days of switching.
You won't be eligible for this offer if you have previously received an incentive or benefit for switching to TSB Bank plc using the Current Account Switch Service.

- Terms and conditions apply to all switching offers.

- Overdrafts are subject to status.

- Please note: any rates or deals mentioned in this article were available at the time of writing. Click on a highlighted product and apply direct.