Bank switch offers June 2024 – free £175 to change accounts

Free £175 when you switch bank accounts! Find the best current offers and tips for a smooth and hassle-free switch.

Are you tired of sticking with the same old bank that never rewards you for your loyalty? Then it may be time to switch things up and take advantage of the best bank switch offers, free money, and cashback deals around.

Say goodbye to the days of being tied down to a bank that charges you excessive fees, offers little to no perks, and leaves you feeling unappreciated. With so many great offers available in the UK, it’s time to take the leap and make a switch. Plus, the sooner you switch, the sooner you can start reaping the benefits and rewards of your brand-new current account.

Whether you’re looking for a sign-up bonus, cashback deals on your everyday spending or you just want to find something a little more convenient, this article has it all! We’ll walk you through the best deals on the market to make your decision as quick and easy as your switch should be.

Best free cash switch offers

A free cash switch offer is a promotional deal that pays you a cash bonus for switching current accounts from your old bank to a new bank account. These offers usually come as a lump sum of cash to tempt you to switch.

On top of that, you may well find you get a better overall bank account. According to the Current Account Switch Service, some 800,000 people switched accounts in just the first half of 2023, up 26% from the year before. While a free cash switching bonus is great, people are also moving for better online banking, improved customer service and better interest on savings.

Here are the banks that give you money for opening an account and the best free cash switch offers available right now:

How to switch current accounts

So, you’re ready to switch accounts, and you’re excited about what comes next. But what does come next? And how do you make the switch?

Pick a partial or full switch

First, you’ll have to decide what type of switch you want to make. Depending on the terms of the bank’s offer, you can make a partial or a full switch, but they may decide you must do a full switch.

• Partial switch: A partial switch allows you to choose what you want to move over from your old account. Although you can make partial switches on current accounts, you’ll need to have permission from the other account holder when you want to switch any joint account.
• Full switch: A full switch means you are moving everything to a new account. You’ll have to use your new account details for any direct debits and standing orders, though. When you choose to switch, you’ll be protected by the Current Account Switch Guarantee. You will also need to completely close your old account to make a full switch.

Choosing your new account

Next, you’ll need to pick the current account you want to switch to. You should always do your research and read the fine print before you switch, though.

It’s important to ensure that you meet the eligibility criteria and that the fees and interest associated with the new account aren’t too high. Otherwise, the bonuses or rewards may not be worth the switch.

Some banks only allow you to switch when you’re making a full switch and closing your current account. So, if you only want to make a partial switch, you’ll need to ensure you’re signing up with the right bank.

When you make a full switch, you’ll also want to look for the Current Account Switch Guarantee to ensure you’re fully protected during your move to the new bank.

Meeting the requirements

Certain banks have a list of conditions that you’ll need to meet before you can claim your reward or get the cashback offer.

Once you have chosen your preferred account, you’ll need to closely check the requirements and ensure that you can meet them. They usually need you to have the account for a certain period of time before your bonus is paid out, so be aware of how long before the cash lands in your account.

Some banks may need you to deposit a certain amount into your account every month or have one or two active direct debits. If you don’t have any debits and standing orders on your current account, now may be a good time to consider setting some up!

Additionally, there are a handful of banks that have exceptions to their eligibility criteria. For example, if you have previously held an account with the same bank, you may not receive the reward. The same is sometimes true for existing customers as well, so read the fine print carefully.

Making the switch

When you’re ready to switch current accounts, you can start the application process. To make the process easier, gather all the documents and ID before you apply. While some applications can be completed at the offering bank, others will need to be completed online.

Once your application has been accepted, you can pick a date to make the switch. Most banks have a waiting period of 7 days or longer before you can switch, so make sure to plan ahead for any incoming and outgoing payments.

After the waiting period, your current account should switch over with no hassles. Still, it’s a good idea to examine your account and check that all your payments and money have been moved successfully. You may also need to follow up on free cash or cashback offers that haven’t been paid out after the stipulated time.

Other things to be aware of

Downsides of switching current accounts

A bank switch offer is always tempting. After all, all you need to do is switch current accounts and get free money! Still, switching isn’t always as simple as it may seem. Plus, each bank has a list of criteria and certain terms and conditions on their current accounts that may influence their offer.

Several banks require a minimum deposit every month or charge higher fees to reward customers. This may lessen the benefit of the current account you’ve chosen, and the switch may not be worth it in the long run.

Be aware that opening a new bank account will require a hard credit check. This will appear on your credit file, dropping off after about a year or two, and can temporarily lower your credit score, although usually by only a few points.

If you are planning to take out an important credit product (like a mortgage), having hard searches on your account may be seen as a negative, but we have never heard feedback from our community that it has had an impact.

Why do banks give away money for free?

Very simply, banks are happy to give away money because they think they’ll make even more back from you!

They’ll actively look to cross-sell their other services and products (like your own bank does now) for account upgrades, overdraft fees, loans, credit cards, insurances, and investment accounts.

How often do banks offer switch deals and cashback promotions?

Banks usually offer switch deals at certain points of the year. However, this isn’t true for all banks. Some banks may change their current offers every year, while others have these promotions for limited periods of time.

It’s best to keep an eye out for new deals and offers and take advantage of them when they are available. Otherwise, you may miss out on a fantastic deal!

Will I be without a bank account during the switching process?

No, you will still be able to use your current account fully until the switch is completed. If you’re making a full switch, this should take around seven working days. Once the switch is done, you can use your new account.

Once the full switch has been made, you will lose access to your old account. On the switching date, you will need to start using the new account for all incoming and outgoing payments. It’s important to remember that you can still access your old statements after the switch.