Best bank switching offers May 2025
Think that switching banks doesn't sound worth the hassle? Think again. We've done the research and found the best bank switching offers out there.
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In our eyes, student and graduate accounts are a must while you can get them. You'd be silly not to take advantage of a 0% overdraft while you can. But keep in mind – it won't last forever!
When the benefits of your student and graduate accounts have run out and your free overdraft feels like a distant memory, it may be time to get switching.
Switching bank accounts is not only super easy, but it can also be very beneficial to your bank balance. Even with your student bank account, it may be worth considering opening a new bank account alongside, just to reap the rewards.
We've reviewed the best bank switching offers available in the UK. Whether they offer money for switching bank accounts or other incentives such as cashback, you'll find that switching banks is well worth the (not very much) hassle.
Most student bank accounts also have great incentives, especially during the weeks leading up to freshers' week.
Get money for switching banks
As we've already touched on, some banks offer money for switching bank accounts to them. And as we're big fans of free money here at Save the Student, we've decided it's well worth taking a closer look at what's on offer.
Just keep in mind that when you're looking for a bank account there are a few more things to consider than just the bank switch offers. These include the overdraft available and any attached fees, the interest offered either on the current account or on any savings accounts linked to it, and any transaction fees for spending abroad.
All the bank switching offers we mention have their own pros and cons, which we cover in more detail in our reviews below.
These are the best bank switch offers available right now:
Best bank switch offers 2025 |
||||||
| Bank account | Money for switching | Initial deposit | Cashback | Monthly fee | Review | |
|---|---|---|---|---|---|---|
first direct 1st Account |
£175 |
£1,000 |
None |
None |
Full review |
|
NatWest Reward account |
£150 |
£1,250 |
Up to £5 per month plus 1% at selected retailers |
£2 |
Full review |
|
Danske Bank current account |
£100 |
£1,000 |
£25 a month for up to three months |
None |
Full review |
|
TSB Spend and Save |
£0 |
£0 |
£5 cashback for up to six months |
None |
Full review |
|
Halifax Current Account |
0% interest-free overdraft for six months |
£0 |
Up to 15% at selected retailers |
None |
Full review | |
Chase current account |
£0 |
£0 |
1% cashback for first year |
None |
Full review |
|
Bank switch offer reviews
First Direct
Bank switching offer
You can receive a £175 welcome bonus when you switch your bank account to First Direct’s 1st Account using the Current Account Switch Service (CASS).
To get your hands on the cash, you’ll need to make a full switch and have at least two Direct Debits or standing orders coming out of the account. You’ll also need to pay in £1,000, make at least five eligible debit card payments and log on to digital banking.
Get this done within 45 days of opening the account and you’ll get the £175 by the 20th of the following month.
This offer is only open to new customers who haven’t previously held a First Direct account or opened an HSBC current account since 1st January 2018.
For full terms and conditions, visit First Direct’s website.
Current account features
First Direct is a great option if you’re looking for cheap spending abroad as it offers no fees when using your debit card or withdrawing foreign currency abroad.
To be eligible for the account, you need to be a UK resident aged 18+.
There are some further criteria, such as needing to ensure you haven’t been declared bankrupt or registered for an Individual Voluntary Agreement in the last six years, so check the T&Cs before applying.
Here’s a quick rundown of First Direct’s 1st Account features:
- £250 interest-free overdraft (subject to status)
- No debit card fees when spending abroad or withdrawing cash
- Access to First Direct’s Regular Saver Account with 7% AER / gross
- Insights to help you keep track of spending
- 24/7 support.
Things to watch out for:
- Monthly cap of £20 on any unarranged overdraft (fees are made clear)
- 39.9% EAR on any arranged overdraft over the £250 (subject to status)
- The Regular Saver is a 12-month fixed-rate savings account (if you withdraw before the fixed term, you will only receive the standard variable rate interest).
£250 interest-free overdraft
First Direct offers a £250 interest-free overdraft on its 1st Account. It’s not much compared to the overdrafts you can get with student bank accounts, we know, but it might still be helpful if you’ve overspent one month.
Anything over this will be charged at 39.9% EAR variable interest rate so be careful to keep on top of it.
Other bank account switching offers from First Direct
First Direct only offers the 1st current account, which gives you access to its Regular Saver account.
NatWest
Bank switching offer
NatWest is offering £150 if you make a full switch to one of its Reward accounts.
The offer is open to new customers or existing customers willing to convert to an eligible account.
For new customers, all you’ll need to do is make a full switch using the Current Account Switch Service (CASS) and pay £1,250 into your Reward account within 60 days. Make sure you log in to the app and within seven days the £150 will be in your account.
The £1,250 will need to be in your account for at least 24 hours to be eligible for the reward. You won’t be eligible for the £150 if you’ve ever previously received cash from a NatWest, RBS or Ulster Bank switching offer.
Check the full T&Cs before switching.
Current account features
The NatWest Reward account includes these features:
- 1% cashback at selected retailers such as Greggs or Morrisons when you use your debit card
- Up to £5 per month in rewards
- Arranged overdraft.
Things to watch out for:
- A £2 monthly fee
- 39.49% EAR variable interest on any arranged overdraft
- Transaction fees for withdrawing money abroad.
£5 a month rewards
You can get up to £5 a month in rewards with the NatWest Reward account.
Set up two Direct Debits with a minimum value of £2 each and you’ll earn £4 a month. On top of this, you’ll get an extra £1 a month just for logging into the app.
That makes a total of £5 a month which you can either redeem as money back into your current account, trade for eGift cards for partner retailers or donate to a chosen charity.
Other NatWest offers
The £150 bank switch offer applies to all NatWest Reward accounts. The basic Reward account is the cheapest with a £2 monthly fee, but the more expensive Reward Silver and Reward Platinum accounts include other benefits such as travel insurance, phone insurance and fee-free spending abroad.
With a £10 or £22 monthly fee respectively, they’re only really worth considering if you’re planning on a few trips abroad this year and your current mobile phone insurance has come to an end. Though the Platinum account also includes car breakdown cover.
There is a further option to open a Premier Reward Black Account to receive your £150. However, as you have to be earning a minimum of £100,000 a year to be eligible, we’re going to assume this isn’t for most students!
Danske Bank
Bank switching offer
If you’re eligible for this account, you can switch your bank account to Danske Bank using the Current Account Switch Service (CASS) and receive a £100 welcome bonus.
This offer is only open to new customers who haven’t benefited from this or any other Danske Bank switch offer since 1st January 2023. To apply for the account as a new customer, you must be living in Northern Ireland.
Existing customers must live in the UK, but the bank switch offer is just for new customers.
To get your hands on the cash, you’ll need to make a full switch with all your Direct Debits, regular payments and automated credits. You’ll also need to pay £1,000 into the account (this can be in multiple payments).
You’ll need to do these things within 60 days of opening the account. Once they’re completed, the £100 will be paid into your account within 10 business days.
On top of this, you can earn yourself an extra £25 a month for up to three months by making 11 debit card transactions each month.
Read the full T&Cs before applying.
Current account features
There are a few Danske current accounts to choose from, including Danske Freedom. This account is for people aged 18–27 and it’s the one we’ll focus on here (find out about the other accounts on Danske Bank’s website).
Here are some of the key features of Danske Bank’s Freedom account:
- An interest-free deposit of up to £3,000 (subject to status)
- No fees for spending abroad
- Use your phone/smart watch to make payments
- If getting a residential mortgage on your main home, you can get a discount on the arrangement fee.
Things to watch out for:
- If a payment is refused due to a lack of funds, there’s an unpaid transaction fee of £1.50 (with a monthly cap on unarranged overdraft charges of £4.50)
- As mentioned, new customers must be living in Northern Ireland to apply for this account.
Up to £3,000 interest-free overdraft
The interest-free overdraft of up to £3,000 is similar to the overdrafts of some of the top student bank accounts.
This, combined with the £100 bank switch offer, could make it appealing to students who are eligible for the account. However, take some time to compare your options to make sure you’re getting the best account for you.
While £3,000 is the maximum overdraft limit with this account, keep in mind that it isn’t guaranteed and could be lower based on your credit score. Also, the overdraft is repayable on demand.
TSB
Bank switching offer
Switch to one of TSB’s Spend and Save current accounts and you can get up to £30 cashback in the first six months.
To get the cashback offer you’ll need to make 20 debit card payments per calendar month. These payments can be online or in-store, so it shouldn’t be too difficult. You’ll then receive £5 a month cashback for the first six months.
It may not be quite as much a cash incentive as some of the other banks switch offers we’ve mentioned, but a free £30 is nothing to be sniffed at.
It’s easy to open an account online or through the app.
Current account features
Some of the TSB Spend and Save current account’s best features include:
- Savings Pots with 2.57% AER / 2.55% gross interest for the first 12 months
- Save the Pennies rounds up debit card payments to the nearest pound and adds to your savings
- Access to an arranged overdraft up to £2,000 (subject to status)
- Auto Balancer lets you set a minimum balance limit
- My TSB Rewards offers a bunch of savings and offers on holidays, treats and essentials
- In-app features to help you save.
These are the things to watch out for with TSB Spend and Save:
- The overdraft has an interest rate of 39.9% APR Representative (variable)
- There are fees for spending and withdrawing abroad
- Cash withdrawals, Direct Debits etc. are not included in the 20 debit card payments needed to earn cashback.
Savings Pots
TSB’s Savings Pots are a great way to put money aside. You can open up to five savings pots and name them whatever you like (e.g. future holidays, day trips or rainy days). The rates are variable, but at the time of writing, you’ll earn 2.57% AER / 2.55% gross interest on everything you put away for the first 12 months (1.05% AER / 1.04% gross thereafter).
The interest is calculated daily and added to your pots every month. You’ll have access to these pots whenever you need them.
You can also use the Save the Pennies feature to round up all your spending to the nearest pound and put the extra in a savings pot – a very easy way to save some extra money.
Other bank account switching offers from TSB
TSB’s Spend and Save Plus offers all the benefits of its free Spend and Save counterpart, but rather than only enjoying the £5 cashback a month for the first six months, you’ll continue to receive £5 cashback per month until you decide to close your account.
As opposed to the Spend and Save account, it also offers fee-free spending abroad. However, it will set you back £3 per month, so you could say you’re only really getting £2 free cash a month.
The arranged overdraft you can get with the Spend and Save Plus account also offers the first £100 interest-free.
Halifax
Bank switching offer
Halifax is offering a six-month 0% interest-free arranged overdraft to customers who switch. This is a pretty limited time period compared to the majority of student overdrafts. However, there are a number of other perks to the account which we think makes it worth listing here.
To qualify for the interest-free overdraft offer you’ll need to make a full switch to Halifax using the Current Account Switch Service (CASS) and apply and be approved for an arranged overdraft.
Current account features
The Halifax Current Account has some great features including:
- Up to 15% cashback with selected retailers including Sainsbury’s, Costa Coffee and Just Eat
- Save the Change helps you save money by rounding up everything you spend on your debit card to the nearest pound and transferring it to your nominated savings account
- Contactless payments on your debit card with your choice of limit between £30 and £95
- The option of an arranged overdraft (subject to status)
- Mobile app features include card freezing, cheque scanning and mobile alerts.
These are the things to watch out for with the Halifax Current Account:
- Following the six-month interest-free period, any arranged overdraft will have an interest rate of 39.9% APR Representative (variable)
- Halifax charges both a foreign currency transaction fee and a foreign currency cash fee for withdrawing abroad.
Cashback Extras
With Cashback Extras, you can choose which offers you want to activate online and earn cashback when you shop. With retailers including Sainsbury’s, this is a great way to save some money on food.
The cashback amounts vary and are usually offered based on your spending habits. You can earn the cashback with retailers using your Halifax debit or credit card. Direct Debit offers are also sometimes available.
Following your redeeming transaction, cashback will be paid into your account on or before the last working day of the month. You can keep track of your earnings through the app.
Other bank account switching offers from Halifax
The Halifax Reward Current Account comes with the same features as the Current Account but with some impressive extra rewards.
Each year you can choose one monthly reward with your account. Choose from £5 cash in your account (yep, that’s £60 free cash a year), one cinema ticket or three digital magazines.
The Halifax Reward account comes with a £3 monthly fee. However, the fee is waived if you pay £1,500 or more into your account each month.
To be eligible for the rewards you need to either spend £500 on your debit card a month or keep £5,000 in your account at all times. Though this account also comes with the 0% interest-free overdraft offer, you’ll need to be in credit to receive rewards and pay at least £1,500 a month into the account.
Chase
Bank switching offer
Chase is offering 1% cashback to new customers for the first year – up to £15 per month – on everyday debit card spending.
You don’t need to fully switch your bank account to Chase to get this offer, but if you used Chase as your main account for everyday spending, this would help you make the most of the cashback deal.
You’ll basically get 1% of the first £1,500 of eligible spending refunded each month. Eligible purchases include debit card payments for groceries, everyday transport and fuel and electric charging. There are a few types of payments that are excluded (listed on Chase’s website) including payments made outside the UK or in a foreign currency.
Current account features
Here are some of Chase bank account’s best features:
- A linked savings account with a 3% AER variable interest rate
- Access to a round-up account with 5% AER variable interest
- No charges for spending abroad
- A numberless debit card to help keep your details safe if you lose it
- Lock and unlock your card through the app
- 24/7 support through the app or over the phone.
Things to watch out for:
- Chase doesn’t offer any overdraft facilities with its account
- You can only register to use Chase on one device.
Chase savings accounts
Opening a current account with Chase gives you access to its easy-access savings account and a linked round-up account where you can earn interest on your spare change.
The savings account offers a variable interest rate of 3% AER / 2.96% gross paid monthly, which you can access whenever you need to.
On top of this, open a round-up account and activate it through the app, and your spending will be rounded up to the nearest whole pound. The difference is then automatically transferred to your round-up account, which gives you 5% AER / 4.89% gross variable interest, calculated daily and paid monthly.
You can also access this whenever you want, but Chase will automatically transfer the balance to your Chase current or savings account annually.
Spending abroad
Chase doesn’t charge any fees for using your card overseas or withdrawing cash abroad. All purchases you make in the local currency will be converted using Mastercard’s exchange rate.
There is however a maximum withdrawal of £500 a day from cash machines in the UK and abroad. A further limit on cash withdrawals of £1,500 per calendar month is imposed if you’re outside the UK.
Switching bank accounts is a great way to get some free cash. You’ll find a few more in our guide on ways to get free money.
