Best bank switching offers September 2024
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 2024 |
||||||
| Bank account | Money for switching | Initial deposit | Cashback | Monthly fee | Review | |
|---|---|---|---|---|---|---|
TSB Spend and Save |
£100 |
£0 |
Up to £15 cashback for first 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
TSB
Bank switching offer
Make a full switch to a Spend and Save current account with TSB and you can get £100 free cash plus up to £90 cashback.
Once you’ve opened the account, make five payments using your debit card before 27 September 2024 and you’ll receive a £100 bonus.
Make 20 debit card payments per calendar month and you’ll receive £15 a month cashback for the first six months. These payments can be online or in-store, so it shouldn’t be too difficult, and a free £90 is nothing to be sniffed at.
On top of that, if you continue to use your account and make the 20 debit card payments in March 2025, in April 2025 you’ll be able to choose between a free one-night hotel stay, six free cinema tickets or a six-month Now Entertainment Membership.
You’ll have to make a full switch of your account to get this offer.
Current account features
Some of the TSB Spend and Save current account’s best features include:
- Savings Pots with 2.92% AER / 2.89% gross interest
- Save the Pennies rounds up debit card payments to the nearest pound and adds to your savings
- 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 2.92% AER / 2.89% gross interest on everything you put away for the first 12 months (1.4% AER / 1.39% 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 following the initial six-month period of £15 cashback a month, 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.
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
- 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 all of your usual day-to-day purchases like groceries and even travel. There are a few types of payments that are excluded (listed on Chase’s website).
Current account features
Here are some of Chase bank account’s best features:
- 1% AER variable interest rate on your current account balance
- A linked savings account with a 4.1% 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 both 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 4.1% AER / 4.02% 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.
On top of that, you will continue to earn your 1% cashback whilst spending abroad, making it a great option to help save money on your holiday.
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.
