Best bank switching offers April 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'.
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.
To help you avoid any extra fees, we've decided to only include bank accounts which are free to open.
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 | Review | ||
|---|---|---|---|---|---|---|
Danske Bank current account |
£200 |
£1,000 |
None |
Full review |
||
TSB Spend and Save |
£0 |
£0 |
£5 cashback for first six months |
Full review |
||
Chase current account |
£0 |
£0 |
1% cashback |
Full review |
||
Bank switch offer reviews
Danske Bank
Bank switching offer
Switch your bank account to Danske Bank using the Current Account Switch Service (CASS) and you can receive a £200 welcome bonus.
To get your hands on the cash, you’ll need to make a full switch with all of 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 £200 will be paid into your account within 10 business days.
This offer is only open to new customers who haven’t benefitted from this or any other Danske Bank switch offer since 1st January 2023.
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).
To apply for the account as a new customer, you must be living in Northern Ireland. Existing customers must be living in the UK (but the £200 bank switch offer is just for new customers).
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 £200 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
If you open a Spend and Save current account with TSB, you’ll receive £5 cashback for the first six months. Not quite the same as receiving a lump sum upfront, but still a free £30, which is nothing to be sniffed at.
TSB doesn’t ask for an initial deposit, just that you make 20 debit card payments per calendar month. These can be online or in-store, so shouldn’t be too difficult.
You’ll have to make a full switch of your account but the offer also applies if you have a different TSB account and want to make the switch to the Spend and Save account.
Current account features
Some of the TSB Spend and Save current account’s best features include:
- Up to £2,000 overdraft (subject to approval)
- 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
- Access to TSB’s 6% AER monthly saver
- 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 (future holidays, day trips or rainy day). The rates are variable, but at the time of writing you’ll earn 2.89% AER / 2.92% gross interest on everything you put away for the first 12 months (1.39% AER / 1.4% gross thereafter).
The interest is calculated daily and added to your pots every month. You’ll have access to these pots whenever you need. 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 the £5 cashback per month offer continues 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.
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 it could be worth making Chase your main account for everyday spending just to make sure you maximise on 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 an impressive 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 saver 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.
