Top current accounts that pay you to switch

Few people would turn down the opportunity to earn money for doing very little, which is why bank switching incentives have remained popular over the years. Although the last 12 months have seen many deals being removed, consumers looking to receive cashback or an incentive for switching bank accounts still have a few options available.

Currently, three providers offer consumers an incentive for switching bank accounts, these deals are:

*Additional terms and conditions may apply to qualify for the switching incentives.

Most banks allow customers to switch current accounts under the Current Account Switch Service, which is designed to make switching as easy as possible for consumers. Under the scheme, banks will aim to complete the switching process within seven days and, in the event of something going wrong, they will refund any charges or lost interest incurred during the switching process.

Banks offering an incentive to switch often require customers to switch under the scheme and customers will usually only have to sign up to the new account through the scheme and the new bank will take care of the switch, including informing the old bank and transferring direct debits across. As long as the terms and conditions of the switching incentive are met, consumers should receive the incentive when the switch has been fully completed or the required amount of money has been deposited into the new account.

Consumers who have money paid into their current account, for example wages, should make the person who pays the money into the account aware of the switch and will likely have to provide the new account details.

Incentives are a good reason to switch bank accounts but consumers should also consider switching if they are unhappy with the customer service they are receiving from their existing bank or they can get a better deal, for example higher interest rates or lower overdraft fees, on a different account.

Consumers thinking about switching should visit our bank account chart to compare incentives currently being offered on bank accounts.