Several current accounts offer generous cash incentives to tempt you to move, so if you haven’t reviewed your current account recently, now’s the time to act.
You shouldn’t just pick the account giving the most generous cashback without checking what sort of account features are being offered, though.
It’s important your current account meets your needs. Plus, each account has its own requirements (such as the amount you must pay in monthly) and other terms and conditions, so check these out before you decide.
For example, there’s no point moving to an account which doesn’t pay you any interest when you’re in credit if you tend to maintain a healthy balance.
Similarly, you don’t want to switch to an account with eye-watering overdraft charges if you spend much of your time in the red, so always think about what you want from your current account before making your move.
Leading cashback deals
TSB’s cashback current account deal pays you £125 when you switch your account via MoneySuperMarket.com using the Current Account Switching Service.
To get the cashback, you must apply for the account via MoneySuperMarket.com by February 27 and complete your switch by March 31.
You’ll have to pay in at least £500 into your new account within 28 days of the switch to qualify, and transfer all active credits and debits, which must include at least 2 active direct debits as part of your switch.
The Direct Debits must still be registered at least 28 days after the switch completes.
This account pays 3% annual interest (variable) on balances up to £1,500 – again, this is only available if you pay in £500 a month and register for internet banking and paperless correspondence.
As well as the £125 switching incentive, you’ll also get 5% cashback on your first £100 of contactless, Apple Pay or Android Pay spending every month.
You must be registered for internet banking to claim the 5% cashback, and the offer ends on 30 September 2017.
First Direct also offers a £125 switching incentive when you switch to its current account via MoneySuperMarket and the Current Account Switching Service.
To qualify, you must pay in at least £1,000 within three months of opening the account. You can only get the cashback if you haven’t previously held a First Direct account.
There are no fees for this account for the first six months, but after that you’ll be charged £10 a month unless you pay at least £1,000 into the account every month, or if you maintain an average monthly balance of £1,000.
The monthly fee will also be waived if you have a mortgage, credit card, personal loan, savings account or home insurance with the bank.
You won’t earn any interest when you’re in credit with this account, but it does come with a £250 interest-free overdraft which is useful if you tend to dip into the red regularly.
New HSBC customers get £150 and a six-month interest- and fee-free overdraft when they switch to HSBC’s Advance Bank Account using the Current Account Switch Service.
You’ll get a further £50 cashback after 12 months when you register for mobile or online banking within 60 days of opening an account. This deal is only available until March 29.
To qualify for the HSBC Advance Bank account, you must pay at least £1,750 into the account every month and run a minimum of two direct debits or standing orders from the account.
Marks & Spencer
If you’re a keen Marks & Spencer shopper, then M&S Bank will give you a £50 gift card when you switch to its current account, and up to £120 when you stay.
Every month for the next 24 months that you pay in £1,000 a month and a minimum of two direct debits remain active, your initial £50 gift card will receive a £5 monthly boost, giving you an extra potential £120 to spend in M&S.
To qualify for the £50 gift card you must use the Current Account Switch Service and have two active direct debits.
Terms and conditions apply to all switching offers.
Overdrafts are subject to status.