Overview

• TSB leads the deals with up to £310 in cash and vouchers, followed by Nationwide’s £200 incentive and Santander’s £180 bonus for new current account customers.
• First Direct sweetens its switching offer with £175 cash plus a £25 Amazon voucher, while The Co-operative Bank provides £100 upfront and £25 monthly for three months.
• Martin Lewis says the seven-working-day switching service typically takes about ten days to close old accounts and transfer direct debits and standing orders.
• Stray payments to closed accounts are automatically forwarded to the new account for several years, easing concerns over missed transactions.
• Banks impose criteria like minimum deposit thresholds and exclusion of recent bonus recipients, so customers should verify eligibility before switching.