Overview

• Four major lenders are currently providing combined incentives of up to £555 for new current account switchers.
• TSB’s Spend & Save account pays £100 upfront plus £15 a month cashback for six months with an additional reward available in January 2026.
• Santander Edge rewards switchers with £180 plus up to £20 monthly cashback for a £3 fee, while First Direct’s 1st Account offers £175 and Co-operative Bank gives £100 plus £25 a month for three months.
• The automated seven-working-day switching process covers closing the old account and moving direct debits and standing orders at no extra cost.
• Recurring card payments such as subscriptions are not transferred automatically and must be redirected manually to the new account.