Best bank account switching deals May 2025: get rewards worth £310

TSB has relaunched its switching incentive, offering up to £310 including bonus, cashback and rewards to eligible customers who move their current account.

Before moving your account, it’s important to see how your new bank measures up for customer service, and this is where Which? can help. 

Read on for a breakdown of the latest switching offers (ordered by newest first), how they compare and their key eligibility rules. 

If you're thinking of switching to any of the accounts mentioned in this article, make sure you refer to the particular terms and conditions of the deal to make sure it's right for you.

Latest bank account switching incentives

• TSB – £310 including cashback and rewards
• The Co-operative Bank – £175
  
• NatWest – £150
• First Direct – £175

TSB: £310 including cashback and all rewards

TSB is offering new customers £100 to switch to one of its Spend and Save current accounts. It's also offering the chance to earn up to £90 cashback and up to £120 worth of rewards. 

The Spend and Save account is free. You can usually earn up to £5 cashback a month for the first six months when you make 20 debit card payments each month. But as part of the switching offer, you can earn triple the amount of cashback up to a maximum of £90.

The Spend and Save Plus current account has all the same perks as the basic version, but it has a £3 monthly fee, meaning you’d spend £36 a year. It allows you to earn £5 cashback every month without the six-month limit when you make 20 debit transactions each month. You'll also earn triple the rate of cashback for the first six months as part of the switch deal.

Customers who have switched and made 20 debit card payments in December 2025 can then choose between two rewards. 

The first option is a £120 voucher for a hotel of their choice, either abroad in the UK when booking through Travel Credits. The second treat is 12 months of free activity tickets for attractions around the UK including theme parks, museums, mini golf, kayaking and escape rooms. 

Whichever reward you pick, you'll have to wait until January 2026 to receive it.

How to get £100 plus £90 cashback: You'll need to switch to TSB using the Current Account Switch Service (CASS), and it will need to be completed before 14 March. You will also have to log in to the TSB mobile app and make at least five payments using your new debit card.

Once you've done this, you'll be paid the £100 bonus between 2 and 16 August.

To qualify for cashback you'll need to make 20 or more debit card payments each month for six months. The cashback will be paid in two payments (£5 and £10), which may appear on different dates. 

What’s in the small print?: You won't be eligible for the deal if you've received a switch incentive since 1 October 2022.

Is TSB a good provider?: TSB came joint 17th out of 20 providers in our annual survey of the best bank and bank accounts, with a customer score of 68%. 

It achieved average scores for its service in branch, telephone and online banking services. It received just two stars for its customer service in general, but four stars for its mobile banking app. 

When the deal ends: There’s no end date to this deal, but it can be withdrawn at any point.

 The Co-operative Bank: £175

The Co-operative Bank will pay an initial £100 for switching bank account and an additional £25 a month for three months if you hit certain criteria. 

New customers must apply for a Standard Current Account or Everyday Extra account. This packaged bank account includes worldwide travel insurance, UK and European breakdown cover and mobile phone insurance. It currently costs £15 a month, but this will increase to £18 a month from July. 

How to get £175: You'll be paid £100 within 30 days if you deposit a minimum of £1,000 (this can include funds moved over during the switch), have two active direct debits, make at least 10 debit card or digital wallet transactions (pending transactions don’t count) and register for online or mobile banking.

To get paid £25 for three months (£75 total), each month you must deposit at least £1,000, have two active direct debits and make at least 10 debit card or digital wallet transactions.

What’s in the small print? You can't have benefited from a switch incentive with the Co-operative Bank since 1 November 2022.

Existing customers of the Co-operative Bank can also qualify, as long as they hold a Standard Current Account, Everyday Extra, Current Account Plus, Privilege or Privilege Premier. They must request a full switch from a non-Co-operative Bank account into their existing account while the offer is live.

The switch must be completed within eight weeks of your request. 

Is the Co-operative Bank a good provider? In our latest survey, it got a satisfaction score of 73%, ranking joint 12th out of 20 providers. It scored three stars out of five in every category we rated it on. 

The Co-operative Bank is also one of only three Which? Eco Providers, meaning it has no exposure to fossil fuels in its banking activities.

In a recent review of online banking security, it ranked last out of 11 providers, scoring 61%.

When the deal ends: There’s no set end date, but it can be withdrawn at any time

• Find out more: best bank and bank accounts 2025

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NatWest: £150

NatWest is offering £150 to new and existing customers who switch their main current account to a Reward' account.

The Reward account has a £2 monthly fee, but allows account holders to earn back up to £5 a month in rewards. This means you'd have a net gain of £36 per year. 

Rewards consist of a payment of £1 for logging in to the mobile app, and £2 for each of the first two direct debits.

Account holders can also get between 1% and 15% cashback at some retailers.

How to get £150: To qualify for the bonus, you must apply for an account online or via the NatWest mobile banking app, using the Current Account Switching Service (CASS). 

Existing customers must switch a current account from another bank into their NatWest account and convert it to a Reward account. 

Within the first 60 days of having the account, you'll need to deposit a total of £1,250 and log in to the mobile banking app at least once.

Upon meeting these conditions, your £150 bonus will be paid in to your account within 30 days.

What's in the small print?: You won’t be eligible for the offer if you’ve received a switch incentive from the NatWest group, including RBS and Ulster Bank. 

Is NatWest a good provider?: NatWest achieved a satisfaction score of 75% in our most recent survey of the best banks, leaving it joint seventh out of 20 providers.

It scored well for its online banking service and mobile app, receiving four stars for each. 

However, it only achieved a middling rating of three stars for telephone service, branch service, contacting customer services, and customer service in general.

In our recent online banking security analysis, NatWest ranked first out of 11 providers, achieving a score of 87%.

When the deal ends: There's no set end date, but it can be withdrawn at any point. 

• Find out more: how to switch your bank account

First Direct: £175

First Direct only offers one current account, but it packs a punch.

The 1st Account comes with no monthly fee and offers a £250 interest-free overdraft buffer. However, if you borrow more than £250, you'll pay 39.9% EAR.

It also offers fee-free spending abroad. Before the bank scrapped its fees in 2023, customers used to pay 2.75% to withdraw cash or spend money abroad.

How to get £175: You’ll need to use the CASS to be eligible for the offer, and switch at least two direct debits or standing orders.

Other requirements include depositing a minimum of £1,000 into the account within 30 days of opening, and registering and logging in to digital banking. 

What’s in the small print: This deal is only available to new customers who haven’t previously held a First Direct product. 

You also won’t be eligible for this deal if you held a HSBC current account on or after 1 January 2018.

Is First Direct a good provider?: First Direct consistently ranks among the top banks, achieving an impressive 83% customer satisfaction score in our latest survey, placing it 1st out of 20 providers. It’s also been named one of our Which? Recommended Providers. First Direct earned the full five stars for its online and mobile banking service and icustomer service. 

In our online banking security review, First Direct ranked joint fifth out of 11 providers, with a score of 74%.

As a division of HSBC, First Direct is covered by the Financial Services Compensation Scheme (FSCS), but it’s important to keep in mind that the £85,000 FSCS protection limit applies across both brands. If you have accounts with both First Direct and HSBC, ensure your total deposits across the two are below this threshold to stay fully protected.

When the deal ends: There’s no end date listed for this deal, but it can be withdrawn at any point.

• Find out more: best debit cards to use abroad