Martin Lewis’s MSE reveals top 4 accounts with bonuses for new customers – and free £175

Martin Lewis’s  Money Saving Expert (MSE) has shared the top four current accounts with the best bonuses for new customers who switch – including free £175 cash payments.

Banks are increasingly using cash incentives to encourage customers to switch their main current accounts from other providers.

These deals are typically available for a limited time, and there are four notable offers currently on the market.

In addition to the cash bonuses, these accounts provide access to various perks offered by the respective providers, which should be carefully considered before selecting a main current account.

From first direct and Nationwide to Santander, here are the top four accounts with the best bonuses, according to MSE.

First Direct

First Direct offers a comprehensive package for those switching to its 1st Account, including a free £175 bonus.

Customers benefit from a £250 interest-free overdraft (subject to credit checks), a 7% fixed-rate regular saver for a year, and competitive exchange rates for overseas spending. According to MSE, First Direct consistently ranks highly in customer satisfaction surveys, with 91% rating its service as “great” in a recent poll.

The £175 bonus is available only to new First Direct customers who have never held an account with First Direct or opened a current account with its sister bank, HSBC, since January 2018.

To qualify, open a 1st Account via the app (or online for joint accounts), switch an account from another bank including at least two Direct Debits or standing orders, pay in at least £1,000, and make five debit card payments within 45 days. The bonus is paid by the 20th of the month following the completion of these requirements.

Nationwide

Nationwide offers a £175 bonus to those switching to its FlexDirect account, alongside a range of benefits such as 5% AER interest on balances up to £1,500 for the first year, 1% cashback for 12 months (up to £5/month), and a 0% overdraft on up to £50.

Customers can also access a linked regular saver account paying 6.5% variable interest on up to £200/month.

This offer is open to those who have not switched to a Nationwide account or received a switch bonus from Nationwide since August 18, 2021.

To earn the bonus, open the account online or via the app, switch in an account from another bank with at least two Direct Debits, pay in £1,000, and make at least one debit card payment within 31 days. The bonus is paid within 10 days of meeting the criteria.

Santander Edge

Santander’s Edge account provides a £150 bonus along with perks like cashback and savings.

For a £3/month fee, customers earn 1% cashback on energy, council tax, broadband, TV, mobile, and water bills (up to £10/month), and an additional 1% on supermarket, fuel, and train spending (up to £10/month). A linked savings account offers 6% interest on balances up to £4,000 for the first year.

The bonus is available to those who have not received a Santander switch bonus since September 2021 and are switching from a non-Santander, Cahoot, or Cater Allen account.

To receive the bonus, open an account online or in branch, switch in an account with at least two Direct Debits, and pay in £1,500 within 60 days. The bonus is paid between 60 and 90 days after starting the switch.

The Co-operative Bank

The Co-operative Bank offers up to £150 for switching and maintaining an account for three months. This includes an initial £75 bonus plus £25 for each of the first three months. Customers can choose between the standard fee-free Current Account or the Everyday Extra packaged account (£15/month), which includes additional benefits.

The bonus is available to those who have not received switch cash from the Co-operative Bank since 1 November 2022.

To qualify for the £75 bonus, open or switch to a new Co-op account within two weeks, complete a full switch within eight weeks, deposit £1,000, register for digital banking, add the debit card to a digital wallet, and make at least 10 transactions within 30 days.

For the additional £25/month, meet the same activity requirements for three consecutive months. Bonuses are paid within seven days of fulfilling each month’s criteria.