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A huge seven banks now pay you to switch...
- Rare. FREE £220 top payer
- New. Boosted FREE '£200' + top service
- Ending. FREE £200 + 50% off Apple TV
Plus... grab a FREE £100 without needing to switch at all!

This week's a cracking one to switch banks, with one of the broadest batches of free cash incentives we've seen for a while - which means most will qualify for at least one of them as a 'new customer'. And even if you don't, there's an easy freebie up for grabs that doesn't require you to switch at all. Below, we'll cover...

- Top free cash switching deals, plus high earners' premier deals.
- FAQs - including can I multi-switch to make £1,000s?
- New. Grab an easy £100 supermarket voucher - just open an account, no need to switch 
- Overdrafts are high-cost debt - slash it to 0%.

Switching is usually easy & hassle-free: To get the bonuses, you need to use the bank's seven-working-day switch service (so it takes roughly 10 days in reality). It'll close your old account for you, move your money over, and shift all Direct Debits & standing orders. All payments to the old account are auto-forwarded too. Most people find it a piece of cake, though you'll need to pass a not-too-harsh credit check.

A crucial measure of bank profitability is the 'cross-sell' ratio - ie, how many different products they can sell you. Banks believe if they have your current account, it's easier to sell you other things, which is why so many are willing to (legally) bribe you to switch to them right now. 

We say grab the cash if it works for you - but don't let it buy your loyalty. You needn't stick with the bank for other products, so bag yourself the best credit card, loan, savings, mortgage and more from across the market. However, don't let that stop you getting paid for your custom.

Q. Can I switch multiple times to make £1,000s? As Martin explained in his Question Time podcast recently, you can use a burner account to grab multiple bonuses while keeping your main account.

This works for many, including here in MSE Towers. For full pros and cons, see make £1,000s by repeatedly switching bank.

As Dawn emailed in June: "Dear MSE Team, I've switched a second current account several times and received around £1,500 in switching bonuses, latest was Bank of Scotland who paid up straight after the switch. I've got a bonus hotel stay still to use from a TSB switch too!"

Q. Will switching bank affect my credit score? One extra search on your credit file shouldn't make much difference (though many in a short time can). Some lenders do score you down short-term for switching bank accounts, as they like evidence of longevity.

For belt 'n' braces safety, if you're imminently (within a couple of months) about to apply for a mortgage or an important, needed debt, prioritise that and avoid switching until after. Otherwise, one bank switch isn't really an issue. More in how switching banks affects your credit.

Q. What about packaged bank accounts, any good? If you shell out £100s each year for family travel insurance, breakdown cover, and mobile phone protection, a packaged bank account - where you pay a monthly fee, and get lots of insurance products thrown in - could save you big. Yet they're only good if you'd be paying for the standalone cover anyway.

Right now, our top pick is Co-op Bank Everyday Extra as it gives switchers a FREE up to £200, which effectively covers nearly 16mths of its £12/mth fee. You get world family travel insurance (max age 79), mobile cover for the whole household, UK & European breakdown cover for the account holder(s).

Not far behind is Santander Edge Explorer*, which gives switchers a free £150 hotel voucher on a similar £17/mth account. For full info and options see our packaged bank accounts guide.

Q. Are subscriptions moved when you switch? As we explained above, Direct Debits and standing orders are moved for you. But recurring payments (eg, Netflix, Disney+ etc, where you give the long number on your debit card when you pay) do NOT switch - you must update these yourself. 

If you do forget, though, normally they'll notify you that "your payment card no longer works" so it shouldn't be too big an issue. See recurring payment help.

Frankly, unless you're never overdrawn, ensuring you've a cheap overdraft option is crucial. Too many think 'credit cards bad, debit cards good'. For those overdrawn, it's more a case of 'credit cards bad, debit cards worse', because overdrafts now have typical 40% rates - nearly double bog-standard high-street credit cards.

You CAN switch banks if you're overdrawn. Though the new one may not offer you an overdraft or even match your existing one. Most of the banks below have overdraft eligibility checkers you can use before applying to see whether it's likely you'll qualify. Full info in top overdraft accounts, but in brief... 

• A possible £250 0% overdraft and, if you switch, £175 free cash. First Direct* (full details above) gives accepted new switchers £175 cash, which can help reduce what they owe, and many get a £250 ongoing interest-free overdraft too (credit score dependent - it's the standard 40% above that). So it's good for smaller overdrafts, or those who dip in.
  
  

  You will have to 'switch' the overdraft over yourself. While all your Direct Debits and standing orders will be moved as normal, expect your old bank to ask you whether you can pay the overdraft off, or whether you want to keep the account open while you do (it varies by bank). If you do keep it open, payments to the old account are unlikely to be forwarded to the new one, so you may need to arrange to move them yourself.
  
  PS: Club Lloyds has a £100 0% buffer too; Nationwide a £50 buffer, but also pays £175 to switchers.

• Lower interest rate overdrafts. App-only Starling* has no 0% overdraft, but does offer overdrafts with rates typically lower than most other banks. Depending on your credit score, you could get a 15%, 25% or 35% overdraft, so check your eligibility on its site before you apply. Still, at these rates it's costly, so you'd be better to try a...

• 0% money transfer credit card. One of the few, rare, specialist Money transfer credit cards may allow you to do a special transaction to pay money into your bank account, so you then owe it at 0% instead. You can use that time to clear the debt. You can get up to 14mths at 0%, though there's a fee of 4%. You need to understand how it works though, so do click the link above to read the guide. 
  
  Its big strength, especially for larger amounts, is it takes you out of the overdraft world and shifts it to a card. Even if you can't clear the card within the 14mths, the interest rate after is 24.9% - much lower than the 40% charged by overdrafts. Better still, once the debt is on the card, if the 0% period is running out you can try to do a 0% balance transfer to try and keep it interest-free.

Martin's 4 top tips to cut your overdraft...

The rate isn't the only thing to focus on. Our Cut overdraft costs guide has full info, but here are Martin's 4 most important tips:

1. Aim to repay a fixed monthly amount. Eg, if you're £500 overdrawn, 'paying' £100 means aiming to be £400 overdrawn at month end. A budget will help.
2. Consider moving Direct Debits to just before payday. The idea is you're overdrawn for less time, so costs are lower.
3. Got savings? Use 'em to clear it. See Repay debt with savings?
4. Struggling with all debt? Get free help from Citizens Advice, National Debtline or StepChange. They can help you make a plan and can make a huge difference. For more, see Debt help.