Current account battle ramps up as Santander, HSBC and Lloyds offer to pay you up to £130 join Should you take a bank’s bribe? 

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  • Santander offered £130 cashback to joiners, while Lloyd’s offered £100 incentive
  • HSBC is offering £30 in cash for The Dining Out’s Uber Eats as well as £110
  • All three banks are looking to make up for loss of customers for switching

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The battle for changing the current account has intensified with three major high street banks launching cash incentives within days of each other.

As of this week, Santander is offering joiners £130 cashback, while HSBC introduces £110 cashback with an additional £30, either for eating out, using Uber Eats, or out To eat out, by using The Dining Out Gift Card.


Last week, Lloyds Bank began offering switchers a £100 cash bonus for converting to a new Club Lloyds current account or a new Club Lloyds Platinum account.

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Lloyds Bank is offering new customers £100 when they switch to a Club Lloyds Bank account.

The bribes offered by HSBC, Santander and Lloyd’s are believed to be in an effort to turn the tide against the challenging banks and recoup some of the customers lost in the switch in recent months and years.

According to official figures, Santander has lost 51,796 more customers in the last 12 months, while HSBC had a net subscriber loss of 23,850 during that period.


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Lloyds Bank has done slightly better in attracting more customers over the past year, but still experienced a net customer loss of over 215,000 since 2013.

Andrew Hager, founder and director of, said: ‘Official current account switching service statistics show that Neo Bank Monzo and Starling Bank are growing rapidly and have closed more than 192,000 accounts of rivals over the past two years So the big names on the High Street need to attract new customers to stop the flow.

‘In its prime the Santander 123 current account was a firm favorite, but it has been watered down several times over the years and is nowhere near the appeal it once enjoyed.

‘It looks like HSBC is offering one cash incentive after another, so it’s probably a marketing ploy that’s yielding positive results.’

What is included in the offer?

As always when considering these cash offers, the devil is in the details.

Santander’s £130 cashback offer is available to both new and existing customers when they switch to a 123 Current account or 123 Lite account or its daily, selective or personal current account.

The 123 Lite account has a £2 monthly fee but the 123 account has a £5 monthly fee.

For any account to qualify for cashback, you must complete the switch within 60 days, set up two active direct debits and deposit at least £1,000.

The cashback will then be paid directly to your qualifying Santander account within 30 days.

Existing customers who have opened an account earlier can still benefit from the cashback, if they complete a complete switch from their account elsewhere through the current account switching service.

As of July 2021, 3.9 million customers were earning cashback on their bills through Santander's current accounts.

As of July 2021, 3.9 million customers were earning cashback on their bills through Santander’s current accounts.

HSBC’s offering is a bit more specific, aimed only at those with an Advance or Premier account.

In both cases, to be eligible, you must pay at least £1,750 per month or £10,500 over 6 months.

To apply for a Premier account, you must have an annual income of at least £75,000 and have a mortgage, investment or life insurance product with the bank.

Alternatively, you will also qualify if you have saved or invested at least £50,000 with HSBC within six months of opening your account.

The Club Lloyds current account comes with a £3 monthly fee, although this fee will not be charged if you pay a minimum of £1,500 per month.

The Platinum account, which has an additional £21 monthly fee, has various insurance benefits.

What other perks does each bank provide?

Santander is already offering 1 to 3 percent cashback on various domestic bills, while its 123 customers can earn 0.30 percent interest on balances up to £20,000.

HSBC offers its customers the ability to earn 1% interest by saving between £25 and £250 per month with their regular saver.

It also offers new customers an additional benefit – plus £100 cashback for those opening an investment account.

Club Lloyds pays 0.6 per cent interest on balances up to £3,999, while those with amounts between £4,000 and £5,000 will earn 1.5 per cent on that balance.

This works out to around £39 in interest if the customer holds the full £5,000 for a year – an interest rate of around 0.8 percent.

It enables its customers to choose from 6 cinema tickets, an annual magazine subscription, one prize from 12 digital movie rentals every year.

HSBC's Uber Eats Voucher and Dining Out Gift Card will be valid for 6 months after account opening.

HSBC’s Uber Eats Vouchers and Dining Out Gift Cards…


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