Deal WatchSaving & interest
Deal Watch: switching payments, top savings rates and social tariffs, checked 25 October
Seven banks are paying £175 to £240 to switch, savings rates reach 5.15% on a one-year fix, and broadband and mobile social tariffs start at £10 a month. Every deal was checked on the provider’s own site today.
Published 25 October 2026Last checked 25 October 2026UK-wideFrom Various providers
Illustration generated with AI
What's happening
This one-off Deal Watch lists current account switching payments of £175 to £240, the highest savings and ISA rates we could confirm today, and cheaper broadband and mobile deals for people on benefits. Every deal below was checked on the provider's own website on 25 October 2026. Rates can change without notice, so check again before you apply.
The question: Which bank switching offers, savings and ISA rates and social tariffs can I get right now, and what are the conditions?
This applies to you if…
- You have cash in a bank account paying little or no interest
- You are happy to move your main bank account and Direct Debits
- You get Universal Credit, Pension Credit or another means-tested benefit and pay for broadband or a phone
Not for you if…
- You need your savings within the next year and are looking at the fixed deals
- You have had a switching payment from the same bank or banking group before
- You are already behind on payments with the bank you would switch to
How to do it
- 1
Pick the type of deal you need
A switching payment is a one-off; a savings rate matters more the bigger your balance. Social tariffs only apply if you get a qualifying benefit.
- 2
Open the provider's own page from the list below
Read the conditions and the small print. Check you aren't excluded by a past bonus or account.
- 3
For switching, use the Current Account Switch Service
The new bank does the switch for you. Your Direct Debits and payments move across and your old account closes.
- 4
Set reminders
Note when a bonus rate ends or a fixed term matures so your money doesn't sit on a low rate.
The catches
Bonus rates fall away
Many easy-access and ISA rates include a bonus for 6 or 12 months. After that the rate drops, sometimes by more than 2 percentage points.
Switching usually means a credit check
Opening a current account normally involves a credit search. Several applications close together can show on your file.
Fixed deals lock your money away
Conister and Al Rayan don't allow withdrawals during the year. UBL and OakNorth ISAs charge 90 days' interest to get out early.
Interest can be taxed
Interest outside an ISA counts towards your Personal Savings Allowance. Interest above that allowance is taxed. ISA interest is tax-free.
Not every provider is a bank
LemFi and Tembo hold your money with partner banks. FSCS protection of up to £120,000 applies at the partner bank, shared with any other money you hold there.
Illustrative example
Illustrative calc: a regular saver over 12 months
Someone pays £200 a month into a regular saver paying 8% AER for a year.
- They pay in £200 a month for 12 months, £2,400 in total.
- Each payment earns interest only from the day it goes in, so the average balance over the year is about £1,300.
- 8% on about £1,300 is roughly £104.
About £104 of interest on £2,400 saved.
Illustrative calc only. It assumes the rate stays at 8% all year; Santander's rate is variable and could change. Actual interest depends on payment dates.
This week's deals
Current account switching
- See the offer on Santander's site
Santander — Everyday current account
£240 for switching
Full switch with the Current Account Switch Service, closing your old account. Within 60 days: move at least 2 household Direct Debits, pay in at least £1,500 and put at least £200 into a Santander Regular Saver. Not for people who held a Santander current account on 1 January 2026, or anyone who has had a switching payment from Santander before. Paid within about 90 days of starting the switch.
Checked on 25 October 2026 · Ends no end date given
- See the offer on HSBC UK's site
HSBC UK — Bank Account
£220 for switching
Open in the HSBC UK app. Within 60 days: full switch including 2 Direct Debits, pay in £2,000 and spend £500 on the debit card. New customers only. Not for anyone who has held an HSBC UK or first direct current account since 1 January 2023. Basic Bank Account not included.
Checked on 25 October 2026 · Ends no end date given
- See the offer on first direct's site
first direct — 1st Account
£210 for switching (£175 plus a £35 boost)
Within 45 days of opening: switch with the Current Account Switch Service including at least 2 Direct Debits or standing orders, pay in £1,000, make 5 or more debit card payments and log on to digital banking. New customers only. Not for people who opened an HSBC current account on or after 1 January 2018. No monthly fee.
Checked on 25 October 2026 · Ends £35 boost for accounts opened by 2 December 2026; the £175 has no end date given
- See the offer on Lloyds Bank's site
Lloyds Bank — Club Lloyds, Club Silver, Club Platinum or Lloyds Premier
£200 for switching
Open a new qualifying account and start a full switch, moving at least 3 active Direct Debits. Not if you have had a switching offer from Lloyds, Halifax or Bank of Scotland since 1 January 2023, or you are switching from Halifax or Bank of Scotland. Club Lloyds may carry a £5 monthly fee. Paid within 14 working days of the switch starting.
Checked on 25 October 2026 · Ends 9 December 2026 (start the switch by then)
- See the offer on NatWest's site
NatWest — Select or Reward account
£200 for switching
Full switch from another bank. Within 60 days: pay in £1,250 (kept in for 24 hours) and log in to the mobile app. Not if you have ever had a NatWest Group switching payment, held a NatWest current account on 6 May 2026, or are switching from RBS or Ulster Bank.
Checked on 25 October 2026 · Ends no end date given
- See the offer on Royal Bank of Scotland's site
Royal Bank of Scotland — Select or Reward account
£200 for switching
Same rules as NatWest: full switch, then pay in £1,250 and log in to the app within 60 days. Not if you have ever had a NatWest Group switching payment, held an RBS current account on 6 May 2026, or are switching from NatWest or Ulster Bank.
Checked on 25 October 2026 · Ends no end date given
- See the offer on Nationwide's site
Nationwide — FlexDirect, FlexAccount or FlexPlus
£175 for switching
Full switch from a non-Nationwide, non-Virgin Money account with at least 2 Direct Debits, completed within 28 days. Then pay in £1,000 and make a card payment within 31 days. Only if you have never had a Nationwide switch offer on that type of account. Existing members can use an account they already hold.
Checked on 25 October 2026 · Ends no end date given
Easy-access savings
- See the offer on LemFi's site
LemFi — Instant Access Savings Account
5.00% AER variable
Includes a 1.96% boost for the first 6 months, then a tracker rate (3.04% AER today). App only, £1 to £250,000, unlimited withdrawals. LemFi is an e-money firm; the money is held with ClearBank, which gives FSCS cover up to £120,000 across all your ClearBank-held money.
Checked on 25 October 2026 · Ends no end date given
- See the offer on Zopa's site
Zopa — Limited Access savings pot
4.56% AER variable
Includes a 12-month bonus on the first £50,000. App only. Up to 3 withdrawals every 12 months; a fourth drops the rate to 2.00% AER. For Zopa savings accounts opened on or after 16 June 2026.
Checked on 25 October 2026 · Ends no end date given
- See the offer on Tembo's site
Tembo — HomeSaver
4.55% AER variable
Includes a 1.55% fixed bonus for 12 months. Pay in up to £20,000, withdrawals of £10 or more any time. Tembo is not a bank; money is held with partner banks, each giving FSCS cover up to £120,000. The higher 5.55% headline needs a mortgage arranged through Tembo.
Checked on 25 October 2026 · Ends no end date given
One-year fixed savings
- See the offer on Conister Bank's site
Conister Bank — 1 Year Fixed Term Deposit
5.15% AER (interest paid yearly)
£5,000 to £100,000. No withdrawals before the year is up. Sole accounts, UK tax residents only. UK branch deposits have FSCS cover up to £120,000. Monthly interest option pays 5.06% AER.
Checked on 25 October 2026 · Ends no end date given
- See the offer on Al Rayan Bank's site
Al Rayan Bank — 12 Month Fixed Term Deposit
5.15% expected profit rate (profit paid at the end)
Sharia-compliant, so the bank pays an expected profit rather than guaranteed interest. Minimum £10,000, no withdrawals or top-ups during the term, sole accounts, digital banking only. 5.06% if profit is paid quarterly. FSCS cover up to £120,000.
Checked on 25 October 2026 · Ends no end date given
Easy-access cash ISA
- See the offer on Plum's site
Plum — Cash ISA
4.84% AER variable for 12 months
Includes a 2.30% bonus, paid if the money stays in for 12 months and other conditions are met; then 2.54% AER. App only, from £1. Flexible ISA, so money taken out can be put back the same tax year.
Checked on 25 October 2026 · Ends no end date given
- See the offer on Moneybox's site
Moneybox — Cash ISA
4.53% AER variable
Includes a 1.08% bonus for the first 12 months. £500 minimum to open and keep. Up to 3 withdrawals a year keep the rate; a fourth drops you to 0.75% for the rest of that year.
Checked on 25 October 2026 · Ends no end date given
One-year fixed cash ISA
- See the offer on UBL UK's site
UBL UK — 1 Year Fixed Rate Cash ISA
4.98% AER, interest at the end
Minimum £2,000, fund within 10 days, transfers in allowed. Early access means closing the account and losing 90 days' interest, which can come out of your deposit.
Checked on 25 October 2026 · Ends no end date given
- See the offer on OakNorth's site
OakNorth — 12-Month Fixed Rate Cash ISA
4.76% AER, interest paid monthly
From £1, fund within 30 days, transfers in through the website. Taking money out costs 90 days' interest on the amount withdrawn.
Checked on 25 October 2026 · Ends no end date given
Regular saver
- See the offer on Tembo's site
Tembo — Regular Saver
8.0% AER for the first 12 months
3.0% variable base rate plus a 5.0% fixed bonus for new Tembo customers, paid in one go after a year if the account is still open. Up to £250 a month. Withdrawals of £10 or more allowed. No current account needed.
Checked on 25 October 2026 · Ends no end date given
- See the offer on Santander's site
Santander — Regular Saver
8.00% AER variable for 12 months
Includes a 5.00% bonus, then 3.00%. Up to £200 a month. Needs a Santander current account. Withdrawals go to your Santander current account. One per person.
Checked on 25 October 2026 · Ends no end date given
- See the offer on first direct's site
first direct — Regular Saver
7.00% AER fixed for 12 months
£25 to £300 a month by standing order. No partial withdrawals; closing early pays a lower variable rate. Needs a first direct 1st Account kept for the whole year.
Checked on 25 October 2026 · Ends no end date given
- See the offer on Co-operative Bank's site
Co-operative Bank — Regular Saver
7.00% AER variable, 12-month term
Up to £250 a month, no minimum. Withdraw any time. Needs a Co-operative Bank current account (smile accounts don't count).
Checked on 25 October 2026 · Ends no end date given
- See the offer on Chase's site
Chase — Regular Saver
6.5% AER fixed for 12 months
Up to £300 a month. Easy access to a Chase account. Needs a Chase current account. One per customer.
Checked on 25 October 2026 · Ends no end date given
Social tariff (broadband)
- See the offer on Virgin Media's site
Virgin Media — Essential Broadband
£12.50 a month, 15Mbps average
For people on Universal Credit, Pension Credit, Income Support, income-based Jobseeker's Allowance or income-based ESA. Rolling 30-day contract, no exit fees. Eligibility checked every 12 months. Essential Broadband Plus is £20 for 54Mbps.
Checked on 25 October 2026 · Ends no end date given
- See the offer on Hyperoptic's site
Hyperoptic — Fair Fibre
From £13 a month (150Mb); £17 for 500Mb, £20 for 1Gb
Universal Credit, Pension Credit, Income Support, income-based JSA or ESA, plus some others including PIP, Housing Benefit and Attendance Allowance. No minimum term, 30 days' notice, no exit fees. Only where Hyperoptic's network reaches.
Checked on 25 October 2026 · Ends no end date given
- See the offer on BT's site
BT — Home Essentials
From £16.50 a month
Universal Credit, Pension Credit (Guarantee Credit), ESA, Jobseeker's Allowance or Income Support. 12-month contract, cancel any time with no exit fees, no set-up fee. Price doesn't rise each March.
Checked on 25 October 2026 · Ends no end date given
Social tariff (mobile)
- See the offer on O2's site
O2 — Essential Plan
£10 a month, 10GB data, unlimited calls and texts
Universal Credit, Pension Credit (Guarantee Credit), Income Support, income-based JSA or ESA. No long contract, cancel any time, no price rises while you stay eligible.
Checked on 25 October 2026 · Ends no end date given
- See the offer on VOXI's site
VOXI — For Now
£10 a month, unlimited data for 6 months then 20GB
For people on benefits such as Universal Credit, JSA, ESA, PIP or Pension Credit. No contract. After 6 months you move to VOXI's standard £10 plan.
Checked on 25 October 2026 · Ends no end date given
- See the offer on SMARTY's site
SMARTY — Social Tariff
£12 a month, unlimited data
Universal Credit, Pension Credit, Income Support, income-based JSA or ESA. One-month rolling plan, no annual price rises.
Checked on 25 October 2026 · Ends no end date given
- See the offer on EE's site
EE — Basics
£12 a month SIM only, 5GB data
Universal Credit, Pension Credit (Guarantee Credit), ESA, JSA or Income Support. 30-day rolling contract for 12 months, no early exit fees. Price fixed in the first term, then can rise each March.
Checked on 25 October 2026 · Ends no end date given
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Common misreadings
You might hear: A regular saver paying 8% earns 8% on all the money you put in over the year.
Actually: Each monthly payment only earns interest from the day it arrives, so you get roughly half what 8% on the full year-end balance would suggest.
You might hear: Switching payments are only for people new to banking.
Actually: Most are for people new to that bank, but some, such as Nationwide's, let existing members switch into an account they already hold.
You might hear: Social tariffs mean slow, poor service.
Actually: Some social tariffs offer the same speeds as standard deals, such as Hyperoptic's 1Gb plan for £20 a month.
Where the UK nations differ
- UK-wide
- The savings and switching deals here are open across the UK. Some social broadband tariffs only cover places where that provider's network reaches.
What you could do
get Universal Credit or Pension Credit and pay over £20 a month for broadband or mobile
have savings earning much less than 4% in easy access
are thinking about switching bank
By 9 December 2026 for the Lloyds offer
Timeline
5 November 2026
Bank of England interest rate decision
Bank Rate is 3.75% now. Variable savings rates could move after the decision.
2 December 2026
first direct £35 switching boost ends
For accounts opened by this date.
9 December 2026
Lloyds £200 switching offer ends
Start your switch by this date.
The detail
The rules
- Deals were checked on the provider's own website on 25 October 2026. Deals that couldn't be confirmed there were left out.
- Savings rates are listed from highest to lowest AER within each category. Switching payments are listed by the size of the payment.
- Kitty has no affiliate links and is not paid by any provider listed.
Documents
- Ofcom: social tariffs list — Updated 2 October 2026
Words explained
- AER (annual equivalent rate)
- The interest you would earn over a year, including interest on interest. Use it to compare accounts.
- Current Account Switch Service (CASS)
- A free service, run through the new bank, that moves your payments and closes your old account.
- Social tariff
- A cheaper broadband or mobile deal for people on certain benefits.
- Flexible ISA
- A cash ISA where you can take money out and put it back in the same tax year without using up more of your allowance.
- FSCS
- The Financial Services Compensation Scheme, which protects up to £120,000 per person per banking licence if a bank fails.
In short
Banks are paying £175 to £240 to switch, if you meet their pay-in and Direct Debit rules. One-year fixes pay up to 5.15%, easy access up to 5%, and regular savers up to 8% on small monthly amounts. If you're on Universal Credit or Pension Credit, a social tariff could cut broadband or mobile to £10–£20 a month.
Related dates
- 5 Apr Tax year endsDeadline · in 162 days
Sources
- Santander £240 switch offer, Santander (2026-10-25)
- Switching to HSBC, HSBC UK (2026-10-25)
- Lloyds switch offer, Lloyds Bank (2026-10-25)
- Current interest rate, Bank of England (2026-10-25)
- Social tariffs, Ofcom (2026-10-02)
- Tembo Regular Saver, Tembo (2026-10-25)
- Conister 1 Year Fixed Term Deposit, Conister Bank (2026-10-25)
- UBL 1 Year Fixed Rate Cash ISA, UBL UK (2026-10-25)
- Virgin Media Essential Broadband, Virgin Media (2026-10-25)
- O2 Essential Plan, O2 (2026-10-25)
This is guidance, not regulated financial advice. Check figures against the linked official source before you act. Written with AI assistance and checked against primary sources. How Kitty works. For free, impartial help, try MoneyHelper or Citizens Advice.