If you’re not happy with your current account, a good way to move your money—and get ‘free’ cash in the process—is by seeking out the best bank switching offers.
Nearly one million bank account switches took place in the last 12 months, the latest data from the Current Account Switch Service (CASS) shows.
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Both Nationwide and HSBC – the latter of which includes the digital bank First Direct – had switching offers that proved lucrative to customers.
Nationwide’s array of offers, like the £100 Fairer Share bonus, the Thank You bonus, and member-only savings products, seemed to have swooped in the most current account holders.
John Dentry, product owner at Pay.UK, owner and operator of the Current Account Switch Service, said: “The fact that the top three spots are occupied by a legacy bank, long-standing building society, and a neobank, shows the depth and diversity of the UK banking system.
“With nearly a million switches in the past 12 months, the Current Account Switch Service continues to play a key role in facilitating a healthy and competitive banking market.”
There are currently four bank switching deals on offer, boasting up to £310 in cash and rewards. Many deals have fizzled out in the last few weeks, including those from Santander and Lloyds Bank.
Kalpana Fitzpatrick, editor of MoneyWeek.com, says: “Bank switching deals are a great incentive for anyone looking to move banks. But, before you switch, make sure the bank you are moving to offers what you need – don’t switch just because there is a cash bonus on offer.”
The best bank switching offers
TSB Bank – get up to £310
TSB Bank’s switching deal is currently the highest paying on the market—but you have to jump through several hoops to earn up to £310.
Customers can get a £100 welcome bonus when they switch to a Spend & Save bank account, as well as up to £90 in cashback and an additional £120 worth of rewards.
To qualify for all three, here are the conditions you need to follow:
- £100 bonus: Complete a full switch using CASS, log into the TSB app, and make a minimum of five debit card payments before 22 September. The bonus will then be paid into your account between 6 and 12 October 2025.
- £90 cashback: Make a minimum of 20 debit card payments every month and get triple cashback of £15 every month for up to six months (if you’ve completed the switch). Cashback will be paid into your account the next calendar month.
- Choose from two rewards: When you make 20 debit card payments in February 2026, you get to choose a reward in March 2026. Pick from a £120 voucher towards your next hotel stay (abroad or a staycation), or get tickets for attractions and venues across the country for 12 months.
You will not be eligible for this deal if you’ve already used a TSB switching offer since October 2022.
First Direct – get £175
First Direct’s switching bonus offers new customers £175 free cash to those who switch to its 1st account.
To qualify for the bonus, you will have to complete the following steps within 45 days of opening your First Direct 1st Account.
- Deposit a minimum of £1,000 (in single or multiple deposits) in your account.
- Switch at least two direct debits or standing orders into your First Direct 1st Account.
- Register and log on to digital banking.
- Use your new 1st account debit card at least 5+ times.
- Be a new customer to First Direct, who has not previously held a First Direct product, or has opened an HSBC current account on or after 1 January 2018.
Once all the steps are completed successfully, the £175 bonus will be paid to your account on the 20th of the following month.
The account gives you access to its 7% regular saver. Plus, there is no fees when spending abroad with First Direct, and the current account comes with a £250 interest-free overdraft, although this depends on your credit history.
NatWest – get £175
NatWest is offering £125 to new and existing customers when they move to a Reward Account, and an extra £50 by opening a Digital Regular Saver.
To qualify, customers will need to:
- Switch their bank account to a NatWest Rewards account (£2 monthly fee) using the Current Account Switch Service.
- Pay in £1,250 into the new account
- Log into the mobile app within 60 days of switching
For an extra £50, you must:
- Open a Digital Regular Saver within 60 days of your switch. You’ll receive the extra cash within 30 days of your cash bonus.
You aren’t eligible if you’ve already used a switching deal from the NatWest Group, or if you switch from Royal Bank of Scotland or Ulster Bank.
Customers can also get an additional £4 each month in cashback when you pay in £1,250, two direct debits of more than £2, and £1 by logging into the mobile app.
Barclays – get £175
Barclays is offering £175 to new customers who switch to two of its bank accounts for a limited period. To receive the cash bonus, you will need to follow these steps:
- Open a Barclays Bank Account or Premier Current Account through the Barclays app.
- Join Blue Rewards (£5 per month)
- Switch at least two direct debits
- Deposit a minimum of £1,500 within 30 days of opening the account
Once you’ve followed these steps, you’ll receive the £175 in your new account within 28 days.
The switching offer is only available until 28 August 2025.
Through Blue Rewards, customers can earn up to 15% cashback on everyday spending, 4.61% on easy access savings, and a free Apple TV subscription, usually worth £8.99 per month.
How to switch bank accounts
The CASS makes it quick and painless to switch banks as the banks are required to do the legwork and complete the switch within seven working days. All you do is open a new current account and request a switch via CASS. The service will then close your old account and move all your money, direct debits and standing orders to your new account within seven days.
Plus, for three years, any money that is paid into your old bank account or tries to leave that account will automatically be put into your new account. Still, it is important to remember that while these offers might look attractive, you should only switch to an account that suits your needs, as some accounts may also charge a monthly fee.
You should always check the terms and conditions to make sure you qualify for the bonus before you start the switch process. If you're applying for any credit in the next six months, such as a mortgage, it's also worth being aware that switching bank accounts could affect your credit score.
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