The best bank switching offers – get up to £250

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.

More than one million bank account switches took place in the last year, the latest data from the Current Account Switch Service (CASS) shows.

There were 265,083 switches between April and June 2025. The biggest winner was Nationwide, with the highest net gains of 54,347. Co-operative Bank took second place with 9,175 switches, while digital bank Monzo placed third with 8,246.

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Nationwide also came top in Q1 and Q2, potentially thanks to its 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 pulled in the most current account holders.

John Dentry, Product Owner at Pay.UK, owner and operator of the Current Account Switch Service, said: “We’re immensely proud to have facilitated over one million switches per year since our launch.

"High satisfaction and confidence ratings from switchers show that despite high volumes over a long period of time, we’re still providing a consistently high-quality service to the UK banking market."

We delve into the most and least popular banks among customers in a separate piece.

There are currently four bank switching deals on the market, offering up to £250 in cash.

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.”

We round up the deals available now and explain how to earn the bonus after making the switch.

The best bank switching offers

Lloyds Bank – get £250

Lloyds Bank’s switching offer is paying customers a lucrative £250 if they switch to a new Club Lloyds current account. To be eligible, you must meet certain criteria:

• Switch your bank account to a new Club Lloyds current account: Club Lloyds (£5 per month), Club Lloyds Silver (£11.50 per month) or Club Lloyds Platinum (£22.50 per month).
• Transfer a minimum of three active direct debits from your old account. This excludes standing orders and recurring card payments.
• You will need to switch before the offer ends on 3 February 2025.

You will not be eligible for the switch if you have already used a switching offer since January 2023 for a Lloyds, Bank of Scotland, or Halifax bank account.

If you make the switch, you get access to the 6.25% Club Lloyds Monthly Saver, better travel money rates, access to mortgage offers, no fees abroad, and monthly credit interest of up to 3% on balances up to £5,000.

Plus, Club Lloyds customers can also choose from a 12-month Disney+ subscription, six cinema tickets, an annual magazine subscription or a digital Coffee Club and Gourmet Society membership.

Santander – get £200

Santander’s £200 switching deal is for both new and existing customers.

To qualify, you must do the following:

• Complete a full switch using the CASS within 60 days of opening your account
• Pay £1,500 into the account either as a one-off payment or in instalments.
• Set up two direct debits in the eligible account.

Eligible accounts include Santander Everyday, Edge (£3 monthly fee), Edge Up (£5 monthly fee) and Edge Explorer (£17 monthly fee).

The bonus will be paid within 90 days of initiating the switch.

Existing customers can get the bonus by transferring £1,500 from an account held with a different provider to their new Santander account using the bank’s switch service. Plus, they will need to set up two direct debits.

You won’t qualify if you held a Santander current account on 1 January 2025 or have taken advantage of a switch offer from the bank before.

Nationwide – get £175

Nationwide is offering a £175 bonus to new customers. You can get the cash by switching a non-Nationwide current account into a new or existing FlexPlus, FlexDirect or FlexAccount.

To qualify, you must complete the following:

• Use the CASS to complete a full switch to Nationwide within 28 days.
• Pay in at least £1,000 and make at least one debit card transaction within 31 days.
• Switch over a minimum of two Direct Debits to Nationwide.

You’ll receive the bonus within ten days of meeting all the requirements.

You are not eligible for this switch deal if you have received a switch bonus from Nationwide since 2021.

By switching to Nationwide, you could potentially become eligible for the building society's £100 Fairer Share payment, a scheme which it has run for the past three years.

Nationwide hopes to make Fairer Share Payments annually, but it depends on financial performance. The eligibility criteria and the bonus amount could change in the future.

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 market-leading 7% regular saver. Plus, there are 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.

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.