The best bank switching offers

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HSBC
Santander
The Co-operative Bank
NatWest
First Direct
Nationwide

If you’re unhappy with your current account, switching banks by taking advantage of the best bank switching offers can be a good way to move your money and get ‘free’ cash in the process.

More than a million bank account switches took place last year, according to the Current Account Switch Service (CASS). Nationwide is the most popular bank, having attracted 41,450 customers.

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.”

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There are currently six bank switching offers on the market, with incentives of up to £500 in cash and £290 in cashback.

HSBC – get £500

HSBC’s switching offer pays the highest bonus on the market of £500 and another £290 in cashback – but not everyone is eligible, and it’s only available for HSBC’s Premier account.

You can only apply for this type of account if you meet one of these criteria: you have an annual income of at least £100,000, the same amount in savings/investments, or you already qualify for HSBC Premier in another country.

Here’s how it works:

Complete a full switch with CASS and open an HSBC Premier account.
Get an additional £290 cashback if you open a Premier World Elite Mastercard (covers the annual fee for a year)

You are not eligible if you’ve had an HSBC or First Direct account since 1 January 2025.

With a Premier account, customers can get unlimited airport lounge access, reward points, travel insurance, health benefits, competitive exchange rates and more.

Santander – get £240

Santander is offering £240 for customers who switch to the bank. To qualify for the bonus, you must do the following:

Open an Everyday Current Account and complete a full switch using the CASS before 7 October.
Pay £1,500 into the account either as a one-off payment or in instalments.
Set up two direct debits in the eligible account.
Within 60 days of your switch request, open a Santander Regular Saver with at least £200.

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

Santander is closing 44 bank branches this year, so if your local branch is closing and you prefer in-person banking, it may not be suitable for you to switch to Santander.

The Co-operative Bank – get up to £200

The Co-operative Bank’s switch offer is giving customers £125 in free cash, and another £75 over three months. The deal comes to an end on 7 September, so you’ll have to be quick.

Here’s how to get £125:

Here’s how to get £125:

Deposit a minimum of £1,500 into the new account.
Have two active Direct Debits.
Complete five debit card transactions.
Register for the bank’s online and/or mobile banking service.

Once you complete these steps, you will receive £125 within seven days of meeting all of the criteria. You’ll need to do this within 30 days of switching your account.

How to get £75:

To get the £25 per month in the first three months, customers must keep using their account by doing the following each month:

Depositing £1,500 or more.
Maintain two active Direct Debits, and
Making five or more debit card transactions

Your three months will begin on the day after you receive the £125 switch incentive. Your account will then be credited with £25 for each month you do this, for up to three months.

You won’t qualify if you have benefited from a switch bonus at The Co-operative Bank since November 2022.

NatWest – get £200

NatWest is offering £200 to new and existing customers who do not hold a NatWest current or savings account as of 6 May 2026.

To qualify for the bonus, you must:

Apply for a NatWest Select or Reward account and request a switch.
Pay in £1,250 within 60 days of switching. This can be done in instalments, and the money must stay in the account for at least 24 hours
Log in to NatWest’s mobile app

If you have done all the above steps, the £200 will be paid into your account automatically within 30 days.

NatWest is closing 18 bank branches by 2027, so if your local branch is affected and you prefer in-person banking, it may not be a suitable switch for you.

First Direct – get up to £175

First Direct’s switching bonus is offering new customers £175 if they complete the following steps within 45 days:

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 account.
Register and log on to digital banking.
Use your debit card at least five times.

Once all the steps are completed successfully, the bonus will be paid to your account on the 20th of the following month.

You are not eligible if you've held an HSBC current account on or after 1 January 2018. You also won’t qualify if you’ve held a first direct product before.

The account gives you access to its 7% regular saver. Plus, there are no fees when spending abroad, and the current account comes with a £250 interest-free overdraft, although this depends on your credit history.

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 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.

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

Alongside the new switching offer, this year, Nationwide paid its £100 Fairer Share bonus to over four million members for the fourth consecutive year.

How to switch bank accounts

The Current Account Switch Service 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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Oojal has a background in consumer journalism and is interested in helping people make the most of their money.

Oojal has an MA in international journalism from Cardiff University, and before joining MoneyWeek, she worked for Look After My Bills, a personal finance website, where she covered guides on household bills and money-saving deals.

Her bylines can be found on Newsquest, Voice.Cymru, DIVA and Sony Music, and she has explored subjects ranging from politics and LGBTQIA+ issues to food and entertainment.

Outside of work, Oojal enjoys travelling, going to the movies and learning Spanish with a little green owl.