The best bank switching offers – get up to £500
The best bank switching offers currently pay up to £500 in cash and up to £1,800 in cashback bonus. Are you eligible, and how do you switch current accounts?
If you’re not happy with your current account, a good way to move your money is by seeking out the best bank switching offers – and get ‘free’ cash in the process.
More than a million bank account switches took place last year, data from the Current Account Switch Service shows. Nationwide was the biggest winner, with the highest net gains of 41,450. Digital bank Monzo took second place with 9,934 switches, while NatWest came in third place with 8,731. We delve into the most and least popular banks among customers in a separate piece.
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 eight bank switching deals, offering up to £500 in cash and up to £1,800 in cashback if you jump through several hoops. A flurry of deals have entered the market recently, so you’ll need to act quickly to take advantage.
The best bank switching offers
Lloyds Bank – get up to £500
Lloyds Bank is currently offering the most lucrative switch offers, should you choose to move your money to one of their current accounts. We list the deals below.
Lloyds Premier – get £500
The £500 offer is reserved for wealthier individuals who qualify for the Lloyds Premier account.
To be eligible for a Premier account, you must pay in £5,000 each month or have £100,000 of qualifying savings or investments with Lloyds. The account comes with a £15 monthly fee that is waived if you meet the above criteria.
To qualify for the bonus, you must complete the following steps before 30 April:
- Use CASS to complete a full switch to Lloyds Premier
- Transfer at least three direct debits from your old account
- Spend £200 within 35 days of opening your account
- Deposit £5,000 or have £100,000 in savings or investments with Lloyds in the first calendar month of opening your account
Club Lloyds – get £200
Lloyds offers customers £200 when they switch to any of their ‘Club Lloyds’ current accounts. To qualify, you will need to complete the following steps before 30 April:
- Complete a full switch to a new Club Lloyds, Club Lloyds Platinum or Club Lloyds Silver account using CASS
- Transfer at least three active direct debits from your old account
- Spend £100 on your debit card within 35 days of opening your account
If you meet the above criteria, you can expect to receive your £200 bonus within 45 days of opening your account.
All Club Lloyds accounts have a £5 fee that must be paid monthly unless you pay at least £2,000 into the account each month. The Club Lloyds Platinum and Silver accounts have an additional £22.50 and £11.50 a month fee, respectively.
If you complete all these steps, you will receive your switching bonus within 45 to 90 days of opening the account.
Get up to £1,800 in cashback
Savers can also earn a further £1,800 if they do the following:
- How to get up to £1,200: Open a fixed-term savings account or cash ISA by 31 May. Deposit at least £5,000 and your money must be held until 31 August to qualify for the cashback. You get £30 for every £5,000 you deposit up to £25,000, and then £150 after that. The maximum cashback you can earn is £1,200 for £200,000 or more.
- How to get up to £600: Transfer or fund a minimum £5,000 into a new or existing Share Dealing Account or ISA. This offer ends on 31 May 2026, and you will need to keep the money in the account until 30 October to qualify for the cashback. You get £30 for every £5,000 you deposit up to £25,000, and then £150 after that. The maximum cashback you can earn is £600 for £100,000 or more.
Several Lloyds Bank branches are earmarked for closure in 2026 and 2027, so if your local branch is closing and you don’t want to use online banking, it may not be suitable for you to switch to Lloyds.
Barclays – get up to £400
Barclays Premier – get £400
The Premier switch deal from Barclays offers new customers a £400 cash bonus when they switch to its Premier current account using CASS.
To get the bonus, you must be eligible for a Barclays Premier account, which requires you to either have a pre-tax income of at least £75,000, have at least £100,000 in savings or investments with Barclays, or a mix of both.
If you are eligible, you must start your application by 30 April and complete the following steps within 30 days to get the £400:
- Apply for a Barclays Premier Current Account in the Barclays app
- Use the app to complete a full switch, including at least two Direct Debits
- Pay in at least £4,000 to the new Premier Account within 30 days of the switch
Once you’ve followed these steps, you’ll receive the £200 in your new account within 45 working days.
The switching offer is only available for a limited period until 28 May 2025, so you’ll need to be quick to take advantage.
Barclays – get £200
Barclays is offering £200 to new customers who open a current account with the bank.
To qualify, you need to follow these steps:
- Open a Barclays Bank Account through the Barclays app.
- Complete a full switch, including at least two direct debits.
- Deposit a minimum of £2,000 within 30 days of opening the account.
Once you’ve followed these steps, you’ll receive the £200 in your new account within 45 working days.
The switching offer is only available until 28 May 2025, so you’ll need to be quick to take advantage.
Barclays will text you when you have met the conditions, and you will receive the £400 bonus within 28 working days.
Get up to £1,000 in cashback
Savers can also earn up to £1,000 when they switch to the Premier Current Account.
To qualify for the cashback, you need to transfer an ISA to a fixed-term cash ISA with Barclays. You get £50 if you deposit under £25,000, £100 under £50,000, and £150 under £100,000.
For anything over £100,000, you get £200 if you have a current account, or £600 if you’re a Premier current account holder.
NatWest – get up to £250
NatWest Premier – get £250
NatWest is offering £250 to new and existing customers who didn’t have a NatWest current or savings account as of 10 March 2026.
To qualify for the £250 bonus, you must:
- Apply for a NatWest Premier account and request a switch using CASS
- Deposit £5,000 within 60 days of switching (this can be done in one payment or multiple instalments)
- Log in to NatWest’s mobile app
Once you complete the above steps, the £250 will be paid into your account automatically within 30 days.
Plus, you can get an additional £9 a month in “rewards” for setting up two Direct Debits, 1% on spending with select retailers, and £1 per month just for logging into the app. Once you reach £5 in rewards, you can redeem them for cash or vouchers.
Get up to £750 in savings interest
On top of the £250 switch offer, customers can also earn £750 in interest by putting £100,000 into a Flexible Saver account. This means high earners could get up to £1,000 from NatWest.
Here’s how to qualify:
- Deposit £100,000 into the account (this can be done in one payment or multiple instalments)
- Keep the balance in the account for at least 30 consecutive days.
You don’t need to wait to receive the £250 switching bonus before opening the Flexible Saver.
Currently, the top savings rate is 4.75%. At that rate, £100,000 would earn you approximately £390 in 30 days.
NatWest’s Flexible Saver is offering a variable rate of 1.6%, which is below inflation and less than the top easy access savings rate. However, the £750 interest earned in 30 days would mean you get a significant boost on your savings in the short term.
After that, you might want to choose to switch to a better-paying account. You’re free to do so without incurring a penalty.
In order to be eligible for a NatWest Premier account, you must meet at least one of these criteria:
- Have an income of at least £100,000 or £120,000 in joint income
- Have a minimum of £100,000 in savings or investments held with NatWest
- Have at least a £500,000 mortgage with NatWest.
NatWest – get £150
NatWest is offering £150 to new and existing customers who do not hold a NatWest current or savings account as of 17 February.
To qualify for the £150 bonus, you must:
- Apply for a NatWest Select or Reward account and request a switch using CASS by 28 May 2026. The switch must be completed by 16 June.
- 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 into NatWest’s mobile app
If you have done all the above steps, the £150 will be paid into your account automatically within 30 days.
Customers will also be able to benefit from a bonus rate on the bank’s Digital Regular Saver, earning 7% interest for 12 months on balances up to £5,000.
This interest rate is made up of a base 5.25% variable rate on balances above £5,000, and a 1.75% boosted rate for the first 12 months you hold the account.
The other thing to consider is that NatWest is closing 32 bank branches this year. So, if your local branch is shutting down and you prefer in-person banking, it may not be suitable for you to switch.
Santander – get £180
Santander’s new £180 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.
Get £25 Amazon gift card
You can get another £25 in vouchers if you follow the steps below:
- Open a current account through one of the participating price comparison websites.
- Make five debit card transactions within 30 days of opening the account.
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.
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.
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 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.
