The best bank switching offers – get up to £500

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

We round up the deals available now and explain how to qualify for the bonus.

The best bank switching offers

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.

NatWest – get up to £500

NatWest Premier – get £500

High earners can also get £500 by switching to NatWest’s premier current accounts: Premier Select (free), Premier Reward (£2/month) or Premier Reward Black (£36/month).

To be eligible for the bonus, you must meet the following criteria:

• Have one of the following: an income of at least £100,000, £100,000 in savings or investments, or a £500,000 mortgage with NatWest.
• Open a NatWest Premier account and complete a switch using CASS
• Pay in £15,000 within 60 days (either as a single deposit or in multiple instalments)
• Log in to the NatWest mobile app.

The £250 will be credited automatically within 30 days of meeting the requirements. You will not be eligible if you have a NatWest current account as of 2 September.

You can also earn £9 a month for having two direct debits of at least £4.5 each, £1 for logging into the app, and 1% cashback when you spend with eligible retailers. Once you reach £5 in Rewards, you can cash them in or swap them for e-gift codes.

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 Group is closing 18 bank branches by 2027, 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 £240

Santander is offering £240 to 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.

The account gives you access to its market-leading 8% regular saver, and the bank also offers inflation-beating fixed ISAs and a competitive cashback credit card that returns 3% on eligible everyday spending in the first year.

Lloyds Bank – get £200

Lloyds Bank has launched a £200 switching offer for customers 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. The offer ends on 9 December 2026.

You aren’t eligible for the offer if you switch from a Lloyds Bank, Halifax or Bank of Scotland current account, or if you’ve already availed a switch offer since 1 January 2023.

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.

These accounts also come with ‘Lifestyle’ perks, which means customers can choose from a free 12-month Disney Plus subscription (with ads, worth £72), six cinema tickets, 25% off select coffee and dining brands, or an annual magazine subscription. On top of that, you don’t have to pay overseas fees on your debit card and you get access to Lloyds Bank’s 8% saver, currently the highest-paying regular savings account on the market.

However, 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.

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.