The best bank switching offers – get up to £250
The best bank switching offers currently pay up to £250 in cash and up to £750 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 four bank switching deals, offering up to £250 in cash and up to £750 in cashback if you jump through several hoops. A flurry of deals have exited the market recently, so you’ll need to act quickly to take advantage.
The best bank switching offers
NatWest – get up to £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.
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:
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.
- 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.
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.
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.
