The best bank switching offers – get up to £200
The best bank switching offers currently pay up to £200 in cash. 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 – 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.
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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.
There are currently three bank switching deals on offer, boasting up to £200 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.”
The best bank switching offers
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.
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