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.
Nearly 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: “The fact that the top three spots are occupied by a legacy bank, long-standing building society, and a neobank, shows the depth and diversity of the UK banking system.
There are currently six bank switching deals on offer, boasting up to £400 in cash. A few deals have appeared in the last few weeks, including a market-leading £400 from Barclays.
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
Barclays – get up to £400
Barclays is offering new customers up to £400 to switch to them, depending on which current account you pick. But in order to get the full £400, you have to jump through some hoops.
To qualify for the £200, you need to follow these steps:
- Open a Barclays Bank Account through the Barclays app.
- Join Blue Rewards for £5 a month.
- 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 28 days.
To qualify for the £400, you must:
- Open a Barclays Premier Current Account through the Barclays app.
- Complete a full switch, including at least two direct debits.
- Deposit a minimum of £4,000 within 30 days of opening the account.
However, to be eligible for this account, you will need to have a gross annual income of £75,000 – or have at least £100,000 in savings, eligible investments, or a mix of both.
The switching offer is only available for a limited period until 27 November 2025, so you’ll need to be quick to take advantage.
Lloyds Bank – get £200
Lloyds Bank's switching offer pays a market-leading £200 to new and existing customers who switch to a new Club Lloyds current account and meet certain criteria. To be eligible, you must:
- Switch your bank account to a new Club Lloyds current account: Club Lloyds (£5 per month), Club Lloyds Silver (£11.50 per month), Lloyds Premier account (£15 per month), or Club Lloyds Platinum (£22.50 per month).
- Have a minimum of three active direct debits from your old account. This excludes standing orders and recurring card payments.
You will not be eligible for the switch if you have already used a switching offer since April 2020 for a Lloyds, Bank of Scotland, or Halifax bank account.
If you make the switch, you get access to the 6.25% Club Lloyds Monthly Saver, a remote GP subscription service, cashback of up to £10 each month, fee-free spending worldwide, and travel insurance.
Plus, Club Lloyds customers can also choose from a 12-month Disney+ subscription, six Vue or Odeon cinema tickets, an annual magazine subscription or a digital Coffee Club and Gourmet Society membership.
Nationwide – get £175
Nationwide is offering a £175 bonus to new customers who started their application on or after 18 September 2025.
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.
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 7% regular saver. Plus, there is 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.
NatWest – get £175
NatWest is offering £175 to new and existing customers when they move to an eligible Select or Reward Account.
To qualify, customers will need to:
- Switch their bank account to a NatWest Select, Rewards account (£2 monthly fee), Premier Select, and Premier Rewards (£2 monthly fee) account using the Current Account Switch Service.
- Pay in £1,250 into the new account within 60 days of switching.
- Log in to the mobile app.
Once you’ve met the conditions, you’ll receive £175 into your account within 30 days.
You can also bag an extra £60 when you sign up to the Rewards account, but be aware that it costs £24 per year.
You aren’t eligible if you’ve already used a switching deal from the NatWest Group, or if you switch from Royal Bank of Scotland or Ulster Bank.
The Co-operative Bank – get up to £175
The Co-operative Bank’s switching deal offers customers £100 for switching to the bank, plus £25 per month for up to three months. The offer is open to new and existing customers, provided they meet the eligibility criteria and terms and conditions.
To qualify for the £100 bonus, you must:
- Deposit a minimum of £1,000 into the new account.
- Have two active Direct Debits.
- Make ten or more debit card transactions.
- Register for the bank’s online and/or mobile banking service, and;
- Set up and kept active the debit card in a digital wallet (Apple Pay, Samsung Wallet or Google Pay)
You will receive the cash within seven days of meeting all of the criteria.
To get the £25 per month in the first three months, customers must keep using their account by:
- Depositing £1,000 or more.
- Have two active Direct Debits, and;
- Make a minimum of 10 debit card or digital wallet transactions (pending transactions won’t count).
Your three months will begin on the day after you receive the £100 switch incentive. You won’t qualify if you have benefited from a switch bonus at The Co-operative Bank since November 2022.
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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