The best bank switching offers – get up to £220
The best bank switching offers currently pay up to £220 in cash while some could get premier experiences worth up to £600. Are you eligible?
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, MoneyWeek’s digital editor-in-chief, 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 £220 in cash, or a signature experience worth £600, for a limited time period.
We round up the deals available now and explain how to qualify for the bonus.
The best bank switching offers
HSBC – get £220
HSBC’s switching offer is the market-leading cash bonus on the market. Here’s how to qualify:
- Open an HSBC Bank Account in the mobile banking app
- Complete a full switch with CASS
- Transfer two direct debits
- Deposit at least £2,000
- Spend £500 on your HSBC debit card
Once you meet the requirements, you will receive the bonus within 60 days.
This offer isn’t available for existing HSBC or First Direct customers, or those who have held an account with either of the banks since January 2023. The offer only applies to the HSBC Bank Account and must be opened via the mobile banking app.
The Co-operative Bank – get up to £200
The Co-operative Bank’s switch deal currently offers £125 in free cash, plus another £75 over three months. Existing members could previously bag an additional £100 loyalty bonus but this part of the offer ended on 17 August.
Here’s how to get £125:
Here’s how to get £125:
- Deposit a minimum of £1,500 into the new account.
- Have two active Direct Debits.
- Complete five debit card transactions.
- Register for the bank’s online and/or mobile banking service.
Once you complete these steps, you will receive £125 within seven days of meeting all of the criteria. You’ll need to do this within 30 days of switching your account.
How to get £75:
To get the £25 per month in the first three months, customers must keep using their account by doing the following each month:
- Depositing £1,500 or more.
- Maintain two active Direct Debits, and
- Making five or more debit card transactions
Your three months will begin on the day after you receive the £125 switch incentive. Your account will then be credited with £25 for each month you do this, for up to three months.
You won’t qualify if you have benefited from a switch bonus at The Co-operative Bank since November 2022.
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 28 working days. The switching offer ends on 27 August 2026.
Get a premier experience worth up to £600
Barclays is offering an experience-led reward worth up to £600 for customers who switch to its Premier account. You will need to follow these steps to qualify:
- Open a Premier account using the Barclays app
- Complete a full switch, including moving two direct debits
- Pay in at least £4,000 within 30 days
After you open the account, you can choose from four types of high-end experiences:
- Dining: Restaurant experiences at select UK venues, including the Gordon Ramsay Restaurants. Specially curated menus for Barclays customers, wine pairings, welcome drinks and £50 Uber credit.
- Stay: Luxury UK hotel stays with select partners such as De Vere, Dakota Hotels and Harbour Hotels, including champagne on arrival, a three-course meal, spa access and complimentary breakfast.
- Live events: Tickets to stadium concerts at Wembley, sporting fixtures like England cricket at Headingley and exclusive matchday perks.
- Family: Annual passes to Merlin Entertainments’ attractions, tickets, food and drinks at Cineworld and Picturehouse Cinemas.
Moreover, with a Barclays Premier account, you can get free Apple TV, cashback on spending, improved savings rates, rewards like free drinks from GAIL’s, and 5% cashback at Tesco fuel.
However, in order to qualify for the Premier account, you will need:
- An annual income of £75,000
- At least £100,000 in savings or investments with Barclays
You will not be eligible for the switching offer if you opened an account with Barclays before 9 June 2026.
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 is closing 18 bank branches by 2027, so if your local branch is affected and you prefer in-person banking, it may not be a suitable switch for you.
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.
