The best bank switching offers – get up to £250

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 recorded the largest net gain, attracting 41,450 customers. Digital bank Monzo ranked second with 9,934 switches, followed by NatWest 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.”

Try 6 free issues of MoneyWeek today

Get unparalleled financial insight, analysis and expert opinion you can profit from.

Start your trial

Sign up to Money Morning

Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter

Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter

Sign up

There are currently five bank switching offers on the market, with incentives of up to £250 in cash, as much as £750 in cashback, or a signature experience worth £600.

Latest Videos From

Watch full video here:

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

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 switching bonus, you must:

• Open a NatWest Premier account and complete a switch using CASS
• Pay in £5,000 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.

Customers can also earn up to £9 a month through NatWest’s rewards programme. This includes setting up two Direct Debits, 1% cashback at select retailers, and £1 per month for logging in to the app. Once the balance reaches £5, you can redeem the rewards for cash or vouchers.

Get up to £750 in savings interest

Alongside the switching offer, NatWest is offering a savings bonus worth up to £750 to customers who deposit £100,000 into its 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
• Maintain the balance for at least 30 consecutive days.

You don’t need to wait to receive the £250 switching bonus before opening the Flexible Saver.

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
• At least £100,000 held in savings or investments with NatWest
• A NatWest mortgage of at least £500,000

However, it’s worth noting that NatWest Group is closing 18 more 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.

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.

First Direct – get up to £200

First Direct’s switching bonus is offering new customers £200 if they open an account before 15 July. To qualify for the bonus, you will have to 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 £200 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.

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.

Santander – get £180

Santander’s £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.

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, Nationwide has also launched a 5% Member Exclusive Bond and has started paying 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.