The best offers for switching banks – get up to £200

Providers have returned with the best offers for switching banks, with the top deal currently offering up to £200. Are you eligible and how do you switch current accounts?

Best offers for switching banks shown with purple clock and coins
(Image credit: Getty Images)

If you’re not happy with your current account, a good way to move your money is by finding the best offers for switching banks. 

Bank switching has become quite popular in the last few years, with current account switches reaching a record high of 433,701 between October and December 2023.

Though all the bank-switching deals disappeared in April, many providers have made a comeback in the last month. Currently, five of the best UK banks for online banking are offering up to £200 if you switch to them.

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“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,” says Kalpana Fitzpatrick, editor of MoneyWeek.com. 

We round up the deals available now, and how to earn the bonus after making the switch.

The best offers for switching banks

Nationwide – get £200

Nationwide's switching deal is open to those already with the building society – maybe with a mortgage, an ISA or if they want to move to a different account type. 

The last time Nationwide offered a £200 switching deal was in September 2023, which was very popular.

To be eligible for the bonus this time around, you need to:

  • Be a Nationwide customer (and were a customer on 31 March). 
  • Complete a full switch to a Nationwide current account using the bank’s switch service
  • Have a minimum of two active direct debits coming out of your Nationwide account.
  • Open a Nationwide current account using the Nationwide website or through its mobile banking app. 
  • Complete the switch within 28 days of requesting it. 

Once you complete the process, you will receive the bonus in your new bank account.

Nationwide is a popular choice among users. According to the latest current account bank switching figures, one in every six customers chose to bank with Nationwide, resulting in a record 163,363 switches between October and December 2023. 

It also offers 6.5% on its regular savings account, which is only second to The Co-operative Bank, First Direct and Skipton’s top 7% rate. 

Read more about whether Nationwide’s £200 bank switching bonus is worth getting. 

First Direct – get £175

First Direct’s switching bonus returns after being pulled off the market at the end of April. New customers who switch to First Direct’s 1st account can get £175 free cash. 

To qualify for the bonus, you will have to complete the following steps: 

  • Switch your everyday banking to using the Current Account Switch Service (CASS).
  • Deposit a minimum of £1,000 (in single or multiple deposits) in your account and within 30 days of opening your First Direct 1st Account.
  • Switch at least two direct debits or standing orders into your First Direct 1st Account.
  • Register and log on to digital banking, within 30 days of your account opening.
  • 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, which features on our best regular savings guide. 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. 

You are not eligible for this bonus if you have held a First Direct product before or held an HSBC current account on or after 1 January 2018. 

Lloyds Bank – get £175

Lloyds has re-launched its £175 switching offer after it was pulled in February. Customers will have to move to a new Club Lloyds current account and jump over a few hurdles to get it. To be eligible, you must: 

  • Switch your bank account to a new Club Lloyds current account
  • Use the bank's switch service 
  • Open a Club Lloyds Account (£3 monthly fee), Club Lloyds Silver Account ( £13 monthly fee) or Club Lloyds Platinum Account (£24 monthly fee) 
  • Have a minimum of three active direct debits from your old account. This excludes standing orders and recurring card payments.
  • Make the switch before 30 July 2024.

Existing customers can qualify for the £175 free cash if they open a new Club Lloyds Account, Club Lloyds Platinum Account or Club Lloyds Silver Account and meet the above criteria. 

The £175 will be paid into your account within three days of completing the switch.

You will not be eligible for the switch if you have already used a switching offer since April 2020.   

If you’re planning to switch to one of the Lloyds Club accounts, you also get access to the 6.25% regular saver. 

Santander – get £175 [ending soon]

This deal ends at 23.59 on 20 June. Santander is back with a £175 switching deal for both new and existing customers if they switch to a Santander packaged bank account. This can be the Santander Edge current account (£3 monthly fee), Santander Edge Up current account (£5 monthly fee) or its Private current account (£5 monthly fee).

To qualify, you must do the following:

  • Complete the switch using the Current Account Switch Service (CASS) and complete the following steps 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.

The bonus will be paid within 90 days of initiating the switch, and the account needs to be open for the 90 days to get the bonus. 

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, you will need to set up two direct debits. 

TSB Bank – get up to £160, plus rewards

TSB Bank is back with its switching deal after being the last contender in the bank switching market at the end of January 2024. 

You can get a £100 switching bonus when you move to a Spend & Save (free) or Spend & Save Plus (£3 monthly fee) current account with TSB, as well as £60 cashback and a choice of rewards. 

To qualify for all three, here are the conditions you need to follow:

  • £100 bonus: Complete a full switch using CASS, log into your account using the TSB mobile banking app and make a minimum of five debit card payments by 5 July. The bonus will then be paid into your account by the end of July. 
  • £60 cashback: Make a minimum of 20 debit card payments every month and get double cashback of £10 every month for the first six months (if you’ve completed the switch).
  • Choose your reward: When you make 20 debit card payments in December, you get to choose one out of three rewards in January 2025 – a night away for two at a choice of hotels, two Odeon cinema tickets every month for three months or a NOW Entertainment membership for six months.

You will not be eligible for this deal if you’ve already taken advantage of a TSB switching deal since 1 October 2022. 

This is the lowest-paying switching deal that TSB has introduced – having previously offered up to £210 for switching to the bank. 

Co-operative Bank – get £150, plus 7% regular saver

Co-operative Bank is the latest provider to come on the market with a switching incentive. The deal offers new current account customers £150 when you switch to its Co-operative Bank Standard Current Account or Everyday Extra account. But the bonus is broken down into two parts. 

Get your first £75

Get the first £75 by switching to one of the eligible Co-operative Bank current accounts using its bank switching service. You will also need to complete the following within 30 days of the switch being made, to be eligible: 

  • Pay at least £1,000 into the account
  • Make a minimum of 10 card payments
  • Register for online or mobile banking

Get another £75

To pocket another £75, you will need to have qualified for the first bonus. This second £75 bonus will be paid to you in monthly payments of £15 for five months, providing that you do the following steps each month for five months: 

Co-operative current account

  • Deposit a minimum of £1,000 
  • Make a minimum of 10 card payments
  • Have at least two direct debits active 

Regular saver

On top of that, as a one-off, you must: 

  • Open a Co-operative Bank Regular Saver (returning 7% AER) within the same month of receiving the first £75 bonus – no later
  • Deposit £50 into the regular saver in the same month that you opened the account

You do not qualify for this incentive if you have received a switch bonus from Co-operative Bank since 1 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 not confident about moving your cash, we explain here whether switching bank accounts could affect your credit score.

Vaishali Varu
Staff Writer

Vaishali has a background in personal finance and a passion for helping people manage their finances. As a staff writer for MoneyWeek, Vaishali covers the latest news, trends and insights on property, savings and ISAs.

She also has bylines for the U.S. personal finance site Kiplinger.com and Ideal Home, GoodTo, inews, The Week and the Leicester Mercury

Before joining MoneyWeek, Vaishali worked in marketing and copywriting for small businesses. Away from her desk, Vaishali likes to travel, socialise and cook homely favourites

With contributions from