The best bank switching offers – get up to £175

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.

The latest data from the Current Account Switch Service (CASS) shows that more than one million bank account switches took place between 1 April 2024 and 31 March 2025.

The biggest winner was Nationwide, with the highest gains of 51,254 switches. Lloyds Bank trailed closely behind with 50,061 new signups. Both banks had switching offers of £175 and £200 respectively.

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John Dentry of Pay.UK, also the owner and operator of the Current Account Switch Service, said: “The past quarter has provided a turbulent economic backdrop, no doubt encouraging increasingly money-conscious consumers to take action. By taking advantage of the competitive and dynamic banking market, they have been able to capitalise on more competitive rates, incentives, or improved features.”

Dentry said those who haven’t yet considered their options should “assess whether they’re with a bank that best suits their needs”. He added: “With a full spectrum of products and perks available, now is the time to consider that switch.”

There are currently just two bank switching deals on offer, boasting up to £175 free 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.”

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

The best bank switching offers

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, 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.

NatWest – get £150 plus rewards

NatWest is offering £150 to new and existing customers when they move to a Reward Account (£2 monthly fee). You could also benefit from a further £60 in rewards each year through the account.

To qualify, customers will need to:

• Switch their bank account to a NatWest Rewards account using the Current Account Switch Service.
• Pay in £1,250 into the new account
• Log into the mobile app within 60 days of switching

Once you’ve met these conditions, the £150 will be paid into your account within 30 days. All your direct debits and standing orders will be automatically transferred within seven days of switching.

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.

Customers can also get an additional £5 each month in cashback when you pay in £1,250, two direct debits of more than £2, and by logging into the mobile app. Given the £2 monthly fee, the net gain is then around £3 per month or £36 in a year.

You also get access to a Digital Regular Saver that pays 6.17% interest on savings of up to £150 per month. On top of that, you can get a Travel Reward Credit Card that gives 1% back in rewards on travel spend, and a free Rooster Card subscription (usually £1.99 per month or £19.99 per year).

Will bank switching offers make a comeback?

Several current account providers have ditched their switcher offers over the past few months. Free cash deals from Nationwide, Lloyds Bank, Santander, TSB Bank and The Co-operative Bank have disappeared.

But, while offers have "fizzled out" for the time being, according to Rachel Springall, finance expert at Moneyfacts, more could be on the way. She says: "Consumers will see these types of incentives come and go throughout the year when banks decide to compete for new business.

"This should not deter customers from ditching and switching to an account that works harder for them, as there are still some decent packages available to suit different circumstances. It’s vital that customers choose an account based on its overall value, and not just for a free cash incentive."

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.