The best bank switching offers – get up to £500
The best bank switching offers currently pay up to £500 in cash. Are you eligible, and how do you switch current accounts?
Daniel Hilton
If you’re not happy with your current account, a good way to move your money is by seeking out the best bank switching offers – and get ‘free’ cash in the process.
More than a million bank account switches took place last year, data from the Current Account Switch Service shows. Nationwide was the biggest winner, with the highest net gains of 41,450. Digital bank Monzo took second place with 9,934 switches, while NatWest came in third place 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.”
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There are currently six bank switching deals, offering up to £500 in cash. A flurry of deals have entered and exited the market this year, so you’ll need to act quickly to take advantage.
The best bank switching offers
Lloyds Bank – get £200, or up to £500
Lloyds Bank is currently offering the most lucrative switch offers, should you choose to move your money to one of their bank accounts. We list the deals below.
Club Lloyds – get £200
Lloyds offers customers £200 when they switch to any of their ‘Club Lloyds’ current accounts. To qualify, you will need to complete the following steps before 30 April:
To qualify for the £200 offer, you will need to complete the following steps before 30 April:
- Complete a full switch to a new Club Lloyds, Club Lloyds Platinum or Club Lloyds Silver account using CASS
- Transfer at least three active direct debits from your old account
- Spend £100 on your debit card within 35 days of opening your account
If you meet the above criteria, you can expect to receive your £200 bonus within 45 days of opening your account.
All Club Lloyds accounts have a £5 fee that must be paid monthly unless you pay at least £2,000 into the account each month. The Club Lloyds Platinum and Silver accounts have an additional £22.50 and £11.50 a month fee, respectively.
Lloyds Premier – get £500
The £500 offer is reserved for wealthier individuals who qualify for the Lloyds Premier account. To be eligible for a Premier account, you must pay in £5,000 each month or have £100,000 of qualifying savings or investments with us.
The account comes with a £15 monthly fee that is waived if you meet the above criteria. To qualify for the bonus, you must complete the following steps before 30 April:
- Use CASS to complete a full switch to Lloyds Premier
- Transfer at least three direct debits from your old account
- Spend £200 within 35 days of opening your account
- Deposit £5,000 or have £100,000 in savings or investments with Lloyds in the first calendar month of opening your account
If you complete all these steps, you will receive your switching bonus within 45 to 90 days of opening the account.
It’s worth noting that several Lloyds Bank branches are earmarked for closure in 2026 and 2027, so if your local branch is closing and you don’t want to use online banking, it may not be suitable for you to switch to Lloyds.
Barclays – get £400
The switch deal from Barclays offers new customers a £400 cash bonus when they switch to its Premier current account using CASS.
To get the bonus, you must be eligible for a Barclays Premier account, which requires you to either have a pre-tax income of at least £75,000, have at least £100,000 in savings or investments with Barclays, or a mix of both.
If you are eligible, you must start your application by 30 April and complete the following steps within 30 days to get the £400 deal:
- Apply for a Barclays Premier Current Account in the Barclays app
- Use the app to complete a full switch, including at least two Direct Debits
- Pay in at least £4,000 to the new Premier Account within 30 days of the switch
Barclays will text you when you have met the conditions, and you will receive the £400 bonus within 28 working days.
Santander – get £200
Santander’s £200 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.
You won’t qualify if you held a Santander current account on 1 January 2025 or have taken advantage of a switch offer from the bank before.
It’s worth noting that 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.
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. 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.
The Co-operative Bank – get up to £175
The Co-operative Bank’s switch offer is giving customers £100 for switching to the bank, plus £25 a 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 card transactions.
- Register for the bank’s online and/or mobile banking service.
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
- Making ten or more 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.
NatWest – get up to £150
NatWest is offering £150 to new and existing customers who do not hold a NatWest current or savings account as of 17 February.
To qualify for the £150 bonus, you must:
- Apply for a NatWest Select or Reward account and request a switch using CASS by 28 May 2026. The switch must be completed by 16 June.
- 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 into NatWest’s mobile app
If you have done all the above steps, the £150 will be paid into your account automatically within 30 days.
Customers will also be able to benefit from a bonus rate on the bank’s Digital Regular Saver, earning 7% interest for 12 months on balances up to £5,000.
This interest rate is made up of a base 5.25% variable rate rate on balances above £5,000, and a 1.75% boosted rate for the first 12 months you hold the account. This is a regular savings account, not an easy-access account. Find out more about the pros and cons of these accounts in our easy-access versus regular savers article.
NatWest is closing 32 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.
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.
