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.

Nearly one million bank account switches took place in the last year, the latest data from the Current Account Switch Service (CASS) shows.

The service recorded 216,519 switches between April and June 2025. June was the busiest month this year for customers moving to a new provider, with a record high of 88,146 switches.

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The biggest winner was Nationwide, with the highest net gains of 55,578. Online bank Monzo came in second place with 8,850, while HSBC took third place with 5,621 switching gains.

Both Nationwide and HSBC – the latter of which includes the digital bank First Direct – had switching offers that proved lucrative to customers.

Nationwide’s array of offers, like the £100 Fairer Share bonus, the Thank You bonus, and member-only savings products, seemed to have swooped in the most current account holders.

John Dentry, product owner at Pay.UK, owner and operator of the Current Account Switch Service, said: “The fact that the top three spots are occupied by a legacy bank, long-standing building society, and a neobank, shows the depth and diversity of the UK banking system.

“With nearly a million switches in the past 12 months, the Current Account Switch Service continues to play a key role in facilitating a healthy and competitive banking market.”

We delve into the most and least popular banks among customers in a separate piece.

There are currently two bank switching deals on offer, boasting up to £175 in cash. Most deals have fizzled out in the last few weeks, including those from Santander, TSB and Lloyds Bank.

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 7% regular saver. Plus, there is 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 newly launched switching deal is offering 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 debit card transactions.
• Register for the bank’s online and/or mobile banking service, and;
• Set up and kept active the debit card in a digital wallet (Apple Pay, Samsung Wallet or Google Pay)

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;
• Make a minimum of 10 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.

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.