The best bank switching offers – get up to £200

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.

Subscribe to MoneyWeek

Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE

Get 6 issues free

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

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 five bank switching deals on offer, boasting up to £200 in cash and rewards.

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

Nationwide – get £200

Nationwide is offering a £200 bonus to existing members who had a current account, savings account or mortgage on 31 March 2025.

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 within 31 days:

• Use the CASS to complete a full switch to Nationwide
• Pay in at least £1,000.
• Switch over a minimum of two direct debits to Nationwide.
• Make at least one debit card transaction.

But, you are not eligible for this switch deal if you have received a switch bonus from Nationwide since 2021.

On top of the cash bonus, the account also gives you access to a regular savings account that pays 6.5% variable interest for a year, provided you pay up to £200 per month.

Lloyds Bank – get £185

Lloyds Bank has launched its latest switching offer, paying £185 to new and existing customers who move to a new Club Lloyds current account and meet certain criteria to get it. To be eligible, you must:

• Switch your bank account to a new Club Lloyds current account: Club Lloyds (£5 per month), Club Lloyds Silver (£11.50 per month), Lloyds Premier account (£15 per month), or Club Lloyds Platinum (£22.50 per month).
• Have a minimum of three active direct debits from your old account. This excludes standing orders and recurring card payments.
• Make the switch before 28 July 2025.

You will not be eligible for the switch if you have already used a switching offer since April 2020 for a Lloyds, Bank of Scotland, or Halifax bank account.

If you make the switch, you get access to the 6.25% regular saver and fee-free spending abroad.

You can also access the new Lloyds Travel booking feature on the app, which lets you track flights and hotels. If you find a better price within 24 hours of booking, Lloyds Travel will match the price.

Plus, Club Lloyds customers can also choose from a 12-month Disney+ subscription, Vue or Odeon cinema tickets, a magazine subscription or a digital Coffee Club and Gourmet Society membership.

Santander – get £180

Santander has launched a £180 switching deal for both new and existing customers if they switch to a Santander current account.

To qualify, you must do the following:

• Complete the switch using the 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.

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.

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.

NatWest – get £175

NatWest is offering £125 to new and existing customers when they move to a Reward Account, and an extra £50 by opening a Digital Regular Saver.

To qualify, customers will need to:

• Switch their bank account to a NatWest Rewards account (£2 monthly fee) using the Current Account Switch Service.
• Pay in £1,250 into the new account
• Log into the mobile app within 60 days of switching

For an extra £50, you must:

• Open a Digital Regular Saver within 60 days of your switch. You’ll receive the extra cash within 30 days of your cash bonus.

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 £4 each month in cashback when you pay in £1,250, two direct debits of more than £2, and £1 by logging into the mobile app.

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.