Brits can earn up to £300 in rewards for switching their current account, with several banks offering a bonus for joining them. Many people open current accounts in their youth and stay with their bank for years - sometimes decades - just to avoid the hassle of switching. Banks are therefore keen to make switching to their accounts and gaining new customers as seamless as possible, whilst providing financial incentives for doing so.
The rewards can be considerable, though you'll normally have to jump through a few administrative hoops in terms of deposit and transfer rules.
Barclays and Santander
Moneyfactscompare.co.uk highlighted Barclays' current account switching rewards as among the best offers out there, worth as much as £300 if you follow all the right steps. To get the first £150 of this offer, you'll need to open a Bank Account via the Barclays Bank mobile app, then use the Current Account Switch Service (CASS) to move your existing current account to Barclays Bank’s Bank Account. This must involve transferring a minimum of three active direct debits. After that, you'll need to pay in at least £2,000 in salary within 30 days of opening it, and make at least 10 debit card transactions. The £150 bonus will be paid within 28 days of you meeting these requirements.
You can get a further £150 made up of £30 payments over the following five months, provided you continue to have £2,000 or more in salary paid into your account per month, and make a minimum of 10 debit card payments monthly, the outlet explains. However, the outlet advises people to check the rules carefully so they don't miss out and the offer could be withdrawn at any time.
Santander's Everyday Current Account includes a £240 switching offer. The account was highlighted as a top deal for banking in Moneyfactscompare.co.uk's Pick of the Week, with the site also praising its temporary freeze on arranged overdraft costs. Commenting on the deal, Caitlyn Eastell, personal finance analyst at the deal comparison site, said: “Customers looking to switch bank accounts may be pleased to see that Santander has relaunched its £240 switching offer for new and existing customers who move to its Everyday Current Account, subject to depositing at least £1,500 and meeting other eligibility criteria within 60 days.”
To qualify for the deal, new customers must deposit at least £1,500, set up two qualifying direct debits and fund a Santander Regular Savers with at least £200 within 60 days of request. They must also be signed up to online and mobile banking. Customers can also sign up for Santander Boosts to receive cashback, vouchers, offers and prize draws from selected retailers. Santander provides a more detailed explanation of what you need to do to get the reward on its website. But Ms Eastell says the switching deal is not the only appeal of the account, which is "also offering 0% on arranged overdrafts for switched accounts for the first four months".
Ms Eastell suggests the rate "will be particularly helpful for households as we come into the expensive Christmas and new year period". However, she notes that customers should be aware that after four months, the overdraft rate rises to 39.49% EAR. Ms Eastell added: "Overall, the account earns an Excellent Moneyfacts product rating."
HSBC and First Direct
Martin Lewis' personal finance website MoneySavingExpert.com recently highlighted a few of the best options on the market, including HSBC's switching reward. The commercial bank pays out £220 if you meet certain switching, deposit and spending criteria. Customers must meet the following criteria within 60 days of opening their account to get the reward, HSBC explains on its website: complete a full switch using the Current Account Switch Service (CASS) to transfer their everyday banking, including at least two direct debits; deposit a minimum of £2,000 into their account; and spend £500 using a debit card linked to the account.
First Direct, a division of HSBC UK Bank, currently has a £210 reward for switching to its 1st Account. To get the bonus, you’ll need to switch to meet various conditions within 45 days of your account opening. This includes switching First Direct via the switching service (including at least 2 Direct Debits or standing orders), depositing £1,000, making at least five debit card payments, and logging on to digital banking. First Direct notes on its website that the offer is only for new customers, who haven’t previously held one of their products. It’s also not open to people who opened an HSBC current account on or after January 1, 2018, and the offer can be withdrawn at any time.
Natwest, Nationwide and Lloyds
Natwest also offers a switching reward, with Brits able to get a £200 cash boost by meeting certain requirements. To get it you need to apply for a Select or Reward account and request and complete a full switch to us from another bank via the CASS. You'll then need to pay in a total of £1,250 (this can be made of multiple payments and must remain in the account for 24 hours) and log into the Natwest Mobile app. If the conditions are met, you'll be paid £200 into your eligible account within 30 days.
Nationwide has a £175 reward for switching if you follow various steps. Firstly you'll need to switch to a new or existing FlexDirect, FlexAccount or FlexPlus - this must be from a non-Nationwide or non-Virgin Money current account. Your old account must have at least two Direct Debits. You then start a full switch using the CASS, with Nationwide noting that a full switch includes them closing your old account. This switch must be completed within 28 days. You'll then need to pay in £1,000 and make one debit card payment within 31 days of your new account opening or when you applied to switch to an existing account, their website explains. The £175 reward will be paid into the Nationwide account you’ve switched to within 10 days of you meeting all the requirements.
Lloyds Bank has a £200 switching offer for switching to its Club Lloyds or Club Premier current accounts. However, it’s important to note that they’re subject to monthly fees. In the case of the Club Lloyds account this can be avoided by paying in at least £2,000 per month. To qualify for the switching offer, you have to switch to a new Lloyds current account via the switching service from another bank. To get it, you need to first apply for either a new Club Lloyds Account (a £5 monthly fee may apply), a new Club Lloyds Platinum Account (£22.50 monthly fee applies, plus £5 monthly Club Lloyds fee may apply), a new Club Lloyds Silver Account (£11.50 monthly fee applies, plus £5 Club Lloyds fee may apply) or a new Lloyds Premier Account (£15 monthly fee applies).
You’ll then need to use the switching service to transfer all the active credits and debits from the bank account that you hold with another bank to the new one. Your switch must include the transfer of at least three active direct debits from your old account. Lloyds notes that any direct debits set up after your switch has been started and other types of automated payments won’t count towards the offer. Open the account online, in branch or by phone between September 17, 2026 and December 9 and start the CASS switch by December 9, 2026. You’ll be paid the £200 into your account within 14 days of the switch starting if all the conditions are met.
Visit the banks’ official website and follow their instructions if you’re looking to switch to them.
