Bank customers can receive up to £300 in cash for switching their current account, with several major providers offering financial incentives to attract new business. MoneySavingExpert (MSE), founded by consumer champion Martin Lewis, has highlighted seven switching offers worth between £175 and £300, with some accounts also providing access to competitive savings rates and cashback.
The offers come as the latest Current Account Switch Service (CASS) statistics show more than one million switches have been completed during the first nine months of 2026. However, MSE advises customers to check the eligibility requirements carefully, as most offers involve minimum deposits, active Direct Debits and restrictions on previous switching bonuses.
Barclays, Santander and HSBC lead the offers
Barclays is offering £150 upfront to eligible customers who switch an account with at least three Direct Debits and receive monthly earnings of £2,000 or more within 30 days. A further £150 is available through five monthly payments of £30, provided customers continue meeting the income requirement and make at least 10 debit card transactions each month.
Customers switching to Santander's fee-free Everyday Current Account can receive £240 by completing a switch, paying in £1,500 and having two qualifying household Direct Debits within 60 days. They must also deposit £200 into a linked regular saver, which pays 8% variable interest.
HSBC is offering £220 to customers who complete a full switch with at least two Direct Debits, deposit £2,000 and spend £500 using their debit card within 60 days. Existing HSBC and First Direct customers, and those who have held an account with either since January 2023, are excluded.
First Direct, Lloyds, NatWest and Nationwide deals
First Direct is offering £210 to eligible customers who switch an account with two Direct Debits or standing orders, pay in £1,000, make five debit card payments and log into digital banking within 45 days. Applicants must never have held a First Direct product.
Customers switching to Club Lloyds can receive £200 by moving an account with at least three Direct Debits. The switch must be started by December 9. The account has a £5 monthly fee, waived when customers pay in at least £2,000 each month.
NatWest is offering £200 to eligible customers who complete a switch from outside its banking group, pay in £1,250 and log into its mobile app within 60 days. The offer is available on qualifying accounts, including its fee-free Select Account.
Nationwide is offering £175 to eligible customers who switch an account with two Direct Debits within 28 days, pay in £1,000 and make at least one debit card payment within 31 days of opening. Its FlexDirect account also offers 5% interest on balances up to £1,500 for one year, subject to conditions.
More than one million bank switches this year
New CASS statistics show 411,384 current account switches were completed between July and September, an increase of 55% compared with the same period last year. This brings the total for the first nine months of 2026 to 1,019,912.
Separate results covering April to June show Nationwide recorded a net gain of 23,636 customers, followed by Barclays with 21,169, NatWest with 20,287 and Monzo with 17,544. John Dentry, from Pay.UK, which operates the Current Account Switch Service, said: "The huge range of providers underscores the competitiveness of the market."
Before switching accounts
MSE advises customers to check all eligibility conditions before applying, particularly restrictions on previous switching bonuses. The Current Account Switch Service normally completes transfers within seven working days, automatically moving balances, Direct Debits and standing orders to the new account. However, recurring debit card payments, including some subscriptions, must be updated separately.
