Major UK banks are currently handing out free £200 cash payments to customers who switch their current accounts. In a competitive bid to attract new clients, Santander, Barclays, and Lloyds are all offering the financial incentive, alongside a suite of other benefits.
The lucrative offers were highlighted in a recent update from the consumer finance website Money Saving Expert (MSE), founded by Martin Lewis. The site explained that these 'switch bribes' are a strategic move for banks, as they simultaneously gain a new customer and see a rival lose one.
How to Claim Your £200 Switching Bonus
While the prospect of free money is appealing, each bank has a specific set of criteria you must meet to qualify for the £200. The process typically involves using the Current Account Switch Service to move an existing account from a different bank, along with fulfilling requirements like minimum monthly deposits and maintaining active direct debits.
A Detailed Look at the Bank Offers
Santander is providing the £200 bonus for those switching to its Santander Edge account, which also offers access to a 6% savings account, 1% bills cashback, and an overseas debit card. This account carries a £3 monthly fee, and to qualify, you must deposit at least £1,500 and have two active direct debits. The fee-free Santander Everyday account also qualifies for the £200. You cannot have received a switch bonus from Santander before or held a Santander current account on January 1, 2025. The cash is paid between 60 and 90 days after starting the switch.
Barclays offers the £200, plus 4.21% interest on up to £5,000 and subscriptions to Apple TV+ and Major League Soccer, when you join its Blue Rewards scheme. This scheme costs £5 per month and requires you to pay in £800 monthly. Experts note you can cancel Blue Rewards after receiving the switcher's cash. To be eligible, you must not have had a Barclays account open on or before October 7, 2025, or have received switch cash from them previously. You must also pay in £2,000 within 30 days and complete a full switch with two direct debits by November 27. The £200 is paid within 28 working days.
Lloyds Bank is also offering a free £200 for switching to a Club Lloyds account. This deal includes access to a 6.25% regular saver, fee-free overseas spending, and an annual reward choice such as 12 months of Disney+, six cinema tickets, or a magazine subscription. The account has a £5 monthly fee, which is waived if you pay in £2,000 or more each month. You are ineligible if you have received a switch bonus from Lloyds, Bank of Scotland, or Halifax since April 2020. The £200 is paid promptly, within 10 working days of the switch completing.
These offers represent a significant opportunity for consumers to boost their finances. However, it is crucial to read all the terms and conditions carefully to ensure you can meet the ongoing requirements and avoid any unexpected fees.
