Customers switching current accounts can earn between £175 and £300 in free cash through offers from six major banks. Barclays leads with up to £300, followed by HSBC at £220, First Direct at £210, Lloyds and NatWest at £200 each, and Nationwide at £175.
The deals were highlighted by MoneySavingExpert (MSE.com) in its latest comparison of switching incentives. To qualify, customers must meet conditions such as transferring Direct Debits, depositing a minimum amount, or making debit card purchases. Some offers exclude existing customers or those who have previously received a switching bonus from the same banking group.
Barclays and HSBC offers
Barclays offers up to £300 to eligible customers switching to its Barclays Bank Account. The incentive includes an initial £150 payment followed by five monthly payments of £30. To qualify for the first payment, customers must open an individual account through the Barclays app, switch an account with at least three Direct Debits, and pay in at least £2,000 in qualifying monthly income within 30 days. Qualifying income includes employment income, state or private pensions, and transfers from a UK business account; moving money between personal current accounts does not count. For the remaining £150, customers must continue paying in £2,000 and make at least 10 debit card payments in each of the following five months. The offer excludes those who previously received a Barclays switching bonus or held an open Barclays current account on October 1, and joint accounts are not eligible.
HSBC offers £220 to customers opening a new HSBC Bank Account. Applicants must transfer an account with at least two Direct Debits, deposit £2,000, and spend £500 using their debit card within 60 days. The bonus is paid within 60 days of meeting all conditions. Customers are excluded if they already hold an HSBC or First Direct account, or have held a current account with either bank since January 1, 2023. Joint accounts are not eligible.
First Direct, Lloyds and NatWest
First Direct offers £210 for its 1st Account. Customers must switch an account with at least two Direct Debits or standing orders, deposit £1,000, make five debit card payments, and log in to digital banking within 45 days. Applicants must never have held a First Direct product and must not have opened an HSBC current account since January 1, 2018. MSE also highlights access to a regular savings account paying 7% fixed interest for a year and a potential £250 interest-free overdraft, subject to approval.
Club Lloyds offers £200 to eligible customers switching from another banking group. Applicants must transfer an account with at least three Direct Debits, with the switch started by December 9. Those who received a switching bonus from Lloyds, Halifax, or Bank of Scotland since January 1, 2023, are excluded, and customers cannot qualify by switching from Halifax or Bank of Scotland. The account carries a £5 monthly fee, waived when at least £2,000 is paid in each month. Benefits include a choice of annual rewards, such as Disney+ with adverts or cinema tickets, and a linked regular saver paying 6.25% fixed interest for a year.
NatWest offers £200 to eligible customers switching to a qualifying current account. Customers must complete a switch from a bank outside the NatWest, Royal Bank of Scotland, and Ulster Bank group, pay in at least £1,250, and log in to the NatWest mobile banking app within 60 days. The bonus is paid within 30 days. Those who previously received a switching bonus from NatWest, RBS, or Ulster Bank are excluded, along with those who held a NatWest current account on May 6. MSE highlights the NatWest Reward account, which costs £2 a month but offers £4 monthly cashback when customers meet pay-in and Direct Debit conditions.
Nationwide and switching advice
Nationwide offers £175 to eligible customers switching to its FlexDirect current account. Applicants must switch an account with at least two Direct Debits within 28 days, pay in at least £1,000, and make at least one debit card payment within 31 days of opening the account. The bonus is paid within 10 days of meeting the requirements. Customers who received a Nationwide switching bonus since 2021 are generally excluded, though some exceptions apply for switches between individual and joint accounts. The account also offers 5% interest on balances up to £1,500 for the first year and potential cashback worth up to £120 annually, subject to additional conditions.
MoneySavingExpert said the Current Account Switch Service normally completes a switch within seven working days. The service transfers the balance, Direct Debits, and standing orders to the new account and closes the old one. Payments sent to the old account are redirected, but recurring debit card payments, including some subscriptions, do not automatically transfer and must be updated separately. Customers should also check whether their existing bank and the new provider belong to the same banking group, as this can prevent qualifying for a switching bonus. Most banks carry out a credit check when someone applies for a new current account, and multiple applications in a short period can affect credit records. Overdrawn customers may still switch, but the new bank must agree to the overdraft arrangements or the outstanding balance must be dealt with separately. MSE.com also advises Universal Credit claimants to update their benefit account after switching, as they may be asked to verify their identity at a Jobcentre. Anyone considering an offer should check the full eligibility conditions and current availability before applying, as banks can change or withdraw their incentives.
