Thousands of bank customers could pocket a bonus payment just by moving their current account, with several major names dangling offers to tempt people to switch. A MoneySavingExpert (MSE) round-up says that four banking brands are currently offering at least £200, but each deal comes with certain criteria and at least one deadline.
The idea is simple - use the Current Account Switch Service to move banks, meet the required pay-ins and Direct Debits criteria, then collect the bonus. MSE says some people could even set up a spare 'burner' account just for switching so their main wages-and-bills account isn't disturbed, though it's worth remembering a switch can leave a mark on your credit file overall.
Lenders can dislike lots of recent account searches ahead of something major - like a mortgage application. Even if you're accepted, extra checks can slow things down or raise questions about your financial stability.
HSBC and Barclays Top Offers
One of the biggest payouts on the table is from HSBC, which is advertising up to £220 for eligible new switchers. To qualify, the bank requires a total of £2,000 to be paid into an HSBC Bank Account and at least £500 to be spent within 60 days, and the offer excludes people who've had an HSBC or First Direct current account since early 2023.
The Barclays Bank Account is also offering £200, but it's more of a race against the clock. The switch needs to be into a sole account opened in the app, with £2,000 paid in within 30 days and at least two Direct Debits in place by August 27.
On top of the switching cash, Barclays customers can opt into its Rewards add-on, which costs £5 a month. That package includes perks such as a discounted Apple TV subscription (normally worth £10 a month), but you'll only get the switch bonus if you meet the bank's “no recent account/bonus” rules mentioned in the offer terms.
NatWest and First Direct Details
NatWest's £200 deal comes via its Reward account, which carries a £2 monthly fee. The bank also promotes an ongoing cashback set-up that can pay back a small monthly amount if you pay in at least £1,250, keep two Direct Debits active, use the app and spend on the card.
NatWest says joint accounts can qualify as well as solo switchers, but it won't pay out to anyone who has already had a switching bonus from NatWest, RBS or Ulster Bank. It also rules out customers who held a NatWest account before a stated cut-off date in May.
First Direct's offer makes up £200 in a different way - £175 cash plus a £25 Amazon voucher. To trigger the cash, switchers need to pay in at least £1,000, move or set up two Direct Debits, and make at least five debit card payments from a 1st Account.
The Amazon voucher part comes with its own condition: you must claim it via email within 120 days and keep the account open during that time. First Direct also limits eligibility to people who've never had any First Direct product, and who haven't opened an HSBC current account since the stated 2018 cut-off.
Practical Considerations
Before anyone rushes to chase the freebies, there's a practical warning. Each switch creates a hard or soft credit search so avoid switching multiple times in the months before applying for a major mortgage or credit card.
Most banks specify that you cannot have held an account with them or their sister brands since a certain date to claim the bonus. Always read the fine print before applying.
