HOUSEHOLDS can get free cash worth hundreds of pounds simply for switching bank accounts.
Currently, the most lucrative switching incentive is worth £240.
To help you find the right bank account, we list some of the providers that offer the best switching incentives below.
Before you switch, it’s important to check the new account is the right one for you – and that you’ll meet the terms and conditions for the offer.
The best bank account switching offers
Santander
Switching offer: £240, plus access to an 8% AER/gross (variable) Regular Saver Account
When will I get it? The £240 bonus is then paid into your account within 30 days of Santander assessing your eligibility at the 60-day mark.
Eligible accounts: Santander Everyday Current Account (a fee-free everyday account)
What does it offer? A standard current account with no monthly fee, access to Santander’s Regular Saver Account, which pays a market-leading 8% variable interest (including a 5% bonus for the first 12 months) and comes with a £240 upfront cash boost.
How to get it: Complete a full switch, pay in at least £1,500, set up two active household direct debits, and open and fund a Regular Saver with at least £200 within 60 days.
Eligibility check: You must be a UK resident who did not hold a Santander current account on January 1, 2026, and have not previously received a Santander switch payment.
Co-op
Switching offer: Up to £200 cash (an initial £125 switch bonus, plus £25 a month for 3 months for continued active account use).
When will I get it? Initial £125: Paid within 7 days of meeting the initial 30-day criteria following your completed switch.
Ongoing £75 (£25/month for 3 months): Paid monthly for each month you meet the repeat usage criteria after qualifying for the first payout.
Eligible accounts: Current or Everyday Extra Account
What does it offer? The standard no-fee current account gives access to Co-op’s Regular Saver Account, which currently pays 7% interest on up to £250 savings a month.
The Everyday Extra account costs £12 per month, but includes mobile phone insurance, worldwide travel insurance and UK & European breakdown cover.
How to get it: Complete a full switch, deposit at least £1,500, complete five debit card transactions and have at least two active direct debits.
The £75 is then paid out in three instalments of £25 for three months when you actively use your account.
Existing customers who already had an account on June 21, 2026, will then get the extra £100 if they also meet these requirements.
Eligibility check: You must switch from an external bank (smile accounts cannot be switched). You are not eligible if you have received a switch bonus from The Co-operative Bank since 1 November 2022.
HSBC
Switching offer: £220
When will I get it? Within 60 days of meeting the requirements
Eligible accounts: Bank Account
What does it offer? The no-frills account is free to use, and comes with extra offers and discounts on shopping, dining and travel.
Customers also get access to its Global Money Account, which lets you send, spend and receive currency offering what HSBC says are the “best” exchange rates.
How to get it: Complete a full switch including at least two direct debits, deposit £2,000 and spend £500 using a linked debit card within 60 days.
Eligibility check: You must be a UK resident switching an external account and must not have held an HSBC or First Direct current account since 1 January 2023.
NatWest
Switching offer: £200
When will I get it? Within 30 days of meeting all switching criteria
Eligible accounts: Select, Reward and Premier accounts
What does it offer? The NatWest Reward account could be a great option if you’re looking for easy cashback.
While hitting users with a £2 monthly fee, you’ll earn £4 a month for having two or more direct debits, plus an extra £1 a month for logging into the mobile app.
You also get access to the Digital Regular Saver, which offers 5.25% on up to £150 each month.
The Select is a basic option that doesn’t charge monthly fees, while the Premier selection of accounts is only available to high earners making at least £100,000 a year.
How to get it: Complete a full switch, pay in £1,250 and log in to the mobile app within 60 days.
Eligibility check: You won’t qualify if you held a NatWest current account on 6 May 2026 or have previously received a switch bonus from NatWest, RBS, or Ulster Bank.
Barclays
Switching offer: £200
When will I get it? Within 28 working days of meeting the switching conditions
Eligible accounts: Bank Account
What does it offer? The fuss-free account comes with no monthly fee.
Customers can currently get 5% cashback (maximum of £10 a month) when they buy at least £5 worth of fuel at a Tesco forecourt using their Barclays card.
You can get the offer at any Tesco petrol station, except for the Esso stations linked to Tesco stores, until July 31.
How to get it: Start a full switch by August 27 including two direct debits, and add at least £2,000 within 30 days.
first direct
Switching offer: £175
When will I get it? By the 20th of the following month after meeting all switching criteria
Eligible accounts: 1st Account
What does it offer? The 1st Account does the basics well, offering highly-rated customer service and a range of useful features.
This includes access to a regular saver account paying 7% interest and a £250 arranged overdraft.
The account is free too, and you can use your debit card with no first direct fees when spending abroad.
How to get it: Switch an account with at least two direct debits, pay in £1,000 and make at least five debit card payments within 45 days.
Nationwide
Switching offer: £175
When will I get it? Within 10 days of meeting all switching criteria
Eligible accounts: FlexDirect, FlexAccount and FlexPlus
What does it offer? The fee-free FlexDirect account offers most customers 5% in-credit interest on balances of up to £1,500 for a year (maximum of £75) and 1% cashback for 12 months, up to £5 a month.
Plus many get a £50 interest-free arranged overdraft too.
It’s available through online banking only.
Meanwhile, the FlexAccount offers unlimited access to Nationwide branch and telephone support, but there’s no 5% interest or 1% cashback.
Alternatively, the FlexPlus packaged account comes with a £18 monthly fee, but it also includes global family travel and mobile phone insurance, plus UK and European breakdown cover.
How to get it: Complete a full switch and set up at least two direct debits within 28 days.
Within 31 days of opening, pay in £1,000 and make at least one debit card payment.
What to look for when switching bank accounts
While a top switching incentive can be enticing, it isn’t the only factor you should use to decide on your new current account, according to Rachel Springall, finance expert at data firm Moneyfacts.
“Current accounts are all very different, some pay credit interest, others reward customers each time they spend on bills, and some are simpler and carry a competitive overdraft tariff,” she said.
“The right current account does depend on someone’s individual circumstances.”
Some switching offers only apply to current accounts with fees and, if you’re not making full use of its facilities, it may end up being an expensive option over the long-term.
It’s also important to consider its accessibility features too.
If you’re still reliant on a bank with in-person branches, then switching to an online-only provider can present its own challenges.
Types of bank account perks
Banks offer different perks to its offering. This might include:
- Cashback – A reward programme that puts money back into your bank account, usually after certain purchases. This could be for setting up a direct debit, spending on your debit card, or paying off other bills.
- A lifestyle benefit – These are non-financial benefits added to your account, like a monthly movie ticket or discounted coffee.
- Interest-free overdraft – A handy short-term buffer that lets you spend more than you have in your account without being charged for it. You can only spend up to a certain limit, though, and if you don’t start a repayment plan it could negatively impact your credit score.
- Fee-free spending abroad – Many banks now allow you to spend money abroad, like Europe, without incurring any charges.
How to switch bank accounts
Most banks and building societies will use the Current Account Switching Service (CASS) to help you switch bank accounts.
It’s a free tool which handles all the administrative work of moving bank accounts, like copying across your payee’s information and setting up direct debits.
Since launching, it has helped switch over 99% of bank accounts within the seven-day period.
But, if your switch does fail, your new bank is mandated to cover the cost of any financial loss you may incur.
All you have to do to switch is apply for the new account you want, and the new bank will tell your existing one you’re moving.
There are a few things you can do before switching though, including choosing your switch date and transferring any old bank statements to your new account.
You should get in touch with your existing bank for any old statements.
Does switching damage your credit score?
Switching bank accounts doesn’t inherently damage your credit score.
However, in some cases, you might see a temporary drop in your credit score – especially if you’re applying for an account with an overdraft.
That’s because your new bank might perform a hard credit check on your profile to process your application.
To new lenders it may seem as if you’re taking on new risk, but after a few months it should recover.
Can I switch a joint bank account?
Yes, you can normally switch using the CASS but both account holders will need to be on board too.
If you’re both switching to take advantage of a cash incentive, remember that most rules only allow one incentive per account – not person.
That means joint account holders will share the switching incentive.