Best Bank Switching Bonuses UK
Banks regularly pay cash bonuses of £100 to £200 to attract new customers. With the Current Account Switch Service (CASS), switching takes just 7 working days and is completely guaranteed — all your payments, direct debits, and standing orders move automatically.
Free money alert: You can switch multiple times and collect multiple bonuses. Some people earn £400–£600/year just from bank switching. The switch guarantee protects you if anything goes wrong.
How Bank Switching Works
- Open a new account with the bank offering the bonus
- Request a switch using the Current Account Switch Service (CASS)
- Your old account closes, all payments move across automatically within 7 working days
- Meet the qualifying requirements (usually: pay in a set amount each month, use the debit card X times)
- Bonus paid — usually within 30 days of meeting the criteria
Current Switching Bonuses
Offers change regularly. Check each bank's website directly for the latest offer and qualifying criteria before switching.
| Bank | Typical bonus | Key requirements |
|---|---|---|
| First Direct | £175 | Switch and pay in £1,000 within 3 months. |
| Nationwide FlexDirect | £200 | Switch and pay in £1,000/month. Also offers 5% AER on up to £1,500 for 12 months. |
| HSBC Advance | £175 | Switch, pay in £1,500/month, and use debit card. |
| Lloyds Club | £175 | Switch with 2+ direct debits, pay in £1,500/month. |
| NatWest / RBS | £150 | Switch with 2+ direct debits. One of the simpler requirements. |
| TSB | £100–£125 | Switch, pay in minimum amount, use debit card 5+ times/month. |
Tips for Maximising Switch Bonuses
- Read the eligibility criteria carefully — most exclude existing customers or people who've recently had an account with that brand
- Salary accounts work well — use the new account for your salary to hit the pay-in requirement easily
- The switch guarantee is legally binding — if any payment goes missing, the bank must reimburse you immediately
- Check your credit file — opening multiple accounts can cause a small, temporary dip. Space switches out if you're applying for a mortgage soon
Best Banks Beyond the Bonus
- Chase UK — 1% cashback on everyday spending for 12 months, free overseas transactions
- Starling Bank — best-in-class app, free overseas spending, interest on balance
- First Direct — consistently top-rated for customer service, £250 fee-free overdraft
Compare all current accounts at MoneySavingExpert for the most up-to-date bonuses and features.