Bank bribes are back – The best bank switching bonuses and cashback offers

Unhappy with your bank? Don’t just moan, switch, and earn up to £240 in cash while you are at it. It is free money if you meet the conditions, but act now, as these offers can be withdrawn at any time.

If you’ve been with the same bank since school, university, or your first job, you could be missing out on hundreds of pounds in switching bonuses. Even if you are happy with your bank, opening a new qualifying account and switching a spare account can still be worth it.

We compare the latest bank switching offers, explain exactly what you need to do, and help you choose the best switch for your circumstances.

Last checked: 21 September 2026. We check the bank’s official terms before adding or changing an offer. Bank switching offers can change or be withdrawn without notice.

Affiliate disclosure: We may earn a commission if you use some links on this page. This does not affect which offers we include or how we rank them. Always check the bank’s full terms and eligibility rules before applying.

Best bank switching offers at a glance

Quick answer: Santander currently pays the highest live cash reward at £240, but it has more conditions than most. First Direct, Lloyds, NatWest, RBS and Nationwide may be a better fit depending on the direct debits, pay-in amount and card spending you can manage.

Which bank switch is right for you?

• Want the largest cash bonus? Santander pays £240, but you must meet the Regular Saver, household direct-debit and £1,500 pay-in conditions.
• Have £2,000 to cycle through an account and £500 of planned card spending? HSBC’s £220 offer could suit you.
• Only have £1,000 to pay in? First Direct or Nationwide could be the better options.
• Have 3 active direct debits ready to move? Lloyds pays £200 and does not require a minimum pay-in or card spend for the switch reward.
• Want no card-spend requirement? NatWest and RBS require a £1,250 pay-in and an app login instead.
• Switching with a partner? Nationwide is worth considering first, as qualifying sole and joint switches can potentially pay £525 between you.

Current bank switching offers

First Direct: £175 plus £35 TopCashback

Best for: People who want a strong reward with a £1,000 pay-in requirement rather than £1,500 or £2,000.

• Total reward: £175 from First Direct, plus £35 extra via TopCashback, making £210 in total.
• Account: First Direct 1st Account.
• Eligibility: New customers only. You must not have previously held a First Direct product. Opening an HSBC current account on or after 1 January 2018 can also exclude you.
• Switch requirement: Complete a full Current Account Switch Service (CASS) switch and move at least 2 direct debits or standing orders.
• Within 45 days: Pay in £1,000, log in to digital banking and make 5 debit card payments.
• Cashback deadline: Open the account between 14 September and 2 December 2026 for the extra £35 TopCashback boost.

1. Apply through TopCashback if you want the additional £35.
2. Open a First Direct 1st Account and request a full switch using CASS.
3. Move at least 2 direct debits or standing orders.
4. Within 45 days, pay in £1,000, log in to digital banking and make 5 debit card purchases.
5. First Direct pays the £175 by the 20th of the month after you meet the criteria.

See the full First Direct offer terms

HSBC: £220

Best for: People who can pay in £2,000 and will naturally spend £500 on a debit card within 60 days.

• Reward: £220.
• Account: HSBC Bank Account.
• Eligibility: New HSBC customers. Apply through the HSBC UK Mobile Banking app.
• Switch requirement: Complete a full CASS switch and move at least 2 direct debits.
• Within 60 days: Pay in £2,000 and spend £500 using the HSBC debit card.
• Deadline: No fixed end date is listed, but HSBC can withdraw the offer at any time.

1. Open an HSBC Bank Account through the HSBC UK Mobile Banking app.
2. Use CASS to complete a full switch and transfer at least 2 direct debits.
3. Within 60 days, pay in at least £2,000 and spend at least £500 on the HSBC debit card.
4. HSBC pays £220 within 60 days of you meeting the requirements.

See the full HSBC offer terms

HSBC Premier: £500

Best for: High earners or people with substantial qualifying savings or investments who meet HSBC Premier’s eligibility requirements.

• Reward: £500.
• Account: HSBC Premier Bank Account.
• Eligibility: You must meet HSBC Premier’s requirements. This normally means an annual income of at least £100,000, or £100,000 or more in savings or investments with HSBC in the UK.
• Switch requirement: A full CASS switch.
• Deadline: The welcome offer can be withdrawn at any time.

See the HSBC Premier offer terms

Lloyds: £200

Best for: People who already have 3 active direct debits and want a straightforward £200 reward without a stated pay-in or card-spend requirement.

• Reward: £200.
• Accounts: New Club Lloyds, Club Lloyds Silver, Club Lloyds Platinum or Lloyds Premier accounts.
• Eligibility: New or existing Lloyds customers opening a new qualifying account. You must not have received a switching offer from Lloyds, Halifax or Bank of Scotland since 1 January 2023.
• Switch requirement: Complete a full CASS switch from another banking group and move at least 3 active direct debits.
• What counts as active: Each direct debit must have made a payment in the last 13 months. Standing orders and recurring card payments do not count.
• Deadline: Open the account and start the switch by 9 December 2026.

1. Open a new qualifying Lloyds current account online, in branch or by phone by 9 December 2026.
2. Start a full CASS switch from an account held outside Lloyds Banking Group.
3. Make sure at least 3 active direct debits transfer as part of the switch.
4. Lloyds says it will pay the £200 within 14 working days of the switch starting.

See the full Lloyds offer terms

Nationwide: £175

Best for: Couples who may be able to qualify with separate sole accounts and a joint account, as well as anyone who can meet a modest £1,000 pay-in.

• Reward: £175 per qualifying account. A couple could potentially receive £525 across two sole accounts and one joint account.
• Accounts: FlexAccount, FlexDirect or FlexPlus.
• Switch requirement: Complete a full CASS switch from a non-Nationwide and non-Virgin Money account, including at least 2 direct debits. The switch must complete within 28 days.
• Within 31 days: Pay in £1,000 and make at least one debit card payment.
• Restrictions: You cannot receive the bonus if the account you switch into has received a Nationwide switch offer since 2021.

1. Open a qualifying Nationwide account, or select an existing one.
2. Request a full CASS switch with at least 2 direct debits.
3. Within 31 days, pay in £1,000 and make a debit card payment.
4. Nationwide pays the £175 within 10 days of you meeting all the requirements.

See the full Nationwide offer terms

NatWest: £200

Best for: People who would rather meet a pay-in and app-login condition than a card-spend requirement.

• Reward: £200.
• Accounts: NatWest Select or Reward account.
• Eligibility: New and existing customers who did not hold a NatWest current account on 6 May 2026.
• Switch requirement: Complete a full CASS switch from an account not held with NatWest, RBS or Ulster Bank.
• Within 60 days: Pay in £1,250 and log in to the NatWest mobile app. The £1,250 may be made up of more than one payment, but it must remain in the account for 24 hours.

1. Open a NatWest Select or Reward account and request a full CASS switch.
2. Within 60 days of the switch completing, pay in £1,250 and log in to the NatWest app.
3. NatWest pays the £200 within 30 days of you meeting the criteria.

See the full NatWest offer terms

RBS: £200

Best for: People eligible for the RBS offer who want the same simple £1,250 pay-in and app-login requirements as NatWest.

• Reward: £200.
• Accounts: RBS Select or Reward account.
• Eligibility: New and existing customers who did not hold an RBS current account on 6 May 2026.
• Switch requirement: Complete a full CASS switch from an account not held with RBS, NatWest or Ulster Bank.
• Within 60 days: Pay in £1,250 and log in to the RBS mobile app. The £1,250 can be made in more than one payment but must remain in the account for 24 hours.

1. Open an RBS Select or Reward account and request a full CASS switch.
2. Within 60 days of the switch completing, pay in £1,250 and log in to the RBS app.
3. RBS pays the £200 within 30 days of you meeting the criteria.

See the full RBS offer terms

Santander: £240

Best for: Readers who want the biggest headline reward and can meet the Regular Saver and household direct-debit conditions.

• Reward: £240.
• Account: Santander Everyday Current Account.
• Eligibility: You must not have held a Santander current account on 1 January 2026 and must not previously have received a Santander switching incentive.
• Switch requirement: Request a full CASS switch that closes the old account and transfer at least 2 qualifying household direct debits.
• Within 60 days: Complete the switch, pay in £1,500 and pay at least £200 into a Santander Regular Saver in your name.
• Qualifying direct debits: Eligible household bills include council tax, mobile or home phone, broadband, paid-for TV, water, gas and electricity.
• Deadline: Request the switch by 7 October 2026.

1. Open a Santander Everyday Current Account.
2. Request a full CASS switch by 7 October 2026.
3. Within 60 days, complete the switch, transfer 2 qualifying household direct debits and pay in £1,500.
4. Open or fund a Santander Regular Saver in your name with at least £200.
5. Keep the Everyday Current Account, Regular Saver and direct debits open until the bonus is paid.
6. Santander says it will pay £240 around 90 days after you request the switch if you meet the terms.

See the full Santander offer terms

How does bank switching work?

Bank account switching is quick and easy. The Current Account Switch Service has a 7-day switch guarantee. To switch, open your new bank account and use your new bank’s switching service. It will move your balance, direct debits, standing orders and payees to the new account, then close the old account if you choose a full switch.

Your salary and other incoming payments are redirected too. If something goes wrong with a switch, the Current Account Switch Guarantee says you will be refunded for interest and charges incurred as a result.

What to know before you switch bank account

Minimum pay-in requirements

Many offers require you to pay a minimum amount into the new account. This is not always the same as paying your salary in. In most cases, you can transfer money from another account, then move it back out again, provided you meet the bank’s deadline and keep any required sum in the account for the stated period.

For example, if a bank asks for a £1,000 pay-in and you have £750 available, you could transfer the £750 in, move it to another account, then transfer £250 back in. Always check the terms first, as some banks measure the requirement by calendar month and others use an account or statement month.

Direct debits

Some banks require the account you switch from to have active direct debits. These are not the same as standing orders, card subscriptions or recurring debit-card payments. Requirements vary by bank, so check the offer terms closely before starting your switch.

We do not recommend switching your main account just for an incentive. Many serial switchers instead use a spare account with a few cheap direct debits for bank switching.

Money Saving Answers direct debit

To help, we have created our own £1 direct debit you can use to help qualify for switching bonuses. Click here to set up the direct debit.

It takes up to 4 days to show on your account. The amount is £1, recurs monthly and can be cancelled at any time. See our Money Saving Answers direct debit page for more details.

Minimum card payments

A few banks ask you to make debit-card payments. If this is a requirement, use the card for genuine everyday spending that you would have made anyway. Do not assume that a top-up to another financial account will count as an eligible card payment, as banks can exclude certain transactions.

Closing your old account

To get most switching bonuses, you need a full switch. This normally closes the old account. A partial switch leaves the old account open but generally will not qualify for a switch reward. That is why many people keep a spare account for switching rather than moving their main account repeatedly.

Some basic bank accounts can work as spare accounts, but always check whether the provider participates in CASS and whether the account meets the specific offer’s direct-debit rules. See our guide to basic bank accounts for more information.

Overdrafts

The headline incentive can be tempting, but if you regularly use an overdraft, focus first on the account with the lowest overdraft cost. Overdraft interest and fees can easily outweigh a one-off switching bonus.

Credit checks

When you apply for a current account, the new bank may carry out a credit check. The type of check and its impact varies by provider and by whether you apply for an overdraft. If you expect to apply for a mortgage, loan or other major credit soon, consider the timing of multiple applications carefully.

Bank switching FAQ

Which bank is offering the highest switching bonus?

At the time this page was last checked, Santander pays the biggest live cash reward at £240. It also has more conditions than other offers, including 2 eligible household direct debits, a £1,500 pay-in and a £200 Regular Saver deposit.

Do I need direct debits to get a bank switching bonus?

Usually, yes. Many offers require 2 or 3 active direct debits to transfer with the switch. NatWest and RBS are exceptions among the offers above, as their published conditions focus on a full switch, a £1,250 pay-in and app login rather than direct debits.

Can I use a spare bank account for a bank switch?

Yes. You can switch an eligible spare account rather than your main current account, provided it meets the bank’s conditions. If the offer requires direct debits, they must be active and transferred as part of the full CASS switch.

Can I get more than one bank switching bonus?

Yes, if you meet each bank’s individual eligibility rules. Banks often exclude existing customers or people who previously received one of their switch bonuses. Read every offer’s exclusion period before applying.

Can couples get more than one bank switching bonus?

Often, yes. Each person may qualify for a sole-account bonus, and a joint account may qualify separately if the bank’s terms allow it. Nationwide is a notable example, where a couple may potentially receive £525 across two sole accounts and one joint account.

How long does a bank switch take?

A full CASS switch normally takes 7 working days. However, the deadline to meet bonus requirements often runs from the account-opening date or switch-completion date, so do not leave required pay-ins, app logins or card payments until the last minute.

Does switching bank account affect my credit score?

It can, depending on the provider and the account you apply for. A new current-account application may leave a record on your credit file, especially if you apply for an overdraft. Check the provider’s application information and avoid unnecessary applications before major borrowing.

Keeping track of your switches

If, like us, you are a serial switcher, it pays to have a system for tracking your switching offers and ensuring you meet payment deadlines and other criteria. That is where Switch Tracker comes in.

Developed by a fellow Money Saving enthusiast and serial switcher, Switch Tracker allows you to keep track of all your bank switches and the criteria for receiving the bonus. It is completely free and does not require registration. It is now our go-to app for managing bank switches.

Digital bank accounts and other free money UK offers

As competition for customers grows, a number of digital banks offer incentives to join them. The good news is that you do not need to switch to take advantage of these offers, and they do not generally carry the same pay-in and direct-debit requirements. The less good news is that the rewards are usually lower than traditional bank switching offers.

That said, they are free and easy to open, so they can be useful accounts to keep for everyday spending or as a potential spare account for a future switch.

Chase UK: £50 refer-a-friend offer

Chase’s £50 refer-a-friend offer is not a bank switching bonus, but it is a useful free-money offer for eligible new customers.

• Open a Chase account in the app.
• Enter and activate a valid referral code in the Rewards section within 30 days of opening your first Chase account.
• Pay in a total of £1,000 within 30 days. This can be made in more than one deposit.
• You and the referrer each receive £50 in your rewards balance if you meet the terms.

Visit our Facebook page where readers share referral codes. Read the Chase refer-a-friend terms.

Starling Bank

Starling is a Money Saving Answers favourite and one of the more mature digital banks. It does not currently offer a welcome bonus or switching incentive, but it can be a useful free account. See our long-term Starling Bank account review for more.

>> Open a Starling Bank account here

Monzo

Monzo referral rewards can vary, so check the offer shown when you open a valid referral link. In general, you need to sign up through the link, complete identity checks and make a qualifying card payment within 30 days. See the current conditions in the Monzo app or via our Monzo link.

See our free money offers page for a full list of quick and easy offers and bonuses.