Credit: PA
HOUSEHOLDS can get free cash worth hundreds of pounds simply for switching bank accounts.
Currently, the most lucrative switching incentive is worth over £300.
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.
Sign up for the Money newsletter
Thank you!
The best bank account switching offers
Santander
Switching offer: £180 + £150 hotel voucher
When will I get it? Roughly 90 days from starting the switch
Eligible accounts: Everyday, Edge, Edge Up, & Edge Explorer current accounts for the £180 cash, or Edge Explorer only for the £150 hotel voucher too
What does it offer? The Santander Edge account is built for those who will use it to pay their monthly bills.
That’s because you earn 1% cashback (up to £10 a month) on essential bills paid by direct debit – like council tax or your phone.
You can also earn another 1% cashback (up to £10 a month) on supermarket and travel spending.
While there is a £3 monthly fee, the account grants you access to the Edge Savings account, which offers a competitive 6% on balances up to £4,000.
The Edge Up account has a £5 monthly fee, but customers can earn up to £15 cashback on bills a month.
The Edge Explorer account comes with worldwide family travel insurance, UK 24/7 GP remote access and UK and European breakdown cover, but you’ll have to pay a monthly £17 fee.
The Everyday account, meanwhile, has no fee but it comes without many benefits.
How to get it: For the £180 cash, complete a full switch, set up two direct debits and pay in £1,500 within 60 days.
To also get the £150 hotel voucher, open a Santander Edge Explorer current account through our link.
There’s no minimum spend and the voucher can be used in the UK and worldwide at over 1.5million hotels through the TLC booking site.
The hotel voucher offer is stackable with Santander’s £180 cash bonus, as long as you’re eligible for both and switch into a Edge Explorer account.
Co-op
Switching offer: £200 for new customers, or £300 for existing customers
When will I get it? First £125 paid within seven days of meeting switching criteria, £75 over the next three months and £100 in November 2026
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.
This is available to customers of:
The Co-operative Bank and smile
Coventry Building Society
Godiva Mortgages Limited
ITL Mortgages Limited
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.
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.
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 an 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 0% 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 £1,00 and make at least one debit card payment.
Bank of Scotland
Switching offer: £175
When will I get it? Withing 14 working days of your switch starting
Eligible accounts: Classic, Silver and Platinum
What does it offer? The no-frills Classic account is free and is linked to its regular saver account offering 5.5% fixed for a year on up to £250 a month.
The Silver account costs £11.50 a month, but offers European and UK family travel insurance up to age 65, AA breakdown family cover with roadside assistance and mobile phone insurance.
While the Platinum account offers, at £22.50 a month, worldwide family travel insurance up to age 80, AA breakdown family cover with roadside assistance, national recover and at home plus mobile phone insurance.
How to get it: Complete a full switch including the transfer of at least three direct debits from your old account.
There are no minimum pay-in or spending requirements.
The offer ends on August 4, 2026.
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.
