in the UK, quite a few banks offer cash incentives or other perks (“switch bonuses”) to get you to switch your current account via the Current Account Switch Service (CASS). The offers vary a lot, and they often come with specific requirements. Here are some of the key ones, and what to watch out for. If you tell me where in the UK you are, I can check what deals apply locally.
🔍 Recent Examples of Switch Incentives
Here are some of the banks making offers, recently:
| Bank | What you can get | Conditions / Requirements |
|---|---|---|
| First Direct | £175 for switching to its 1st Account. | You need to do a full switch using CASS, set up at least 2 direct debits or standing orders, deposit a certain amount (e.g. £1,000) within a timeframe, make some debit-card transactions, etc. MoneyWeek+1 |
| NatWest | £125 to £150 bonus, sometimes with an extra bonus for opening a linked savings account. | Must fully switch, pay in a minimum, use the app, satisfy a few more requirements. |
| Lloyds | Up to ~£175 for switching to Club Lloyds accounts. | |
| Santander | Offers like £175 for switching to Edge or Edge Up current account. | |
| Barclays | £175 switching bonus on certain current accounts. | |
| The Co-operative Bank | Cash + monthly bonuses if you meet activity/transaction criteria |
⚠️ What to Check / Beware
Before going for a switching bonus, make sure to check:
- Eligibility
- Often, you must not have benefited from a similar switch bonus from that bank (or its group) recently.
- Some offers require you to open specific account types (with fees) or maintain minimum monthly pay-ins or balances.
- Fees
- Some accounts have monthly fees (or other charges) which might reduce the benefit of the bonus. You’ll want to check whether those fees are waived if you meet certain conditions
- Bonus Requirements
- Number of direct debits or standing orders to set up.
- Minimum deposit into the new account in the first 30 days.
- Make a certain number of debit card transactions.
- Use the bank’s mobile or digital services. The Guardian+1
- Timing
- Offers can expire at any time or have limited windows. The Guardian+1
- Bonus payments are often scheduled after you satisfy all conditions, which could be weeks after the account is opened or switch is completed. Which?+2MoneyWeek+2
- Net Benefit
- Calculate whether the bonus minus any fees (and considering your regular banking activity) still gives you a benefit. Sometimes an account with a fee might still be worth it if the bonus is large and requirements are manageable.
- Also consider whether you’ll stay with that bank: switching accounts frequently (just for bonuses) could be a hassle or have other downsides (though it’s often smooth with CASS).
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