Eight major UK banks are offering customers up to £300 in free cash simply for switching bank accounts, with incentives ranging from £175 to £300.
Best Bank Account Switching Offers
The top offers include Santander (£180), Co-op (£200 for new customers or £300 for existing customers), and HSBC UK (£220). All three banks operate branches in Birmingham, alongside rivals offering similar incentives.
First direct pays out £200, NatWest and Barclays also offer £200 each, while Nationwide and Bank of Scotland provide £175 each.
Expert Advice on Choosing the Right Account
Rachel Springall, finance expert at data firm Moneyfacts, said: “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. The right current account does depend on someone’s individual circumstances.”
Money Supermarket advises: "Look for an account that suits how you manage your money. This could mean a switching bonus, cashback, high interest, a cheaper overdraft, or extra benefits. Check the eligibility rules carefully. You’ll usually need to share your personal details and prove your identity. Some banks may run a credit check, particularly if you apply for an overdraft."
How the Switching Process Works
Once your application is accepted, you can choose when the switch happens. A full switch through the Current Account Switch Service (CASS) takes seven working days. Your new provider will move your regular payments, transfer your balance, and close your old account.
The Current Account Switch Guarantee protects you when you complete a full switch through CASS. It ensures your switch is completed in seven working days, with your balance and regular payments moved. Payments sent to your old account details are redirected. If something goes wrong and you are charged fees or lose interest, your new bank should refund you.
Not every type of account switch is covered, so check that your new provider uses the Current Account Switch Service before applying.
