Four of the UK's major banks are currently offering a collective windfall of up to £650 to customers willing to switch their current accounts. The lucrative incentives, designed to attract new business, come from Santander, First Direct, Nationwide, and the Co-operative Bank.
The Lucrative Switching Offers Explained
The offers provide a significant cash injection for those who meet the eligibility criteria. Santander leads the pack with a £200 switching bonus, plus an additional one per cent cashback on household bills for a year. First Direct is providing a £175 payout to new customers, while Nationwide is matching that £175 sum and also adding one per cent cashback on certain bills. The Co-operative Bank's offer consists of a £100 switching incentive alongside £75 in cashback.
When combined, the total potential gain from exploiting all four offers reaches £650. Theoretically, a saver with sufficient funds could apply for each one, provided they meet the individual banks' requirements and have not previously claimed a bonus where exclusions apply.
How to Qualify for the Cash Payouts
Each institution has set specific conditions that must be met to secure the free cash. To get Santander's £200, you must not have held a Santander current account on 1 January 2025 or ever received a switch bonus from them. You need to switch from a non-Santander group account, fund the new account with at least £1,500, transfer two or more active Direct Debits, and use the Current Account Switch Service (CASS). The bonus is paid between 60 and 90 days after starting the switch.
For First Direct's £175, the key requirements are to pay in £1,000 and make five or more debit card payments within 45 days. Nationwide asks for a £1,000 deposit and at least one debit card payment within 31 days of requesting the switch. The Co-op Bank requires a £1,000 deposit, two or more Direct Debits, registration for online services, and ten debit card transactions within 30 days of the switch completing, with the £100 paid shortly after all criteria are met.
Making the Switch: A Seamless Process
The process is facilitated by the Current Account Switch Service (CASS), which automates the transfer of balances, standing orders, and payees to the new provider. This guarantees a smooth transition. Analysts note that customers with around £4,500 available could strategically spread their money across the offers to maximise the total gain.
This wave of competitive switching bonuses highlights the ongoing battle for customers in the UK retail banking sector. For consumers, it represents a timely opportunity to earn a substantial sum simply for moving their banking business, provided they carefully read and follow the terms for each offer.
