Six Major UK Banks Offering Free Payments Up to £500 to Customers
Six of the United Kingdom's largest banking institutions are currently providing customers with free cash payments that can reach as high as £500. These financial incentives are available through a variety of promotional offers and specific account types, with minimum amounts starting from £150 and many providing significantly more. The details below outline how customers can secure these payments, including the necessary qualifications and eligibility rules for each bank.
NatWest – Up to £150
NatWest is offering a £150 payment to customers who do not currently hold a NatWest current or savings account as of February 17. To qualify, individuals must apply for a NatWest Select or Reward account and request a switch using the Current Account Switch Service (CASS) by May 28, 2026, with the switch completed by June 16. Additionally, customers must pay in £1,250 within 60 days of switching, which can be done in instalments, provided the funds remain in the account for at least 24 hours, and log into NatWest's mobile app.
The Co-operative Bank – Up to £175
The Co-operative Bank provides customers with £100 for switching to the bank, plus £25 per month for up to three months, totaling £175. Eligibility requires depositing a minimum of £1,000 into the new account, having two active Direct Debits, making ten or more card transactions, and registering for the bank's online and/or mobile banking service.
First Direct – Up to £175
First Direct offers a switching bonus of up to £175 in free cash for customers signing up to their 1st Account. To qualify, individuals must deposit a minimum of £1,000 in single or multiple deposits, switch at least two direct debits or standing orders into the First Direct 1st Account, register and log on to digital banking, use the new 1st account debit card more than five times, and be a new customer to First Direct who has not previously held a First Direct product or opened an HSBC current account on or after January 1, 2018.
Santander – Up to £200
Santander's switching deal grants customers £200 if they meet the eligibility criteria. This involves completing a full switch using CASS within 60 days of opening the account, paying £1,500 into the account either as a one-off payment or in instalments, and setting up two direct debits in the eligible account.
Barclays – Up to £400
New Barclays customers can claim a £400 cash bonus when switching to its Premier current account. Qualifications include applying for a Barclays Premier Current Account in the Barclays app, using the app to complete a full switch with at least two Direct Debits, paying in at least £4,000 to the new Premier Account within 30 days of the switch, and either having a pre-tax income of at least £75,000 or at least £100,000 in savings or investments with Barclays.
Lloyds Bank – Up to £500
Club Lloyds pays customers £200 when they switch accounts. To qualify, individuals must complete a full switch to a new Club Lloyds, Club Lloyds Platinum, or Club Lloyds Silver account using CASS, transfer at least three active direct debits from the old account, and spend £100 on the debit card within 35 days of opening the account. For the higher £500 offer, available to high-income or high-savings individuals via the Lloyds Premier account, requirements include using CASS to complete a full switch to Lloyds Premier, transferring at least three direct debits from the old account, spending £200 within 35 days of opening the account, and depositing £5,000 or having £100,000 in savings or investments with Lloyds in the first calendar month of opening the account.
