Six major UK high street banks are collectively offering up to £1,025 in switching bonuses to customers who open a new current account and move from a rival provider. The incentives, highlighted by Money Saving Expert (MSE), the site founded by Martin Lewis, are designed to attract new customers and typically come as free cash, though some banks may offer boosted savings rates or other perks instead.
MSE cautions that customers must meet specific requirements to qualify. "Always check the requirements carefully. If you miss a step you won't get the bonus," the site warns. The current offers include HSBC at £220, Barclays at £200, NatWest at £200, First Direct at £175, the Co-op at £125, and Nationwide at £175, totalling £1,025.
HSBC: £220 bonus with deposit and spending requirements
HSBC's £220 switch bonus requires customers to deposit £2,000 or more and spend £500 or more on the debit card within the first 60 days. The account also provides access to HSBC's regular saver, which pays 5% fixed interest on up to £250 per month for one year.
MSE notes that the switch bonus offer excludes only those who have held an HSBC or First Direct account since 1 January 2023. "Importantly, given the switch bonus offer only excludes those who've had a HSBC or First Direct account since 1 Jan 2023, you may find you're eligible for the offer even if you switch banks a lot," MSE explains.
Barclays: £200 bonus with 27 August deadline
Barclays is offering £200 for switching to its Bank Account, but customers must apply and start the switch by 27 August. The account itself has few perks, though an optional £5 per month fee grants access to its Blue Rewards scheme, which offers Apple TV at half its usual cost of £10 per month. Those opting for Blue Rewards must also pay in £800 or more per month and register for digital banking.
NatWest offers £200 when customers switch their current account held elsewhere to a Select or Reward account. NatWest states: "With another bank? Switching bank accounts is easy. The Current Account Switch Service will move everything from your old account over to us in 7 working days. Let us know in your application if you want to switch bank accounts and when to get the ball rolling."
First Direct: £175 bonus with multiple conditions
First Direct's £175 bonus requires customers to switch using the Current Account Switch Service, including at least two Direct Debits or standing orders, deposit £1,000, make five or more debit card payments, and log on to digital banking within 45 days of account opening. The offer is limited to one payment per customer or joint account, with money paid by the 20th of the following month after all criteria are met.
First Direct specifies: "New customers only, who haven't previously held a first direct product. Sorry, we also can't offer this to people who have opened an HSBC current account on or after 1 January 2018. Offer can be withdrawn at any time."
Co-op and Nationwide: Additional offers with usage requirements
The Co-op offers £125 for switching, plus £75 over three months for actively using the account. Customers must apply for a standard Current or Everyday Extra Account and complete a full switch of an existing current account from another provider.
Nationwide offers £175 for switching to a FlexDirect, FlexAccount, or FlexPlus account. Customers must switch from a non-Nationwide or non-Virgin Money current account, complete the switch within 28 days, have at least two Direct Debits moved over, and close their old account during the switch. After the account is open, customers have 31 days to pay in £1,000 and make a card payment.
