Bank Switch Offers: How to Earn £100s by Switching Your Current Account
Switching bank accounts is one of the easiest ways to earn extra money in the UK.
Right now, the best bank switch offers pay £100–£250 just for moving your current account. Do it a few times a year and earning £500–£1,000 is entirely realistic.
This guide explains how bank switching works, which current account switch offers are worth considering, and how referral bonuses can add extra cash without switching.
Current bank switch offers (UK)
Below are the best bank switch offers currently available. These require a full switch, meaning your old account is closed and everything moves over automatically.
Let’s cut to the chase, banks want your business, and they’re willing to pay for it. Literally.
Right now, you can pocket up to £200 just for switching your current account. It’s quick, easy, and well worth the 15 minutes it takes.
These are full current account switch offers, meaning your old account is closed as part of the process.
Quick comparison: Bank Switch Offers
Note: Switch offers require closing an existing account. Referral bonuses don’t.
Bank | Bonus | Type | Best for | Jump to |
|---|---|---|---|---|
Co-op | £300 up to | Switch | Ongoing rewards | |
Barclays | £200 | Switch | Account perks | |
Nationwide | £175 | Switch | Savings rate | |
Santander | £180 | Switch | Bills | |
First Direct | £200 | Switch | Service | |
NatWest | £200 | Switch | Savings rate | |
RBS | £200 | Switch | Savings rate | |
HSBC | £200 | Switch | Straightforward bonus | |
Bank of Scotland | £175 | Switch | Straightforward bonus |
Referral Offers
Bank | Bonus | Type | Jump to |
|---|---|---|---|
Chase | £50 | New account | |
Monzo | £10 | New account | |
Zopa | £10 | New account | |
Lloyds | £30 | New account |
Co-operative Bank switch offer
- Switch bonus: £125
- Extra reward: £25 per month for up to 3 months
- Loyalty bonus: £100 for eligible existing customers
- Total you can get: Up to £300
- Minimum pay-in: £1,500
- Direct Debits: 2 required
- FSCS protected: Yes
Key benefits
- £125 paid within 7 days of meeting the initial switch conditions
- Earn an extra £25 a month for up to 3 months (£75 total)
- Eligible existing customers receive an additional £100 loyalty bonus
- Ethical bank with a long-running customer-led policy
Who can get it?
- You must complete a full switch from another bank using the Current Account Switch Service.
- You can apply for a new standard Current or Everyday Extra Account, or switch into an existing eligible Co-operative Bank account.
- You can’t have received a Co-operative Bank switch offer since November 2022.
- smile customers must switch from an external bank, as smile accounts can’t be switched directly.
How to get up to £300
- Open an eligible Co-operative Bank account (or use an existing eligible account) and complete a full switch.
- Within 30 days of your switch completing, pay in at least £1,500.
- Register for online or mobile banking.
- Have at least 2 active Direct Debits.
- Make at least 5 debit card transactions.
- You’ll receive £125 within 7 days of meeting the criteria.
- Continue meeting the £1,500 pay-in, 5 card payments and 2 Direct Debits each month to earn £25 a month for up to 3 months.
- If you had an eligible account with The Co-operative Bank group on 21 June 2026, you’ll also receive a £100 loyalty bonus in November, provided you meet the qualifying conditions.
This offer is worth up to £300. You’ll need to complete a full switch, pay in £1,500, register for online or mobile banking, maintain 2 Direct Debits and make 5 debit card payments. Offers can be changed or withdrawn at any time.
Barclays £200 switch offer
- Switch bonus: £200
- Who it’s for: New Barclays current account customers
- Monthly fee: None
- Pay-in requirement: £2,000 within 30 days
- Direct Debits required: 2 active Direct Debits
- FSCS protected: Yes
Key benefits
- £200 cash for switching
- No monthly account fee
- Smart budgeting tools and card controls in the Barclays app
- Optional arranged overdraft, subject to status
Who can get the £200?
- You must be a new Barclays customer, aged 18+ and a UK resident.
- You must open a sole Barclays Bank Account in the Barclays app.
- You can’t already have had a Barclays current account open on or before 9 June 2026.
- You can’t have received a Barclays current account switch bonus before.
- You won’t qualify if you’re opening a joint account or are only eligible for a Barclays Basic Current Account.
How to get the £200
- Apply for a new Barclays Bank Account in the Barclays app by 27 August 2026.
- Complete your application within 30 days of starting it.
- Start a full switch in the Barclays app using the Current Account Switch Service by 27 August 2026.
- Make sure your switch includes at least 2 active Direct Debits.
- Pay in at least £2,000 within 30 days of opening your account.
- Keep your sole Barclays Bank Account open until the reward is paid.
- Once you’ve met the conditions, Barclays will text you and pay the £200 within 28 working days.
Apply and start your switch in the Barclays app by 27 August 2026. You’ll also need to switch 2 active Direct Debits and pay in £2,000 within 30 days to qualify.
Nationwide £175 switch offer
- Switch bonus: £175
- Eligible accounts: FlexDirect, FlexAccount or FlexPlus
- Who it’s for: Anyone switching from a non-Nationwide or non-Virgin Money current account
- Direct Debits needed: 2 active Direct Debits must transfer with the switch
- Minimum pay-in: £1,000 within 31 days
- Extra requirement: Make at least 1 debit card payment within 31 days
- FSCS protected: Yes
Key benefits
- £175 cash for switching
- Choice of FlexDirect, FlexAccount or FlexPlus
- You can switch into a new or existing eligible Nationwide account
- FlexDirect also offers 5% interest on balances up to £1,500 for the first year
- FlexDirect also offers 1% cashback for 12 months, up to £5 per month
Who can get the bonus?
- You must switch from a current account with another provider using the Current Account Switch Service.
- The account you switch from cannot be held with Nationwide or Virgin Money.
- Your old account must have at least 2 active Direct Debits to transfer.
- Your switch must complete within 28 days.
- You can only receive this offer once for your first eligible sole switch since 2021, and once for your first eligible joint switch since 2021.
- For joint accounts, you won’t qualify if either joint account holder has already received a joint switch offer.
How to get the £175
- Open a Nationwide FlexDirect, FlexAccount or FlexPlus, or switch into an existing eligible Nationwide account.
- Start a full switch using the Current Account Switch Service from a non-Nationwide or non-Virgin Money current account.
- Make sure at least 2 active Direct Debits transfer as part of the switch.
- Your switch must complete within 28 days of opening the account or requesting the switch.
- Within 31 days, pay in at least £1,000.
- Within the same 31 days, make at least 1 debit card payment.
- The £175 is paid within 10 days of meeting all the requirements.
Offer runs from 21 May 2026 until withdrawn. Nationwide can change, replace or end the offer at any time. Always check the latest terms before switching.
Santander Edge £180 switch offer
- Switch bonus: £180
- Who it’s for: Anyone wanting cashback on selected household bills
- Monthly fee: £3 per month
- Pay-in requirement: £1,500 for the switch bonus, then £500/month for cashback
- Direct Debits required: 2 active selected household Direct Debits
- FSCS protected: Yes
Key benefits
- £180 cash for switching
- 1% cashback on selected household bills, capped at £10 per month
- Linked Edge Saver paying 6.00% AER variable on up to £4,000, including a 12-month bonus rate
- No Santander foreign exchange fee when using your debit card abroad
Who can get the bonus?
- You can’t have received a Santander switching incentive before.
- You can’t have held a Santander current account since 1 January 2025.
- You must switch from another bank using the Current Account Switch Service.
- You need 2 active selected household Direct Debits on your Santander account.
- The £180 offer applies to switch requests made from 1 April 2026 until Santander withdraws the offer.
How to get the £180
- Open a Santander Edge current account online or in branch.
- Request a full switch using the Current Account Switch Service.
- Within 60 days of your switch request, complete the switch, have 2+ selected household Direct Debits and pay in £1,500+.
- Santander checks eligibility 60 days after your switch request.
- If you qualify, the £180 is paid within the next 30 days, so around 90 days after your original switch request.
The previous £200 Santander switch offer ended on 31 March 2026. The current offer is £180 from 1 April 2026, and may be withdrawn at any time.
*Direct Debits must be selected household bills. Full details here.
First Direct 1st Account switch offer
- Switch bonus: £200
- Who it’s for: A strong all-round account with top customer service
- Minimum pay-in: £1,000 one-off to qualify for the switch bonus
- Extra perks: 7% regular saver + fee-free overseas spending
- Overdraft: 0% up to £250, then 39.9% EAR variable (subject to status)
- FSCS protected: Yes
Key benefits
- £200 cash for switching
- Near-perfect exchange rates abroad with no extra card fees
- Access to a 7% regular saver (up to £300/month)
- £250 0% overdraft for many (subject to credit check)
Who can get the bonus?
- You can’t have ever had any First Direct product.
- You can’t have opened an HSBC current account since January 2018.
How to get the £200
- Open the account in-app (online for joint accounts).
- Within 45 days, switch in an account from a different bank (including 2+ Direct Debits or standing orders).
- Within the same 45 days, pay in £1,000+ and make 5+ debit card payments.
- The £200 is paid by the 20th of the following month after you meet the criteria.
First Direct eligibility is strict (no previous First Direct products). Always check the terms before switching, as offers can change.
NatWest £200 switch offer
- Switch bonus: £200
- Who it’s for: New and existing customers who did not hold a NatWest current account on 6 May 2026
- Pay-in requirement: £1,250 within 60 days of switching
- App requirement: Log in to the NatWest mobile app
- Accounts: NatWest Select or Reward
- FSCS protected: Yes
Key benefits
- £200 paid into your eligible account within 30 days after you meet the conditions
- Available on NatWest Select and Reward current accounts
- Full Current Account Switch Service, which usually completes in 7 working days
- NatWest customers may also get access to extras such as Round Ups and Rooster Money
Who can get the bonus?
- You must be applying for an eligible NatWest Select or NatWest Reward account.
- You must not have held a NatWest current account on 6 May 2026.
- You can’t have previously received a cash switch incentive from NatWest Group, including NatWest, Royal Bank of Scotland or Ulster Bank.
- You must complete a full switch using the Current Account Switch Service.
- You won’t qualify if you’re switching from another NatWest Group bank, such as Royal Bank of Scotland or Ulster Bank.
- Specific account eligibility criteria, fees and restrictions may apply.
How to get the £200
- Apply for a NatWest Select or NatWest Reward account.
- Request and complete a full switch from another bank using the Current Account Switch Service.
- Within 60 days of switching, pay in £1,250. This can be made up of multiple payments, but the money must stay in the account for at least 24 hours.
- Log in to the NatWest mobile app.
- Once you’ve met the conditions, NatWest should pay the £200 bonus within 30 days.
You won’t be eligible if you held a NatWest current account on 6 May 2026, have previously received a NatWest Group cash switch incentive, or are switching from Royal Bank of Scotland or Ulster Bank. Always check the full terms before switching, as offers can change, be replaced or be withdrawn.
RBS £200 switch offer
- Switch bonus: £200
- Who it’s for: New and existing customers who did not hold a Royal Bank current account on 6 May 2026
- Pay-in requirement: £1,250 within 60 days of switching
- App requirement: Log in to the Royal Bank mobile app
- Accounts: RBS Select or Reward
- FSCS protected: Yes
Key benefits
- £200 paid into your eligible account within 30 days after you meet the conditions
- Available on RBS Select and Reward current accounts
- Full Current Account Switch Service, which usually completes in 7 working days
- Access to Royal Bank app features, savings options and account perks
Who can get the bonus?
- You must be a UK resident.
- You must apply for an eligible RBS Select or RBS Reward account.
- You must not have held a Royal Bank current account on 6 May 2026.
- You can’t have previously received a cash switch incentive from RBS, NatWest or Ulster Bank.
- You must complete a full switch using the Current Account Switch Service.
- You won’t qualify if you’re switching from another NatWest Group bank, such as NatWest or Ulster Bank.
- The bonus won’t be paid if the account is a Student/Graduate, Foundation, Reward Black, Premier Select or Premier Reward account.
How to get the £200
- Apply for an RBS Select or RBS Reward account.
- Request and complete a full switch from another bank using the Current Account Switch Service.
- Within 60 days of your switch completing, pay in £1,250. This can be made up of multiple payments, but the money must stay in the account for at least 24 hours.
- Log in to the Royal Bank mobile app.
- Once you’ve met the conditions, RBS should pay the £200 bonus within 30 days.
You won’t be eligible if you held a Royal Bank current account on 6 May 2026, have previously received a NatWest Group cash switch incentive, or are switching from NatWest or Ulster Bank. Always check the full terms before switching, as offers can change, be replaced or be withdrawn.
HSBC Bank Account switch offer
- Switch bonus: £220
- Who it’s for: New HSBC customers
- Minimum pay-in: £2,000 within 60 days
- Debit card spend: £500 within 60 days
- Direct Debits: 2 required
- Monthly fee: None
- FSCS protected: Yes
Key benefits
- £220 cash for switching
- No monthly account fee
- Easy money management through the HSBC Mobile Banking app
- Current Account Switch Service guarantee included
Who can get the bonus?
- You must be aged 18+ and a UK resident.
- You must open a new HSBC Bank Account through the HSBC Mobile Banking app.
- You can’t already be an HSBC or first direct customer or have opened either account since 1 January 2023.
- HSBC staff are not eligible.
How to get the £220
- Open a new HSBC Bank Account in the HSBC Mobile Banking app.
- Within 60 days, complete a full switch using the Current Account Switch Service, including at least 2 Direct Debits.
- Deposit at least £2,000 into the account within the same 60-day period.
- Spend at least £500 using your HSBC debit card within 60 days.
- The £220 will be paid within 60 days of meeting all the qualifying criteria.
The offer began on 15 June 2026 and runs until withdrawn. You’ll need to switch with 2 Direct Debits, pay in £2,000 and spend £500 on your HSBC debit card within 60 days.
Bank of Scotland £175 switch offer
- Switch bonus: £175
- Eligible accounts: Classic, Silver or Platinum, including those with Vantage
- Direct Debits required: 3 active Direct Debits
- Pay-in requirement: None stated
- Offer ends: 4 August 2026
- FSCS protected: Yes
Key benefits
- £175 cash for switching
- No minimum pay-in requirement stated in the switch terms
- Available on Classic, Silver and Platinum accounts
- Switch using the Current Account Switch Service
Who can get the £175?
- You must open a new Bank of Scotland current account between 19 May 2026 and 4 August 2026.
- You must complete a full switch from another bank using the Current Account Switch Service.
- Your switch must include at least 3 active Direct Debits from your old account.
- You won’t qualify if you switch from a Halifax or Lloyds current account.
- You can’t have received a Lloyds, Halifax or Bank of Scotland switch offer since 1 January 2023.
- Student, Smart Start, Under 19’s and Basic accounts are excluded.
How to get the £175
- Apply for a new Bank of Scotland Classic, Silver or Platinum account by 4 August 2026.
- Start a full switch using the Current Account Switch Service by 4 August 2026.
- Make sure your switch includes at least 3 active Direct Debits.
- Your old account will be closed as part of the full switch.
- If you meet all the conditions, the £175 will be paid within 14 working days of your switch starting.
Offer ends 4 August 2026. Monthly fees may apply on some accounts. You’ll need to switch with at least 3 active Direct Debits. Offers can be changed or withdrawn at any time.
How bank switching works in the UK
When you switch banks using the Current Account Switch Service, your new bank handles the whole process for you.
That includes:
- moving direct debits and standing orders
- redirecting incoming payments (like salary)
- closing your old account
- covering errors under a formal guarantee
The switch normally completes in seven working days, and you choose the date. There’s no paperwork and no branch visits; it’s all done online.
Why banks pay you to switch
Banks don’t make money on day one. They make money over time, through overdrafts, loans, mortgages, and customers who stick around.
Paying £150–£250 upfront is worth it to them if even a small percentage of people stay long-term. You’re simply taking advantage of that competition.
Do you have to switch your main bank account?
No, and this is where a lot of people misunderstand switching.
Many people:
- open a secondary current account
- use that account purely for switching
- keep their main bank account untouched
Once the bonus is paid, they either keep the new account or switch again.
Take a look at my post about the benefits of holding multiple current accounts.
What most switch offers require
Although the details vary, most bank switch offers ask for:
- a full switch using the official service
- 2 active direct debits
- a minimum pay-in (often £1,000–£1,500)
- sometimes a few debit card payments
Miss one condition and you won’t get paid, so this is the part to read carefully.
If you’re missing direct debits, I link to a separate guide explaining the cheapest and easiest direct debits for bank switching.
Referral bonuses (no switch required)
If you don’t want to switch banks, or you want to earn extra money alongside switching, some banks also offer refer-a-friend bonuses.
These usually involve:
- opening a new account
- meeting simple conditions
- no need to close any existing account
They’re lower effort, but usually pay less than full switch offers.
Bank referral offers (no switch required)
Chase Bank – £50 referral bonus
- Bonus: £50 for new customers
- Switch needed: No
- Who it’s for: Anyone opening a new Chase UK account
- Time limit: Complete requirements within 30 days
How the £50 referral works
- Download the Chase UK app and open an account.
- Activate a referral code in the app.
- Pay in a total of £1,000+ within your first 30 days.
- Receive a £50 bonus once the criteria are met.
All my codes have been used. But you can check Reddit, as plenty of people share there
Monzo – current account referral bonus
- Bonus: £10
- Who it’s for: New Monzo customers
- Switch needed: No
- Time limit: Complete steps within 30 days
How the referral works
- Use a Monzo referral link and enter your phone number.
- Download the app, verify your details and apply for an account within 30 days.
- Top up your account (for example, £1).
- Make a small card purchase within 30 days (for example, a £1 Amazon top-up).
- Your bonus is paid into your account once the steps are completed.
Zopa Biscuit – referral reward
- Bonus: £10
- Who it’s for: New Zopa customers using my referral link
- Switch needed: No
- Extra perk: Access to Zopa’s 7.10% Regular Saver and cashback on bills
How the referral offer works
- Open a Zopa Biscuit account using my referral link.
- Receive your referral reward once you’ve met the qualifying criteria.
- That’s it!
Referral offers can change or be withdrawn. Always check the latest terms during sign-up.
Why consider Zopa?
Zopa Biscuit is one of the more rewarding current accounts around. Alongside cashback on Direct Debits, you’ll get access to Zopa’s market-leading 7.10% Regular Saver, making it worth considering even if you’re not interested in switching banks.
The sign-up is completed through the Zopa app.
Lloyds – £30 refer-a-friend bonus
- Bonus: £30
- Who it’s for: New Lloyds customers using my referral link
- Switch needed: No
- Extra potential: You may also qualify for a separate Lloyds switch bonus later (if available and you meet the terms)
How the £30 referral works
- Open a Lloyds account using my referral link.
- Complete the steps shown during sign-up (the exact requirements can vary).
- Receive your £50 bonus once you’ve met the referral criteria.
Referral offers can change or be withdrawn. Always check the on-screen terms during sign-up before you start.
Can you also get a switch bonus afterwards?
Possibly. If Lloyds is running a separate bank switch offer, you may be able to earn an additional bonus by completing a full switch later — but this is separate to the £30 referral and depends on eligibility rules (for example, previous bonuses, direct debit requirements, and deadlines).
The sign up will need to be completed on a mobile device
These offers are completely separate from switch bonuses. In some cases, you can:
- open an account via a referral
- get the referral bonus
- then complete a full switch later for an additional payout
Always check the eligibility rules before trying to stack offers.
Can you do both referral and switch offers?
Sometimes, but not always.
It depends on:
- whether the bank allows both incentives
- whether the referral counts as “opening an account”
- whether previous bonuses exclude you from switching
That’s why referral bonuses are best seen as extras, not replacements for switch offers.
How much can you realistically make?
Most people won’t do this every month, and that’s fine.
But even switching:
- 3–4 times a year
- plus one or two referral bonuses
Can comfortably earn £500+ with very little effort.
This isn’t a side hustle that eats evenings. It’s admin that pays unusually well.
Will switching banks affect your credit score?
Only slightly, and usually temporarily.
Opening a new current account may cause a small dip, but unless you’re switching constantly or applying for lots of credit at the same time, it’s rarely an issue.
Keeping one long-term account open helps show stability.
Do you have to pay tax on bank switch or referral bonuses?
No.
Bank switch incentives and referral bonuses are treated like cashback. You don’t need to declare them to HMRC and they don’t count as taxable income.
Common mistakes to avoid
Most missed bonuses come down to simple errors:
- cancelling direct debits too early
- not paying in the required amount
- missing card payment conditions
- being ineligible due to a previous bonus
Read the terms once, tick the boxes, and it’s hard to go wrong.
Final word: this is straightforward money
Bank switching isn’t risky. It’s not complicated. And it doesn’t require loyalty.
Banks are paying for customers. You’re choosing to get paid.
If you’re organised and patient, switching and occasionally stacking referral bonuses is one of the easiest ways to earn a few hundred pounds a year with minimal effort.
Why not take a look at current accounts that give you cashback on your bills? They charge a monthly fee but are generally good value for money.
FAQs
How long does a bank switch take?
Most switches complete in seven working days, although bonuses are often paid later once conditions are met.
Do I have to close my old bank account?
Yes — for switch offers. But it doesn’t have to be your main account. Many people open a second account just for switching.
Can I switch banks more than once?
Yes. There’s no limit, as long as you meet each bank’s eligibility rules.
Are referral bonuses guaranteed?
Not always. Some referral offers are variable or time-limited. Always check what you’re being offered during sign-up.
Can I switch banks if I’m planning to apply for a mortgage?
It’s usually best to avoid switching or opening new accounts in the months leading up to a mortgage application, just to keep your credit file stable.
Is bank switching safe?
Yes. The process is handled by regulated UK banks and protected by the Current Account Switch Guarantee.
