Seven major banks are paying customers up to £200 to switch their current accounts. From Lloyds Bank to Barclays, TotallyMoney, a financial advice company, has compared the deals to be found on the market right now for UK customers.
CEO Alastair Douglas said: “Loyalty doesn’t pay, but moving banks can. Don’t be put off, because the Current Account Switch Service makes things easy for you – automatically transferring your balance, Direct Debits, and regular income. And more than 50 banks and building societies are part of the service, which has switched more than 11 million accounts. To be eligible for most switching offers, you’ll need to transfer at least two active Direct Debits, deposit cash in the first month or so, and use the app. Some banks will ask you to jump through a few more hoops, so read the small print and make a checklist, so you don’t get caught out.”
Barclays
Barclays offer a £200 bonus, as well as an Apple TV+ subscription worth £9.99 a month, and Cashback Rewards that put money back in your account when you spend. The Blue Rewards account will cost you £5 per month.
Co-Op
Co-Op will give you £100 for switching, plus £25 a month for up to three months, totalling £175. You also need to make at least 10 card transactions before receiving the incentive. The offer also applies to the Everyday Extra Account, which includes breakdown cover, worldwide travel insurance, and mobile phone insurance costing £18 per month. This deal ends on October 21, 2025, so those interested may need to act fast.
First Direct
First Direct offers a £175 bonus with a £250 interest-free overdraft, and access to a savings account paying 7.00% AER. If you pass the eligibility check and are approved, you’ll have access to the account and use of a virtual card.
Lloyds
Lloyds has a £200 switching bonus, but Club Lloyds and Premier Accounts come with a £5 and £15 monthly fee, which may eat into the bonus. You won’t be eligible if you received a bonus for switching to Lloyds, Bank of Scotland or Halifax Bank in the past five years.
Nationwide Building Society
Nationwide will give you £175 within 10 days of switching. There are three accounts to choose from, with the free Flex Direct paying 5% interest on up to £1,500 in savings, and up to £60 cashback in the first year.
NatWest
When opening a NatWest Reward account, you’ll be able to earn up to £5 per month in cashback, but it will cost you £2 per month in fees. Add that to the £175 bonus, and you could make £211 in the first 12 months of opening the account.
TSB
The TSB account will pay you £150 when you switch, and up to £10 per month in cashback for three months, totalling £180. The Spend & Save Plus account has a £3 fee, but you also get a £100 interest-free overdraft, earn up to £5 a month in cashback, and fee-free spending when you use the card abroad.
