Best UK Bank Switch Offers Right Now

Which Bank Switch Offer Is Best Right Now?

Bank switch offers change frequently, so this guide focuses on the key criteria that help you pick the right one — not just the biggest headline number.

The banks below are actively running offers as of the date in the sidebar. Before applying, always verify the current amount and terms on the provider's own page, as amounts and eligibility rules can change without notice.

Current Offers at a Glance

Important: Offer amounts and availability change regularly. Verify amounts directly with each bank before applying.

The Best Offer Right Now: First Direct £175

First Direct's offer is currently the strongest single-switch payout in the UK. The requirements are reasonable, First Direct is a well-regarded bank, and the combination of cash bonus plus a genuinely good account (£250 interest-free overdraft, no monthly fee, UK-based customer service) makes it a strong choice for both the bonus and as a long-term account.

First Direct eligibility summary:

• Never held a First Direct account
• Not opened an HSBC current account on or after 1 January 2018
• UK resident, 18+, pass credit check
• Full CASS switch required

Read the full First Direct guide for step-by-step instructions, then pair it with our complete bank switch guide if you want the full CASS process explained before you apply.

Second Best: NatWest Reward Account (£150)

NatWest's £150 offer is competitive and suits people who can meet the £1,250 pay-in requirement. NatWest's Reward account also earns ongoing cashback on certain household bills after the switch bonus is paid, which adds long-term value.

NatWest eligibility summary:

• Not a NatWest, RBS, or Ulster Bank personal or business customer within the last two years
• Full CASS switch from an eligible existing account required
• Deposit £1,250 within 60 days
• Two active direct debits must be included in the switch

Read the full NatWest guide.

Third Best: Santander Edge (£150)

Santander's Edge account pays £150 and earns ongoing cashback on household bills and supermarket spending after the switch period. If you want a bonus account that continues to pay after the initial switch, this is worth evaluating.

Santander eligibility summary:

• Not currently a Santander current account customer
• Not previously received a switcher payment from Santander
• CASS switch with at least two active direct debits
• Pay in at least £1,500 within 60 days

Read the full Santander Edge guide.

How to Pick the Right Offer

If you want the highest payout per switch

Start with First Direct at £175. You'll want a clean history with HSBC group banks (no HSBC account opened since January 2018). If you're ineligible for First Direct, NatWest or Santander at £150 are the next best options.

If you want to stack multiple switches

Read our bank switch stacking guide to understand how to run multiple switches safely across different banking groups without disrupting your main account.

If you are unsure whether a joint account can be switched

Read Can you switch a joint bank account in the UK? before you start. Joint switches are possible, but both account holders need to agree and not every switch strategy suits a shared household account.

If you want ongoing rewards after the bonus

Chase's 1% cashback account has no upfront switch bonus but rewards ongoing spending for 12 months. NatWest Reward and Santander Edge also pay smaller ongoing cashback on bills once you're set up. These suit people who are comfortable keeping the account long-term.

If you want the easiest requirements

Co-op Bank's offer has a lower pay-in requirement and a shorter window. It pays less, but is a useful first switch for beginners who haven't done this before and want to understand the process with lower stakes.

Eligibility Mistakes That Cost People Their Bonus

The most common reason people miss out on bank switch bonuses:

1. Banking group confusion — First Direct and HSBC share eligibility rules. If you've had an HSBC current account since January 2018, you cannot claim the First Direct bonus. Similarly, NatWest, RBS, and Ulster Bank are one group for eligibility purposes.

2. Not using a full CASS switch — Most offers require a full Current Account Switch Service transfer, not just opening a new account. Simply depositing money isn't enough.

3. Missing the direct debit requirement — Some offers require two active direct debits to move with the switch. If your old account has no direct debits set up, the switch can fail the eligibility conditions. Set them up in advance.

4. Missing the funding deadline — Most pay-in requirements have a fixed window (often 30–60 days). Missing it by a day can void the bonus. Set a calendar reminder when you start the switch.

5. Same-bank transfers not counting — Some banks don't count transfers from accounts at the same institution as qualifying pay-ins. Read the small print carefully if your main account is at the same bank.

If you are trying to work out the tax side, read Are bank switch bonuses taxable in the UK? before assuming they are handled like survey or freelance income.

Which Account Should I Keep After the Bonus?

The right long-term account depends on what you value most:

• Best for customer service: First Direct — consistently rated the UK's best bank for service
• Best for ongoing cashback: NatWest Reward or Santander Edge
• Best digital experience: Chase
• Best for savings linked to your current account: Club Lloyds (access to Club Lloyds Monthly Saver)

Many experienced switchers keep a "permanent" everyday account and switch a sacrificial spare account to earn bonuses. See our stacking strategy guide for how this works in practice.

Primary Sources

• First Direct switching page
• NatWest Reward account offer
• Santander switching page
• Current Account Switch Service: switching process
• Co-operative Bank switch offer terms

Frequently Asked Questions

How often can I do a bank switch?

There is no legal limit on how many times you can switch accounts. In practice, you are limited by your eligibility for each provider's offer — most offers are one per person, and banking group rules prevent you from claiming bonuses from related banks. Experienced switchers run multiple switches per year using spare accounts.

Does switching affect my credit score?

Opening a new current account typically involves a hard credit search, which has a small, temporary impact on your credit score. If you are planning a mortgage application in the near future, factor this in. The impact is usually minimal and fades within a few months.

Are switching bonuses taxable?

Switching bonuses are generally treated as incentives linked to taking out a financial product rather than trading income. They are commonly discussed as non-taxable, but if you have specific concerns about your tax situation, check the HMRC guidance or speak to a tax adviser.

How long does a bank switch take?

The Current Account Switch Service guarantees the switch completes within 7 working days from the date the switch is initiated. Most switches complete in 5–7 working days.

Can I switch again to a bank I previously switched away from?

Usually no for the bonus — most banks specify new customers only and exclude previous account holders. However, some have time-limited exclusions (e.g. "not a customer in the last 2 years") rather than lifetime bans, so your eligibility may be restored over time.