Bank Switching Offers UK: Current Deals and How to Claim

Last updated: October 2026

Please note: bank switching offers change often and can end without notice, sometimes within days. Always check the bank’s own page and full terms before you switch. The offers below were checked on 9 October 2026.

Bank switching offers in the UK can pay you £175 to £300 just for moving your current account to a new bank. If you’re happy to spend a little time on the paperwork, bank switching offers are one of the simplest ways to get a cash boost for something you’d do anyway: pay your bills and get paid.

In this guide you’ll find every switching offer I could check this month, what you need to do to get each one, and the small print that catches people out. We’ll also cover how the switch itself works, what it means for your credit score and tax, and a simple step-by-step plan.

For a useful estimate, try my Emergency Fund Calculator. Confirm eligibility and rules with the official provider.

Bank switching offers UK: this month’s deals

These are the offers I found on the banks’ own websites on 9 October 2026. All of them need a full switch using the Current Account Switch Service (more on that below), and most are only for people who are new to that bank.

Bank	Bonus	Key conditions	Closing date
HSBC (Bank Account)	£220	Open in the HSBC app. Within 60 days: full switch with 2 Direct Debits, pay in £2,000 and spend £500 on your debit card. Not for anyone who’s had an HSBC UK or first direct current account since 1 January 2023.	None published
First Direct (1st Account)	£210 (£175 plus a £35 boost)	Within 45 days: switch with 2+ Direct Debits or standing orders, pay in £1,000, make 5+ debit card payments and log on to digital banking. Not if you’ve ever had a first direct product, or opened an HSBC current account on or after 1 January 2018.	£35 boost for accounts opened by 2 December 2026
Lloyds (Club Lloyds, Silver, Platinum or Premier)	£200	Switch at least 3 active Direct Debits. Not from Halifax or Bank of Scotland. Not if you’ve had a Lloyds, Halifax or Bank of Scotland switch offer since 1 January 2023. Paid within 14 working days of the switch starting.	Start your switch by 9 December 2026
NatWest (Select or Reward)	£200	Within 60 days: pay in £1,250 and log in to the app. Not if you’ve had a NatWest Group switch bonus before, are switching from RBS or Ulster Bank, or held a NatWest current account on 6 May 2026. The £1,250 must remain for at least 24 hours.	None published
RBS (Select or Reward)	£200	Same rules as NatWest: pay in £1,250 within 60 days and log in to the app. Not if you’ve had a NatWest Group switch bonus, are switching from NatWest or Ulster Bank, or held an RBS current account on 6 May 2026. The £1,250 must remain for at least 24 hours.	None published
Nationwide (FlexDirect, FlexAccount or FlexPlus)	£175	Switch with 2+ Direct Debits, completed within 28 days. Within 31 days, pay in £1,000 and make 1 debit card payment. Not from a Nationwide or Virgin Money account. Existing members can qualify, but only if it’s their first Nationwide switch offer.	None published
Barclays (Bank Account)	Up to £300 (£150, then up to five £30 payments)	Open in the Barclays app. Full switch with 3 Direct Debits and £2,000 salary paid in within 30 days for the £150. Each £30 needs the monthly qualifying salary/pay-in and 10 debit card payments specified in Barclays’ full terms. Sole accounts only, and not if you had a Barclays current account on 1 October 2026.	None published

Barclays’ own October 2026 terms were checked before publication. Its headline combines an initial switch bonus with conditional monthly rewards.

Other banks to check

Co-operative Bank’s own page says its offer ended on 7 September 2026. Santander, Halifax, TSB, Virgin Money and Chase are not included in this verified offer table. That does not guarantee they have no promotion: check their current account pages before choosing a bank.

Which offer is biggest?

The biggest single payment I could check is HSBC’s £220. Barclays’ offer can reach £300, but it’s paid in stages and you need to keep using the account for five months to get it all. Lloyds’ switch incentive does not list a minimum deposit, but eligible accounts have their own fees and fee-waiver conditions. Check these alongside the three-Direct-Debit requirement.

What about premier accounts for higher earners?

Some banks, including Barclays, HSBC and NatWest, also run bigger switch offers on their premier accounts. These usually need a high salary paid in each month, or a large amount saved or invested with them. If that’s you, check the premier account page on each bank’s website, because the rules and amounts change often.

How bank switching works (CASS)

Almost every offer above needs you to switch using the Current Account Switch Service, or CASS. It’s free, and most UK banks and building societies take part. Here’s what happens:

It takes 7 working days. You pick a switch date with your new bank, at least seven working days after you start.
Your Direct Debits and standing orders move for you. So does your balance, and your salary will start going to your new account.
Your old account is closed. Your old bank takes care of this on the switch date. That’s why it’s called a “full switch”.
Payments are redirected. If someone pays your old account by mistake, the money is sent on to your new one. NatWest says this redirection now lasts indefinitely for switches made since September 2013.
The Switch Guarantee protects you. If anything goes wrong with the switch, your new bank refunds any interest or charges this causes on either account.

One thing to watch: recurring card payments (like streaming subscriptions paid by debit card) don’t always move automatically, so update your card details with those companies.

Full switch or partial switch?

A partial switch moves your payments but keeps your old account open. It’s handy if you want to keep both accounts, but it won’t count for any of the offers above. You need a full CASS switch.

Will switching affect your credit score?

It can, depending on the application, the credit search and your wider credit history. When you apply for a new current account, the bank checks your credit history. Some banks use a soft search, which other lenders can’t see (Chase, for example, says it uses one). Many use a hard search, which shows on your credit file.

The CASS website says opening a new account may affect your credit rating, with the effect lasting up to six months. Closing an account is not a guaranteed improvement to your score.

So, a few tips:

Check the bank’s application page to see what kind of search it uses.
If a mortgage application is coming up, ask your broker before making new credit applications.
Space out your switches, rather than applying for lots at once.

Overdrafts and other catches

Before you switch, read the “who can’t get this offer” part of the terms. These are the most common exclusions:

You’ve had a bonus before. Many banks exclude anyone who’s had a switch bonus from them, or from their banking group, in the past few years.
You’re already a customer. Some offers are only for people who didn’t hold an account on a set date.
Banking groups. Lloyds, Halifax and Bank of Scotland count as one group. So do NatWest, RBS and Ulster Bank, and HSBC and First Direct. Switching between them usually doesn’t count.
Joint accounts. Some offers are sole accounts only, and others pay just one bonus per joint account.
Monthly fees. Some eligible accounts charge a monthly fee, which eats into your bonus.

If you use an overdraft at your old bank, take extra care. Your new bank won’t automatically give you the same overdraft, and switching while you’re overdrawn means you’ll need to clear or move that balance. If you’re relying on an overdraft, it’s worth getting free help first: my free money help guide lists free advice services.

Choose the account, not just the bonus

A bonus is a one-off. You’ll use the account every day, so think about the features you actually want: a good app, savings pots, a linked regular saver, branch access or a free overseas debit card. A £20 difference in bonus matters less than an account that suits you for years.

Do you pay tax on a bank switching bonus?

Generally, a one-off cash switching bonus is not treated as taxable income. Barclays’ own offer terms say its switch reward isn’t subject to UK income tax, and HMRC has said on its community forum that a one-off account opening incentive isn’t taxable.

Interest is different. If the bank pays you interest (for example, on a linked regular saver), that’s savings income. It counts towards your Personal Savings Allowance, which is £1,000 a year for basic rate taxpayers and £500 for higher rate taxpayers. If you’re unsure about your own situation, check with HMRC.

How to claim a bank switching bonus: step by step

Pick an offer you qualify for. Read the full terms, especially the exclusions.
Check your Direct Debits. Most offers need two or three active Direct Debits on your old account. Ones you set up after you start the switch often don’t count.
Apply the way the bank says. Some offers (like HSBC’s and Barclays’) only work if you apply in the app.
Choose “full switch” during your application, and pick a switch date.
Pay in the minimum amount within the time limit. Your salary may count, and some offers allow transfers from another bank. Barclays specifically requires a qualifying salary payment, so a transfer may not count. Check whether money from the bank’s own accounts counts.
Do the extras. That could be debit card payments, logging in to the app, or opening a linked saver.
Put the deadlines in your calendar, and keep screenshots of the offer page and terms.
Keep the account open until the bonus is paid. If it doesn’t arrive on time, contact the bank.

Common mistakes to avoid

Doing a partial switch. It almost never counts.
Missing the pay-in deadline. Count from the date the terms give, which might be account opening, not the switch date.
Switching an account with too few Direct Debits. Check before you start.
Forgetting card subscriptions. Update them so nothing gets missed.
Paying in money from the same bank. Nationwide, for example, doesn’t count money moved from another Nationwide account.
Leaving too much in one bank. The FSCS protects up to £120,000 per person per banking licence. Banks that share a licence count as one.

Once your bonus lands, give it a job. You could start or top up an emergency pot with my guide to building your first £1,000 buffer, or put it towards your savings goals using the 50/30/20 rule.

Bank Switching Offers UK: Current Deals and How to Claim — MoneySavvyUK guide — Pin this guide for later. Illustration created for MoneySavvyUK.

Bank switching offers UK: FAQs

How long does a bank switch take?

A full switch using the Current Account Switch Service takes 7 working days. Your bonus is usually paid later, once you’ve met all the conditions.

Can I switch banks more than once to get bonuses?

Yes, there’s no rule against it, but each bank sets its own exclusions. Many won’t pay you if you’ve had a bonus from them, or their banking group, before.

Do I need to move my salary?

Not always. Most offers just need a set amount paid in, and it can often come from another account you hold elsewhere. Check what counts in the terms.

What happens if someone pays my old account?

The money is redirected to your new account automatically after a full CASS switch.

Is my money safe in a new bank?

Eligible deposits with a UK-authorised bank, building society or credit union are normally protected up to £120,000 per eligible person, per authorised firm. Check the FSCS protection checker and any shared banking licence.

Is a switch bonus taxable?

One-off switch bonuses are generally not treated as taxable, but interest is savings income. Check with HMRC if you’re unsure.

Bank switching offers UK: summary

This month, HSBC (£220), First Direct (£210), Lloyds, NatWest and RBS (£200 each), Nationwide (£175) and Barclays (up to £300) have switching offers.
You need a full switch using the Current Account Switch Service, which takes 7 working days.
Check the exclusions, especially if you’ve had a bonus before.
Meet the pay-in, Direct Debit and card rules on time, and keep the account open until you’re paid.
Choose an account you’ll actually like using, not just the bonus.
Offers change all the time, so check the bank’s page before you apply.

Looking for more ways to free up cash each month? Try my guide to cutting your broadband and mobile bill, or read ISAs explained to make your savings work harder.

Sources and useful links

This is general information to help you compare offers, not financial advice. I’m not recommending any bank or account. Offers, terms and tax rules can change at any time, so always read the full terms on the bank’s own website before you apply.

Plan your next money step: get my free 7-Day Financial Reset Kit.

For a ready-made bill tracker, see my Bills & Renewal Dashboard (my own product).

About the author: Dr Kalpana Govindaraasan is a UK mum, former science teacher and PhD scientist. MoneySavvyUK shares practical money ideas and general information, with sources so you can check the rules yourself.