Best Bank Switching Offers UK 2026: Up to £180 Free Cash
Published 29th April 2026·Updated 15 April 2026
Reviewed by: Reviewed for accuracy April 2026
Several UK banks are currently paying cash bonuses of up to £180 to customers who switch their current account using the Current Account Switch Service (CASS). The process takes seven working days, your old account closes automatically, and any payments sent to your old account are redirected for 36 months. You keep the bonus as long as you meet each bank's eligibility criteria, which typically means paying in a minimum monthly amount and setting up at least two direct debits.
Short Summary
First Direct, Natwest, Halifax, and Lloyds are among the banks most consistently running switching incentives. Bonuses currently range from £100 to £180 for most offers.
The switch itself is free and handled by CASS, a government-backed service that moves your payments, direct debits, and standing orders in seven working days. Your old bank account closes automatically on the seventh day.
Eligibility varies by bank. Most require you to pay in a minimum monthly amount (typically £1,000 to £1,500), set up at least two direct debits, and not have held an account with that bank in the past.
Switching bonuses change frequently. The figures in this guide are accurate to April 2026 but should be verified directly with each bank before applying, as offers can be withdrawn or changed without notice.
Which Banks Are Currently Offering Switching Bonuses?
As of April 2026, the following banks have active or recently active switching incentives. Always check the bank's own website for the current terms before applying, as bonus amounts and eligibility criteria change regularly.
| Bank | Bonus | Min Monthly Pay-in | Other Requirements |
|---|---|---|---|
| Natwest / RBS | £180 | £1,250/month | Reward account; £2/month fee, waivable by paying in £1,250 |
| First Direct | £175 | £1,000/month | Must never have held a First Direct account previously |
| Halifax | £175 | £1,500/month | Must switch with at least 2 active direct debits |
| Lloyds (Club Lloyds) | £175 | £2,000/month | £3/month fee, waived if you pay in £2,000/month |
| TSB | £100 | £500/month | Spend on debit card within 60 days may be required |
Important: These figures were accurate at time of writing but may have changed. Always read the full terms on the bank's own website before switching.
How Does Bank Account Switching Work?
The Current Account Switch Service (CASS) was introduced in 2013 and is backed by the UK government. It makes switching straightforward, and the process takes exactly seven working days from the date your new bank starts the switch.
Here is what happens:
- Open your new account and request a switch from the new bank
- CASS notifies your old bank on your behalf
- All direct debits, standing orders, and incoming payments are moved automatically
- Any payments sent to your old account are redirected to your new one for 36 months
- Your old account closes on day seven
You do not need to contact your employer or any company that pays you by bank transfer. CASS handles the redirection automatically. Your sort code and account number will change, but the 36-month redirect means you will not miss payments while companies update their records.
Can You Switch Multiple Times and Collect Multiple Bonuses?
Yes. There is no rule against collecting bonuses from different banks one after another. Many people cycle through available offers, earning £100 to £175 each time.
The main restriction is that most banks require you not to have held an account with them previously (some say "ever", others say "in the past two years"). First Direct is the strictest: you are ineligible if you have ever held a First Direct account.
Practically, you can plan your switches to hit each eligible bank in sequence. Some people earn £500 or more per year this way by switching every two to three months. Just make sure you meet the full eligibility criteria (direct debits, pay-in amount) for each bonus before you switch away to the next offer.
Is There Any Risk to Switching Bank Accounts?
Switching via CASS is low risk. The main things to be aware of are:
Direct debit failures: Very rare with CASS, but check that all your direct debits have moved correctly in the days after the switch date. Utility companies and subscription services are the most common ones to check.
Overdraft: If you have an arranged overdraft with your old bank, your new bank will need to offer an equivalent facility or you will need to clear the balance first. Do not switch while you are in an unarranged overdraft.
Linked products: If your current account is linked to a savings rate, mortgage deal, or rewards programme, check whether switching will affect those benefits before you go ahead.
Losing bank history: Some mortgage lenders ask for three to six months of bank statements. If you are applying for a mortgage soon, keep your main current account stable until the application is complete.
Best Accounts for Ongoing Value (No Switching Bonus)
Not every strong current account pays a switching bonus. If you want ongoing value rather than a one-off cash payment, these accounts are worth considering:
| Account | Standout Feature | Monthly Fee |
|---|---|---|
| Chase | 1% cashback on everyday spending (up to £15/month) | Free |
| Starling | No overseas transaction fees; savings spaces | Free |
| Nationwide FlexDirect | 5% AER on up to £1,500 (first 12 months) | Free |
| First Direct | Access to 8% regular saver account | Free |
| Monzo Plus | 1% AER on balance; virtual cards; credit tracking | £5/month |
Chase is particularly strong for everyday cashback. Nationwide FlexDirect's 5% AER on balances up to £1,500 is a significant rate for an instant-access current account, though it drops after 12 months.
How to Claim a Bank Switching Bonus: Step-by-Step
- Check the bank's website to confirm the offer is still live and you are eligible
- Apply for the new account online (takes 5 to 10 minutes; you will need ID)
- Once approved, select the option to switch your existing account via CASS
- Set up or confirm at least two direct debits on the new account within the required timeframe
- Pay in the required minimum amount within the first month (or however long the bank specifies)
- Wait for the bonus to appear, usually within 30 days of meeting all criteria
Keep a note of when you switch and what the bonus criteria are. A calendar reminder to check you have set up the required direct debits is a useful safeguard.
Frequently Asked Questions
How long does bank account switching take?
Switching via CASS takes exactly seven working days from the date your new bank starts the process. You do not need to do anything during those seven days. On the final day, your old account closes and all payments route through your new account automatically.
Can I switch if I have an overdraft?
Yes, but you need to either clear the overdraft balance before switching or arrange an equivalent overdraft with your new bank. If your old account is in an unarranged overdraft, the switch will likely be rejected. Clear any negative balance first to avoid delays.
Will switching bank accounts affect my credit score?
Switching a current account does not directly affect your credit score. Most banks run a soft search to verify your identity when you open a standard current account, which is not visible to other lenders. A hard search only happens if you apply for an overdraft facility.
How do I know if I qualify for a switching bonus?
Each bank publishes its eligibility criteria on its website. The most common requirements are: not having held an account with that bank previously, paying in a minimum monthly amount, and setting up at least two active direct debits within 60 to 90 days of switching.
Can I get a switching bonus if I already bank with that provider?
No. All switching bonuses are exclusively for new customers. If you currently hold or have recently held an account with the bank, you will not qualify. Some banks (notably First Direct) exclude anyone who has ever been a customer, regardless of how long ago.
Is my money safe at an app bank?
Yes. UK-regulated banks and building societies, including app banks such as Chase, Monzo, and Starling, are covered by the Financial Services Compensation Scheme (FSCS). This protects deposits up to £85,000 per person per institution if the bank were to fail. All three are FCA-regulated and FSCS-protected.
What is the best bank account in the UK right now?
It depends on what you value most. For a one-off cash bonus, First Direct and Natwest consistently offer the highest payments. For ongoing cashback, Chase pays 1 per cent on everyday spending. For interest on your balance, Nationwide FlexDirect pays 5 per cent AER for the first 12 months. For no-fee international spending, Starling and Chase both have no foreign transaction fees.