How UK bank switching bonuses work

UK banks regularly pay cash bonuses of £150–£500 just for moving your current account to them. In June 2026, there are 25 live switching offers available, with a combined value of over £3,000 for a serial switcher. Here's exactly how the system works.

What is a bank switching bonus?

A bank switching bonus — sometimes called a switching incentive or switching offer — is a cash payment a UK bank makes to new customers who move their current account using the Current Account Switch Service (CASS). Banks use them to attract customers away from competitors.

The bonuses are real cash, paid directly into your new account. They're not vouchers, points, or discounts — just money.

Why do banks offer them?

Acquiring a current account customer is valuable for banks. A person who switches their main account typically brings their salary, Direct Debits, savings, and sometimes mortgage business with them. Banks calculate that paying £150–£500 upfront is worth it to win that long-term relationship.

How much can you earn?

Bank	Bonus (June 2026)	Key requirement
HSBC	£500	2 DDs, £1,500/month pay-in
NatWest	Up to £250	2 DDs, £1,250/month pay-in
First Direct	£200	2 DDs, new customers only
Santander	£180	2 DDs, switch main account
Nationwide	£175	2 DDs, not held in last 12 months
Bank of Scotland	£175	2 DDs, ends 29 Jun 2026

What are the typical eligibility requirements?

Most offers share a common set of requirements:

• Full CASS switch — you must use the Current Account Switch Service, which closes your old account and transfers everything across
• Two active Direct Debits — the most common requirement across all offers
• Minimum monthly pay-in — often £1,000–£2,000, to prove you're using it as your main account
• New customer status — most banks exclude people who've held an account with them before, or who received a bonus within a set period
• Deadline — offers have an expiry date; you must start the switch before it closes

How does the CASS switch work?

The Current Account Switch Service is a free, government-backed scheme that makes switching banks simple:

1. You apply for a new account at your chosen bank
2. You request a CASS switch — the bank handles everything from here
3. Within 7 working days, your salary, Direct Debits, and standing orders all transfer to the new account
4. Your old account closes automatically
5. Any payments sent to your old account are automatically redirected for 36 months

When is the bonus paid?

Typically 30–60 days after you've met all the conditions. The bank usually specifies the timeline in their terms — for example, "paid within 30 days of completing the switch and meeting all conditions." The money lands directly in your new account.

Can you do multiple switches?

Yes — and this is where the real money is. You can switch between different banks and claim each bonus once per bank (subject to their eligibility windows). Serial switchers complete 3–4 switches per year, earning £400–£800 annually. Our switching order guide covers the optimal sequence.