Four banks in the UK are now offering cash for you to switch allegiance.
The bonuses start off at £100, but if you’re willing to do a little more or stick with the bank for longer, the highest paying one is worth a healthy £310.
If you’ve never switched before you’ll be good to go on most of the offers, but sadly, if you’ve received a bonus for swapping from these banks before, you’re ruled out for getting money again.
Let’s start with the easiest one to get…
Santander
This June, there’s a straight £180 from Santander if you open up an Everyday, Edge or Edge Up current account, set up two direct debits, deposit £1,500 and switch from a different bank within 60 days.
Do all this and you’ll get the money within three months of starting the process.
There are some caveats though (aren’t there always). First up, you can’t have had a Santander current account on January 1, 2025. If you’ve opened one up since, then you’ll be okay to proceed. Also, those direct debits must be from a named household bills supplier, so you’ll need to check that your phone, broadband, water or energy provider are listed.
First Direct
Next up is First Direct. You’ll get a little less at £175 but it’s also one with comparatively fewer tasks to complete.
You need to move over two direct debits from your old account as part of the switch (meaning they need to be on the old account rather than set up on the new one), deposit £1,000 within 30 days, and use your debit card five times in the first 45 days. Once you meet these criteria you’ll get the cash on the 20th of the following month.
However, if you’ve ever had a First Direct current account – even if it’s now closed – you won’t be eligible. You can’t have opened a new HSBC current account since January 1, 2018, either.
Nationwide
If you’re already with Nationwide, and had a current account, savings account or mortgage with the building society on March 31, 2025, then you’ve got access to an exclusive £200 switching promotion.
This one also requires you to transfer two direct debits as part of the switch from the old account. You’ll then need to add £1,000 to the account in 31 days, and use the debit card once to have the bonus paid into your account within 10 days.
What’s different about this offer is you might be able to get it more than once! Though you can only take advantage with one personal current account, you can also do it in addition to a joint account. So as a couple, you could potentially get three lots of £200 back in your pockets.
Lloyds TSB
The final offer to share is potentially worth the most money, but it does require the most action each month – so it’s up to you whether you think it’s worth it.
This deal from TSB offers £100 for the switch itself, and it’s for the Spend & Save or Spend & Save Plus accounts. You’ll need to use the debit card five times before 19 July 2025 and switch from a different bank. So far, so simple.
But for the next level of the offer, worth £15 a month for six months (so a total of £90) you’ll need to increase your debit card usage to 20 times each month.
And then, if you do the same in December this year, you’ll be able to claim a £120 credit for Expedia in the new year. So it’s a long game, but you could end up with £310 back.
Be sure to check all the terms and conditions again on all these before you apply, as there may be one or two extra t’s to cross and i’s to dot.
And remember, as part of the switch, your old account will completely close, so be sure you don’t want or need to keep hold of it for any reason, such as a connected savings account.
It’s worth having a look out TopCashback and Quidco first too, as there’s up to £40 extra available for the TSB, First Direct and Santander accounts if you click through from there. Better still, if you’re new to either site, search for welcome offers worth up to £20 to grab.
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