Current account switch offers 2026

The best current account switching bonus available right now is £220 from HSBC, making it the most lucrative offer on the market in June 2026. Across the major high street banks, eight separate deals are live, offering between £175 and £220 in cash simply for moving your current account using the free Current Account Switch Service (CASS).

These bonuses are straightforward to claim: apply for a new account, request a full CASS switch, meet a handful of conditions such as a minimum pay-in and transferring direct debits, and the cash lands within weeks. Below you will find every live offer compared side by side, the exact eligibility conditions for each bank, and a practical guide to making the most of switching.

Current account switch offers compared (2026)

All eight offers use CASS, so the mechanics of switching are identical regardless of which bank you choose. The main differentiators are the bonus amount, the minimum pay-in level, and whether eligibility is realistic given your income and existing banking history.

HSBC: get £220 when you switch

HSBC is offering the largest standard switching bonus on the market right now at £220, paid to new customers who switch to its Bank Account. To qualify, you must pay in at least £2,000 within 60 days of opening, spend at least £500 on your new debit card within the same 60-day window, and transfer at least two direct debits as part of a full CASS switch. The £220 lands within 30 days of meeting all conditions.

Eligibility is tight on the banking history side: you must not have held an HSBC or First Direct current account at any point since 1 January 2023. HSBC also offers a £500 bonus through its Premier account, but Premier requires either a minimum annual income of £100,000 or at least £100,000 held in HSBC savings or investments, making it out of reach for most applicants. For the majority of switchers, the standard £220 offer is the one to target.

NatWest: get £200 (or £250 with Premier)

NatWest is running two parallel switching offers depending on which account you open. The standard Reward Account pays £200 for switching, provided you pay in at least £1,250 per month on an ongoing basis, transfer two direct debits, and log into the NatWest mobile app. Crucially, the pay-in requirement here is monthly and ongoing rather than a one-off lump sum, which is an important distinction from HSBC and Barclays. You must not have held a NatWest current account as of 6 May 2026 to be eligible.

NatWest Premier customers can earn £250, but the conditions are considerably steeper: a £5,000 pay-in within 60 days, and Premier eligibility itself requires either a salary of at least £100,000 or savings and a mortgage of at least £500,000 with NatWest. The cutoff date for Premier eligibility also differs, requiring no NatWest account held as of 10 March 2026. For most people, the standard £200 offer is the relevant one to assess.

Barclays: get £200 (offer ends 27 August 2026)

Barclays is matching NatWest on the standard bonus with £200, but this offer carries a hard deadline of 27 August 2026, so you must complete the switch before that date. The pay-in requirement is £2,000 within 30 days of opening the account, and you must include at least two direct debits in your CASS switch. Barclays requires that you have not held a Barclays current account within the previous 12 months.

The 30-day window for hitting the pay-in threshold is shorter than HSBC's 60-day window, so plan accordingly if your regular income is paid monthly. With two months remaining until the deadline, there is still time to complete the process comfortably.

First Direct: get £200

First Direct, the telephone and online-only subsidiary of HSBC, offers £200 to new switchers. The conditions are somewhat lighter than its parent's: you need to pay in at least £1,000 within 45 days (half the HSBC requirement), make at least five debit card payments in the same window, and transfer two or more direct debits or standing orders via CASS.

Eligibility follows a shared exclusion rule with HSBC: you must never have held a First Direct account previously, and you must not have opened an HSBC current account after January 2018. Because HSBC and First Direct sit within the same banking group, holding either disqualifies you from the other's bonus. First Direct is consistently well-rated for customer service and is managed entirely by phone or app, with no branch network.

Santander: get £180

Santander is offering £180 to customers who switch to one of four eligible accounts: the Edge, Edge Up, Edge Explorer, or Everyday current account. You need to pay in £1,500 within 60 days and transfer at least two household direct debits, which Santander defines as utility-type payments such as gas, electricity, or broadband. The switch must be completed via CASS within 60 days of account opening.

Eligibility requires that you have not held a Santander current account since 1 January 2025, giving a shorter exclusion window than HSBC or NatWest. The bonus is paid within 30 days of meeting all conditions. Santander's Edge accounts also carry their own ongoing cashback benefits on household bills, which may add long-term value beyond the one-off switching incentive.

Nationwide: get £175

Nationwide Building Society is offering £175 to new switchers across three of its current accounts: FlexDirect, FlexAccount, and FlexPlus. You must switch a non-Nationwide, non-Virgin Money account that includes at least two direct debits, pay in £1,000 within 31 days, and make at least one debit card payment in the same period. Nationwide describes the offer as "limited time" but has not announced a hard end date.

One practical advantage with Nationwide is that the bonus can technically be claimed twice: once on a sole account and once on a joint account, provided both meet the conditions. Each account type can be claimed once per member. This makes Nationwide a useful option for couples who both wish to maximise switching income, or for anyone willing to open both account types separately.

Bank of Scotland: get £175 (offer ends 29 June 2026)

Bank of Scotland is offering £175 to new switchers to its Classic Account, but this deal is time-critical: the switch must be initiated by 29 June 2026, leaving only a fortnight as of the date of this article. If you are interested, act immediately rather than leaving it to the end of the week.

The conditions include switching via CASS with at least three active direct debits transferred, which is a higher bar than any other offer on this list. Most competing banks only require two. You must not currently hold a Bank of Scotland current account to be eligible. Bank of Scotland is part of the Lloyds Banking Group, which also includes Lloyds Bank and Halifax, and the group's shared ownership may affect eligibility across those brands.

How the Current Account Switch Service works

The Current Account Switch Service (CASS) is a free, bank-backed scheme that makes moving your current account straightforward. It is backed by the Current Account Switch Guarantee, which means that if anything goes wrong during or after the switch, your bank must correct any payment errors within three working days and refund any resulting charges immediately.

The process from start to finish takes a maximum of seven working days once you have chosen a switch date. Here is how it works in practice:

• Apply for your new current account online or in branch.
• During the application, select the option to switch from your existing account and provide your old account details.
• Choose a switch date at least seven working days in the future.
• On the switch date, all your direct debits, standing orders, and incoming payments (such as your salary) transfer automatically to the new account.
• Your old account closes automatically on the switch date.

Any payments directed to your old account after it closes are automatically redirected to the new one for at least 36 months. Switching does not affect your credit score for a standard current account: no hard credit search is performed during the switch process itself, though if you apply for an overdraft at the same time, that application may generate a hard search.

Can you claim more than one switching bonus?

Yes. There is nothing to stop you from claiming multiple switching bonuses in sequence, and many financially switched-on consumers do exactly this. The mechanics are straightforward: switch to Bank A, claim Bank A's bonus, then later switch from Bank A to Bank B to claim Bank B's bonus. Each bank pays out to customers who are new to that institution, so as long as you have not held an account with them within their specified exclusion window, you qualify.

There are a few practical points to keep in mind. First, check the T&Cs for each bank's exclusion period before you start planning a sequence. Some banks look back six months, others to a specific date, and others (such as First Direct) for any period in your lifetime. Second, be aware that several major banks share ownership, and the bonus exclusion typically extends across the entire group:

• HSBC and First Direct share a group exclusion: holding one disqualifies you from the other's bonus.
• NatWest and RBS are part of NatWest Group: holding one may affect eligibility for the other.
• Lloyds Bank, Halifax, and Bank of Scotland are all part of Lloyds Banking Group: the shared ownership is relevant to eligibility across all three.

A methodical switcher who plans their sequence carefully can earn several hundred pounds in a single year from switching bonuses alone, without doing anything other than redirecting their salary and direct debits to a new account each time.

Which banks are not offering switch bonuses right now?

As of June 2026, the following banks and fintech providers do not have live cash switching incentives: Lloyds Bank, Halifax, TSB, Monzo, Starling Bank, Chase UK, Kroo, Revolut, and Wise. This does not mean these accounts lack merit. Starling and Chase, for instance, offer fee-free spending abroad and competitive interest on balances, which may provide better long-term value than a one-off bonus depending on your spending habits. However, if your primary goal is earning a cash reward for switching, none of these providers currently offer one.

Are current account switching offers worth it?

For most people, the answer is a clear yes. Earning between £175 and £220 in return for around 30 minutes of online form-filling is a very strong return for time invested. The actual disruption to your day-to-day banking is minimal: CASS handles the administration, and your salary, direct debits, and standing orders move automatically without any action on your part beyond the initial application.

The main considerations before you switch are practical rather than financial. Check whether the new account's ongoing pay-in requirement matches your regular income. NatWest's £1,250 per month requirement, for example, is manageable for most employed adults, whilst HSBC's £2,000 requirement may suit those with a higher salary. Also consider whether the account itself serves your daily needs: if you travel frequently, an account with no foreign transaction fees might be worth more over time than a one-off bonus from a bank that charges for overseas spending.

Deposits in all of the accounts listed here are protected up to £120,000 per person per institution under the Financial Services Compensation Scheme (FSCS), following the increase from £85,000 in December 2025. For a standard current account used for day-to-day spending, FSCS protection is rarely a deciding factor, but it is worth knowing the limit has risen substantially.

Frequently asked questions

How long does switching a current account take?

A full CASS switch takes a maximum of seven working days from your chosen switch date. You can choose a switch date at least seven working days after you apply, so the entire process from application to completion typically takes around two weeks. There is no action required from you during the seven-day switching period itself.

Will switching affect my credit score?

Switching a standard current account does not involve a hard credit search and will not affect your credit score. Banks may carry out a soft search when you apply, which is visible only to you and does not influence your credit file. If you apply for an arranged overdraft at the same time as opening your new account, a hard search may be carried out for that specific application, which could have a minor temporary effect on your score.

What happens to my direct debits when I switch?

All direct debits and standing orders transfer automatically to your new account as part of the CASS process. The organisations receiving those payments (utility companies, subscription services, and so on) are notified of your new account details, and the payments continue without interruption. You do not need to contact each organisation separately. Under the Current Account Switch Guarantee, any payment that fails because of an error in the switch process must be corrected and any charges refunded within three working days.

Is the switching bonus taxable?

HM Revenue and Customs generally treats current account switching bonuses as a discount or incentive rather than income, meaning they are not normally subject to income tax. This is distinct from interest earned on savings, which may be taxable above the Personal Savings Allowance. However, tax treatment depends on individual circumstances, and if you are in any doubt you should check with HMRC or a tax adviser. For most people earning one or two switching bonuses per year, there is no tax liability to consider.

Can I switch if I have an overdraft?

Yes, you can still initiate a switch if you have an overdraft on your existing account, but the process is slightly more involved. Your new bank is not obligated to offer you an equivalent overdraft facility, so you will need to either repay the existing overdraft before the switch date or make separate arrangements. If your new account does not approve an overdraft of the same amount, you could be left without access to that borrowing. Check with your new bank before switching whether it will consider an overdraft application and, if so, whether it will perform a hard credit search in doing so.

What is the highest switching bonus available in the UK right now?

The highest switching bonus available to most people right now is £220 from HSBC, offered on its standard Bank Account with a £2,000 pay-in and £500 debit card spend within 60 days. NatWest Premier technically offers £250, but it requires a minimum annual income of £100,000 or at least £500,000 in savings and a mortgage with NatWest, placing it out of reach for the vast majority of applicants. For everyday switchers, HSBC's £220 is the top offer as of June 2026.