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Quick answer
Choosing a current account? Start here. This page covers switching bonuses, everyday accounts and app-based banks, plus the catches to watch for.
If a bank will pay you to switch, the money is real, but only if you meet every condition by the deadline. That usually means a full switch through the Current Account Switch Service (CASS), a minimum pay-in and a couple of Direct Debits. Beyond the bonus, look at the overdraft, fees abroad and the app, because you’ll keep the account long after the bonus lands.
Key decision routes
Pick the question you’re trying to answer.
Switching bank
Choosing a current account
Finding a switching offer
Improving everyday banking
Current switch offers at a glance (checked 18 October 2026)
These are the offers we found on each bank’s own site on 18 October 2026. Every one needs a full CASS switch. The links go to each bank’s official offer page. They aren’t referral links.
| Bank | Bonus | Closing date | Official site |
|---|---|---|---|
| Standard current accounts | |||
| Barclays | Up to £300: £150, then £30 a month for up to 5 months (checked 18 Oct 2026) | Until withdrawn (runs from 1 Oct 2026) | Check Barclays’ current offer → |
| first direct | £210 total — £175 standard bonus + £35 extra (for accounts opened 14 Sep–2 Dec 2026) | £175 until withdrawn. Extra £35 ends 2 Dec 2026 | Check first direct’s current offer → |
| HSBC | £220 | Until withdrawn (runs from 15 Jun 2026) | Check HSBC’s current offer → |
| Lloyds | £200 | Offer ends 9 Dec 2026 | Check Lloyds’ current offer → |
| Nationwide | £175 | Until withdrawn (runs from 21 May 2026) | Check Nationwide’s current offer → |
| NatWest | £200 | Until withdrawn | Check NatWest’s current offer → |
| RBS | £200 | Until withdrawn | Check RBS’s current offer → |
Premier accounts: HSBC, NatWest and RBS also have £500 offers, and Barclays Premier has an offer of up to £600 (£450, then up to £150 more), each with the bank’s own income, savings or mortgage requirements. See the Switching Bonuses Hub for details. Official terms: Barclays Premier, HSBC Premier, NatWest Premier, RBS Premier.
Last checked: 18 October 2026. Offers can be changed or withdrawn at any time, so check the bank’s own offer page and terms before you apply.
- Offer ends 9 December 2026: Lloyds.
- The extra £35 on first direct’s offer is for accounts opened by 2 December 2026.
- Premier accounts have their own income, savings or mortgage requirements, set by each bank.
- Barclays (checked 18 October 2026): new sole Barclays Bank Account customers aged 18+ and UK resident (not available if you had a Barclays current account open on or before 1 October 2026), opened in the app, with a full CASS switch of at least 3 active Direct Debits. Have at least £2,000 of salary paid in within 30 days of opening the account to get the £150. For each £30 monthly reward, you need at least 10 eligible debit card purchases and at least £2,000 of salary paid in that month.
- A full switch through the Current Account Switch Service closes your old account.
Full conditions: Switching Bonuses Hub and Current account switch bonuses.
Want to check current switching bonuses? Compare the latest offers, eligibility rules and deadlines →
The catch
Most switch bonuses need a full CASS switch, which closes your old account. The bonus is often paid weeks after you qualify, and many offers exclude people who’ve held an account with the same bank or group recently.
The Current Account Switch Service moves your balance and regular payments over 7 working days. If something goes wrong, the Current Account Switch Guarantee covers any charges or interest it causes.
Switching checklist
- Check the offer’s eligibility rules, including any exclusions for past customers of the same bank or group.
- Open the new account and ask for a full switch through the Current Account Switch Service (CASS).
- Pick a switch date. The switch takes 7 working days, and the date can’t be a weekend or bank holiday.
- Don’t set up new payments on either account during those 7 working days.
- Expect your balance, Direct Debits and standing orders to move across. Payments into your old account are redirected.
- Meet the bonus’s pay-in and Direct Debit conditions before its deadline.
- If something goes wrong, the Switch Guarantee refunds any interest or charges the error caused.
Source: Current Account Switch Service, the switching process (checked 4 October 2026).
Who it’s for — and who should avoid it
Who it’s for
- People who can meet a bonus’s pay-in and Direct Debit rules comfortably
- Anyone paying fees on an account they don’t need to
- People who want a better app, fee-free spending abroad or instant notifications
- Anyone happy to move all their everyday banking to a new account
Who should avoid it
- Anyone who relies on an arranged overdraft — a new bank may not match it
- People who’ve already had a bonus from the same bank or group, as many offers exclude them
- Anyone mid-way through a mortgage or loan application, where a new account search could complicate things
- People who only want the bonus but can’t meet the monthly conditions
FAQs
Which bank will pay me to switch?
The table above lists the standard offers we found on 18 October 2026. Check the bank’s own terms before you apply — offers change and some end soon.
Can I get a switch bonus if I already bank with that group?
It depends on the bank. Several offers exclude people who already hold, or recently held, an account with the same bank or group. HSBC’s, for example, excludes anyone who opened an HSBC or first direct current account on or after 1 January 2023. Check each bank’s terms.
Are switching bonuses taxable?
HMRC’s Statement of Practice 4/97 says ordinary customers generally aren’t taxed on cashbacks. It doesn’t mention bank switching offers by name, though, and some banks (such as HSBC) say the payment may be reportable to HMRC. If you’re unsure, check with HMRC or a qualified tax adviser.
Is my money protected?
Eligible deposits are covered by the FSCS up to £120,000 per person, per bank or building society, from 1 December 2025. Brands sharing a banking licence count as one. See FSCS protection limits.
Does switching affect my credit score?
Opening a new account can involve a credit search, especially if it comes with an overdraft. See Credit score basics.
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