According to Current Account Switch Service (CASS) data, more than 12.4 million people have switched their bank account, with over 1 million people switching in 2025 (sourced: July 2026).

A large reason behind the recent rise in bank switching has undoubtedly been due to the recent re-emergence of a number of bank switching deals following the brief market drought in 2024. As of July 2026, there are several major providers offering substantial cash rewards, with top deals now reaching up to £220. Beyond the upfront cash, banks are increasingly focusing on 'sticky' perks such as high-interest regular savers and ongoing cashback to retain new customers.

So far this year, we've seen a number of bank switching offers hit the market and in July 2026 there are SIX banks that'll pay you (up to £220) for ditching and switching accounts.

In this article we're going to explore how bank switching works, the latest bank switch offers, plus we'll explore how it's possible to earn multiple bonuses.

The current account market is fiercely competitive. Not because bank accounts are particularly profitable, but because if you have a current account, your bank can turn on the 'hard sell' and try to flog you one of its credit cards, loans, or even mortgages.

Because banks are eager to grow their customer bases, many will shamelessly pay customers for moving to them. So, as long as you don't let yourself get drawn into applying for products you don't need, switching bank accounts can be a way to earn cash.

Now's a great time to switch bank accounts as there's a host of hot offers up for grabs.

So if you're keen to earn some free dosh - or you're simply fed up of your current bank; here's a lowdown of what's on offer...

The following table* is not a ranking; it is for informational purposes only.

Note: Some providers also offer premium-tier switching bonuses (e.g. HSBC Premier at £500) requiring significantly higher income or savings thresholds. These are not included above as they are not available to most applicants.

Eligibility conditions vary; most offers are limited to new customers who have not previously held an account with that provider. Always check the full terms on each provider's website before applying.

The Current Account Switch Service

Regardless of the switch offer you go for, in order to bag a bank account switch bonus, you'll need to play close attention the terms of any offer.

In addition, you'll also have to complete your switch using the Current Account Switch Service (CASS). This is the official switching service which ensures you won't be out of pocket if your bank makes a mistake when moving your account.

The CASS also ensures any payments, including standing orders and direct debits, are moved over automatically for you. Plus, as an added boon, under the CASS your switch shouldn't take any longer than 7 working days to complete.

Yes. There's nothing stopping you moving bank accounts, pocketing a switch bonus, and then immediately switching to another bank to grab another bonus. You can do this as often as you like though, understandably, most banks won't allow you to earn multiple bonuses from the same banking group.

Chasing multiple switch bonuses (a strategy often called 'bank switching') remains highly effective in 2026, but timing is everything. To maximize your earnings, prioritize deals with imminent 'hard' deadlines, as banks often withdraw these incentives without notice when they hit their recruitment targets.

Always check the 'exclusion period' in the fine print; most major groups (like Lloyds/Halifax/Bank of Scotland or HSBC/First Direct) will not pay a second bonus if you have received a switching incentive from any brand within their banking group in the last 2–3 years.

If the stars align and you manage to bag multiple bonuses in quick succession, then it's certainly possible to pocket £100s for doing very little. And if you don't manage to take advantage of every offer out there, you can take heart from the fact that most bank switch offers return in some form.

Happy with your bank but keen for switching cash?

If you're content with your current bank account but also like the thought of some free cash (who doesn't?), then you may wish to open a separate bank account solely for the purposes of bagging multiple switch bonuses. That way you can switch your extra account and grab as many bonuses as you like while keeping your 'main' current account for everyday use.

If you do this, however, you may have to set up a direct debit or two on your spare account. This is because many switch offers will require you move over a set number of direct debits as part of your switch. Setting up extra direct debits could be a bit of a faff, but if you want to take advantage of earning money for switching a bank account you don't even use, then it could be worth the trouble!

So, in summary, when it comes to switching your bank account and earning free cash, here are some key points to keep in mind:

• There are multiple accounts that will pay you up to £200 for switching accounts.

• To take advantage of any switch deal you must carefully study the terms of any offer.

• You must move accounts using the official Current Account Switch Service (CASS) to qualify for free switching cash.

• The CASS guarantees your switch will be complete in 7 working days.

• The CASS also ensures any payments will be moved over for you, and you'll be covered if any mistakes occur as part of your switch.

• It's possible to switch your bank account often to receive multiple bank switch bonuses.

Bank switch deals change often. For the latest offers, take a look at the 'switching' section in our best bank accounts guide.

*Switching offer amounts, account features and interest rates are correct as of 2 July 2026, sourced from Moneyfactscompare.co.uk and individual provider websites. Terms, amounts and availability are subject to change; always check directly with each provider before applying. This article is for general information only and does not constitute financial advice. ClearScore is a credit broker, not a lender.