After a quiet period, the bank switching market is currently at its most competitive level in years. Major providers including Santander, Nationwide, and NatWest are offering incentives of up to £250.

Right now, there are seven banks that'll reward you for switching.

So if you're fed up with your current bank, or you just fancy some free money, here's how you can get your hands on some cold, hard cash.

How easy is it to switch bank account?

Since the introduction of the current account switch service, changing your bank account is now a piece of cake. The process takes just seven working days and all payments coming in and out of your account are moved over for you automatically. Your new provider also takes care of closing your old account for you. Plus, if anything goes wrong, you won't be out of pocket as you're covered under the scheme.

To switch accounts under the current account switch service all you have to do is open a new bank account of your choosing, and then inform your new provider that you want to switch your accounts. Do this, and all payments will be moved over for you, and your old account will be closed.

Why do banks pay customers to switch?

Prior to the introduction of the switch service, if you wanted to switch your current account you had to do all of the work yourself. So, you'd first have to open a new account and then manually close your old account by informing your provider. Importantly, you were also responsible for moving over any direct debits, standing orders, plus any other important payments - such as your monthly mortgage payment. If you failed to move over payments in time, it was your problem to solve.

Since seven-day switching was launched, moving bank accounts is now a whole lot easier. Despite this, much of the UK population is still seemingly reluctant to move bank accounts. This is why a number of banks regularly offer juicy incentives to encourage reluctant customers to give their old bank the boot.

While bank switch offers change all the time, the strategy of shamelessly paying to acquire new customers is almost certainly working.

Switching volumes have remained consistently high as consumers become more money-conscious and proactive. According to recent data from the Current Account Switch Service (CASS), released on January 29, 2026, the UK saw over 1.1 million switches in the last 12 months. This sustained interest is driven by a competitive banking landscape where high-street names and digital disruptors alike use generous cash incentives to attract new long-term customers.

What bank switch offers are available right now?

While there are currently six bank switch offers available, though they are prone to changing. All of the offers below require you to use the official current account switch service. Here's the lowdown:

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.

Bank switching: top tips

Now we've touched on the hot bank switch offers available right now, there are a few tips to keep in mind when it comes to moving current accounts.

While most banks would prefer you switched your main account, you don't really have to. If you like your existing bank there's nothing stopping you keeping it, and opening another account solely for grabbing switching offers.

Some hardcore bank switchers have made £100s by switching from bank to bank. As long as you fulfil the criteria of each individual offer there's nothing stopping you bagging multiple bonuses.

Each bank switch offer is different. Most won't let you switch from one of their existing accounts, while others will disqualify you from a bonus if you're switching from a 'sister bank'. For example, First Direct doesn't pay a bonus to those switching from a HSBC account. Always study the terms of each bank switch offer before you apply.

If you switch to a new account because of switching cash, don't feel obligated to stay if you aren't happy. With the current account switch service, switching is now easier than ever, so make use of it.

Need an overdraft, or looking for a bank account that pays interest?

If so, don't focus solely on bank switch offers. While it can be difficult to turn down free cash, it's likely there are other accounts out there better suited to your needs. For a list of options, plus more switching tips, take a look at our comprehensive 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.