After a quieter period, the bank switching market has become considerably more competitive, with several major providers currently offering cash incentives to switch, some reaching up to around £220 for standard accounts, with higher-tier incentives available on premium accounts that require a higher income or savings threshold.

This article explains how bank switching works, what's currently on offer, and how it's possible to earn multiple bonuses.

How easy is it to switch bank account?

Since the introduction of the current account switch service, changing your bank account has become straightforward. 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 cash incentives remain a common strategy for acquiring new customers.

Switching volumes have remained consistently high as consumers become more money-conscious and proactive. According to Current Account Switch Service (CASS) data published in January 2026, the UK saw over 1 million switches in 2025 (the third consecutive year switching has passed that mark). This sustained interest coincides with a competitive banking landscape, where high-street names and digital disruptors alike use cash incentives to attract new customers.

What bank switch offers are available right now?

A check of provider websites on 08 September 2026 found current account switch bonuses across the market generally ranging from around £150 up to £220 for standard accounts, with premium/private banking tiers (which usually require a high income or savings threshold) reaching as high as £500. Beyond the headline cash, many providers add extras such as a linked regular saver, ongoing cashback, or a rewards scheme (though these often come with their own monthly fee or qualifying conditions).

Common requirements include a full switch via the Current Account Switch Service, at least two active Direct Debits, a minimum pay-in (commonly £1,000–£2,000), and sometimes a set number of card payments or an app login (all within a defined window, often 30–60 days).

The specific amount, qualifying criteria, and offer deadlines change frequently (sometimes within days) so check the current offer directly with each provider before applying.

Providers that regularly offer cash incentives to switch include:

• HSBC

• NatWest

• Barclays]

• First Direct

• Santander

• Nationwide

Eligibility conditions vary, and most offers are limited to new customers who haven't previously held an account with that provider. Terms, conditions and eligibility criteria apply; please check the details in full on each provider's website before applying.

Bank switching: top tips

Here 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 collecting switching offers.

Combining several switch bonuses in succession makes it possible to earn a meaningful amount of cash, provided the criteria for each individual offer are met.

Each bank switch offer sets its own rules. Most exclude customers who've previously held an account with that same provider, and some banking groups apply this exclusion across all their brands; for instance, where one brand is owned by another, opening an account with one can affect eligibility for a switch bonus with the other. The exact cutoff dates and conditions vary, so it's worth checking each offer's terms in full before applying.

Switching to a new account for the cash doesn't create any obligation to stay if the account turns out not to be a good fit. The current account switch service makes moving again just as straightforward.

Bank switch offers are just one factor to weigh up.

Accounts with the best overdraft terms or in-credit interest rates aren't always the same ones offering the largest cash bonus, so it's worth comparing the best bank accounts before deciding.

ClearScore is a credit broker, not a lender.

Details correct as of 08 September 2026. Terms, rates and features are subject to change — always verify current details before applying. This article is for general information only and does not constitute financial advice.