Up to £220 can be earned simply by switching bank accounts as major high street banks compete for new customers with attractive cash incentives. Finance expert Martin Lewis, founder of Money Saving Expert, has highlighted seven banks currently offering up to £220 to those who switch, including well-known names such as HSBC, Barclays, NatWest, and Santander.
HSBC Bank Account
HSBC is offering a free £220 for switching, even for those who have switched before. This is the first such offer under the HSBC brand rather than its sister bank First Direct. To qualify, customers must pay in a total of £2,000 and spend £500 within 60 days. Additionally, a 5% rate is available on a regular saver of up to £250 per month for a year.
First Direct 1st Account
First Direct offers a free £200 for switching. To be eligible, customers must pay in £1,000 within 45 days, with no further requirements. Benefits include a linked one-year 7% fixed saver for up to £300 per month. However, applicants must be completely new customers who have not had a First Direct product or opened an HSBC current account since January 2018.
Barclays Bank Account
Barclays provides a free £200 for switching, along with an optional half-price Apple TV+ subscription. Customers must pay in a total of £2,000 within 30 days and must not have received any previous Barclays switch bonuses or held a Barclays current account on or before June 9, 2026.
NatWest Reward
Switching to the NatWest Reward account earns a free £200 plus the chance of £36 cashback per year. The account is linked to a 5.25% regular saver on up to £150 per month. A monthly pay-in of £1,250 is required, and switchers cannot have had a previous NatWest, RBS, or Ulster Bank switch bonus or held a NatWest current account on May 6. The account also offers a free £2 per month, plus potential £5 monthly cashback, resulting in a net gain of £3 per month.
Santander Edge
Santander offers a free £180 for switching. Customers must pay in a total of £1,500 within 60 days, followed by £500 or more per month. The Edge account has a £3 monthly fee but includes benefits such as cashback on bills paid by Direct Debit and a linked easy-access saver paying 6% variable for 12 months on up to £4,000. Switchers cannot have received a previous Santander switch bonus or held a Santander current account on January 1, 2025.
Nationwide FlexDirect
Nationwide offers a free £175 plus extra perks, including 5% interest on up to £1,500 and 1% cashback (maximum £5 per month) for 12 months. The minimum pay-in for the switch bonus is a one-off £1,000, and for cashback and interest, it is £1,000 per month. Switchers cannot have had a Nationwide switch bonus since 2021, unless switching from a sole to a joint account or vice versa.
Bank of Scotland Classic
Bank of Scotland provides a free £175 on a no-fuss account with no minimum pay-in required for the switch bonus. Switchers need to open a new Classic account and start a switch from an account with three or more active direct debits by June 29. The £175 is paid within 14 working days. Those who have received a Bank of Scotland, Lloyds, or Halifax bonus since January 1, 2023, are not eligible.
