Most people have been with their bank for years. Some for decades. And most of them have never once questioned whether staying put is actually the right decision.
Here’s something worth knowing. Banks will pay you real cash to become their customer. Not points, not vouchers, not entry into a prize draw. Actual money, straight into your account, just for moving your current account across to them.
It takes an afternoon. It involves almost no effort. And right now there are several banks offering between £175 and £200 just to make the switch.
Let’s walk through how it works.
What Is Bank Switching?
Switching your bank account means moving your current account from one bank to another. Your salary, direct debits, standing orders, and balance all move across automatically. Your old account closes. Your new account opens. Job done.
The reason banks are willing to pay you to do this is simple. Current accounts are sticky. Once someone is with a bank, they tend to stay for years, often picking up mortgages, savings accounts, and other products along the way. Acquiring a new customer is valuable, and switching bonuses are how banks compete for them.
How Does the Switch Actually Work?
The switching process in the UK is handled by the Current Account Switch Service, known as CASS. It launched in 2013 and today a full switch between participating banks takes seven working days, costs nothing, and comes with a formal guarantee that covers you if anything goes wrong.
When you apply to a new bank and select the full switch option, CASS handles everything. All direct debits and standing orders move to your new account and your salary and any incoming payments are automatically redirected.
Recurring card payments such as subscriptions do not move automatically, so you will need to update those manually. That’s the only bit of admin that falls to you.
If anything goes wrong, your new bank is responsible for putting it right, including refunding any interest or charges you incur as a result of the switch. In practice, the process is smooth and reliable for the vast majority of people.
What’s Available Right Now?
Switching bonuses change regularly so always verify the current offer directly with the bank before applying. As of June 2026, here’s what’s on the table.
Santander — £180
Santander is offering £180 when you switch to one of their selected current accounts from another bank using CASS. You need to complete a full switch, which closes your old account, and have at least two active household direct debits on your Santander account within 60 days. Worth noting you can’t have held a Santander current account since January 2025 or received a Santander switching bonus previously.
NatWest — £200
NatWest is offering a £200 cash bonus to new and existing customers switching to the NatWest Select or Reward account using CASS. You need to pay in at least £1,250 within 60 days of switching and close your old account.
First Direct — £175
First Direct requires you to switch your main bank account within 45 days, pay in at least £1,000, transfer at least two direct debits, and make five or more debit card payments within 45 days. First Direct also has a strong reputation for customer service which is worth factoring in beyond the bonus.
Chase — No Cash Bonus but Worth Considering
Chase does not offer a traditional cash switching bonus. The draw here is a linked savings account earning 4.5% AER variable for 12 months, plus 1% cashback on eligible debit card spending for your first year. If you spend regularly on your debit card that cashback can add up to more than a one-off bonus over twelve months.
Can You Switch More Than Once?
Yes, and this is where it gets interesting. There’s nothing stopping you switching again once you’ve collected a bonus, as long as you meet the eligibility criteria for the next bank. Most people complete four to six switches over twelve to eighteen months, earning over £3,000 in total bonuses across the year.
The key things to check before each switch are whether you’ve previously held an account with that bank and whether you’ve already received a switching bonus from them. Most banks limit their offer to once per person.
What to Watch Out For
Monthly fees — some accounts that come with switching bonuses also carry a monthly fee. The Barclays Blue Rewards account for example costs £5 a month. Factor this into your calculation before signing up.
Pay-in requirements — most bonuses require you to pay a minimum amount into the account within a set timeframe, usually your salary. Make sure you can meet this before applying.
Direct debit requirements — most banks ask you to have a minimum number of active direct debits transferred across. Check what you currently have before starting.
Eligibility restrictions — read the small print. Many offers exclude people who have previously held an account with that bank or received a bonus from them before.
Your credit file — opening a new bank account usually involves a soft credit check rather than a hard one, but it’s worth confirming this with the bank before applying if you have a mortgage application coming up.
A Few Practical Tips
Keep a simple note of which banks you’ve switched to and when. It makes it much easier to track eligibility for future switches.
Don’t close your new account immediately after receiving the bonus. Banks can claw back the payment if you leave too quickly, and some have minimum holding periods written into their terms.
Use a cashback site like TopCashback or Quidco before applying. Some switching offers carry an additional cashback payment on top of the bank’s own bonus, which can add another £30 to £50 on top.
Check MoneySavingExpert’s best bank accounts page before each switch. They track every live offer in real time and flag when deals are about to expire.
Is It Worth the Hassle?
For a few hours of effort spread across an afternoon, collecting a £175 to £200 bonus is one of the best returns available in personal finance right now. There’s no investment required, no risk to your money, and the switching process itself is backed by a government guarantee.
If you’ve never switched before, there has never been a better time to start.
This article is for informational purposes only and does not constitute financial advice. Always check current eligibility criteria directly with the bank before applying. Offers are subject to change.
All figures are correct at the time of publication.