Banks are offering up to £220 to switch current accounts – how to claim the cash

There are rewards for changing your current account – but the offers may not last, says Paul Lewis.

Pound coins and £20 notes in front of a laptop.

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Published: September 11, 2026 at 4:44 PM

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Free money. And not from taxpayers, but from the banks. Sounds like magic? Well, it almost is.

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To get it, you must move your current account to another bank – and that takes a bit of work. But the rewards can be considerable: £200 just for moving from one bank to another.

The complete guide to accessing your pension. Our free Radio Times pension guide provided by Pense walks you through everything you need to know,

As I write, HSBC, Barclays, Santander, NatWest, First Direct, Cooperative Bank, Nationwide and Bank of Scotland all offer between £175 and £220 to new customers who move their current account to them. (Be aware that these offers change and may not all be available when you read this.)

To get the bonus you must be a new customer and move your account through the Current Account Switch Service. It’s a free operation run by the banks, and more than 12 million people have used it to switch accounts.

It offers a guarantee that the switch will happen smoothly and any regular payments by standing order or direct debit will be moved to the new account.

Once you’ve decided to switch, it’s sensible not to set up any new regular payments as very recent ones may not be moved. Also, regular payments taken directly from your debit card when you’ve given your number online or on the phone will not be moved, so remember to change your details on them.

Payment into the old account (eg salary and pension) will be redirected to your new account and the organisation making the payment will be told the new account details so it can update its records.

The complete guide to accessing your pension. Our free Radio Times pension guide provided by Pense walks you through everything you need to know,

However, the Department for Work and Pensions doesn’t update records from this information, so contact it to change your bank details to ensure payments go to the new account.

And check with your employer or other regular payers that they’re aware of the change and give them the new details. The automatic redirection may stop after three years.

To get the bonus from the new bank you may have to arrange for a minimum amount of income or savings to go into your new account. Each bank has its own rules – many of them designed to frustrate serial switchers who move bank accounts frequently just to get the rewards – and if you have an overdraft they may not accept you.

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For more information, google “Current Account Switch Service”. And moneysavingexpert.com has good articles and lists the current bonuses.

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