Bank Switching Bonuses Right Now: How to Get Paid to Move Your Current Account

Banks are still fighting for your current account business with cash bonuses of £150–£300, paid simply for switching — and it can be one of the easiest wins in personal finance if you follow the rules exactly. Here's how the switching process works and what's currently on offer.

How switching actually works

Almost every UK bank offering current accounts participates in the Current Account Switch Service (CASS), which moves your direct debits, standing orders, and incoming payments to your new account automatically within seven working days, and guarantees to refund you for any charges caused by something going wrong during the switch. You don't need to close your old account manually or chase individual companies to update your details.

What's on offer at the moment

Offers move quickly and have strict eligibility windows, so treat any specific figure as a snapshot rather than a permanent deal. As of late July 2026, the Co-operative Bank was offering existing eligible customers up to £300 to switch — notably higher than the roughly £175–£220 typical of most competitor offers — while first direct has run a £200 bonus for new customers who switch using CASS, deposit a minimum balance and use their debit card a set number of times within 45 days. Which? tracks the current best switching deals on an ongoing basis, since providers regularly refresh, extend or withdraw them.

Because these bonuses change monthly and sometimes weekly, always check the provider's own terms and a comparison site on the day you plan to switch, rather than relying on any single source — including this one.

Checklist before you switch

• Compare live offers today — don't rely on a headline figure from a few weeks ago; check Which? or Moneyfactscompare for the current list.
• Read the small print on qualifying criteria — most bonuses require you to pay in a minimum amount, move at least two direct debits, and/or make a set number of card payments within a set window (commonly 45–60 days).
• Check if the offer is new-customer-only or open to existing customers of a linked brand too, since terms vary widely.
• Don't close your old account before the switch completes — CASS handles the closure for you once everything has moved.
• Watch for account fees — some higher-bonus accounts carry monthly fees or require a minimum monthly deposit to avoid charges, which can eat into the bonus over a year.
• Keep an eye on your credit file — opening and closing current accounts occasionally has a small, temporary hard-search impact, so avoid switching too many times in a short period if you're about to apply for a mortgage.

How this compares internationally

Bank switching incentives of this kind are a fairly distinctive feature of the UK market, underpinned by CASS's seven-day guarantee. In the US, moving a checking account is typically a manual process without an equivalent guaranteed-switch service, though some banks offer their own sign-up bonuses for new account holders. Australia has looked at improving account portability but doesn't have a directly comparable seven-day switch guarantee either, making the UK's system relatively fast and low-friction by international standards.

Key Numbers

• 7 working days — CASS guaranteed switch time
• Up to £300 — top switching bonus reported for eligible existing customers
• 45 days — typical window to meet a bonus's qualifying conditions

Sources

• Current Account Switch Service
• Receive a £200 Bonus With first direct's Current Account — Moneyfactscompare
• Best bank account switching deals — Which?

Educational content only — not financial advice.