Bank switch bonuses: how to get £200 or more for moving your current account
Four banks are paying £200 to £240 to switchers this autumn. Here is how the offers work and how to collect without slipping up
Banks are competing hard for current account customers again. In September 2026 four big names are paying cash to people who move a current account to them through the Current Account Switch Service. This guide sets out the live offers, the conditions that usually catch people out, and what a switch does to your credit file.
The offers on the table
| Bank | Bonus | Notes |
|---|---|---|
| Santander | £240 | Full switch required |
| NatWest | £200 | Select or Reward account |
| First Direct | £200 | Full switch required |
| Lloyds | £200 | Club Lloyds, runs 17 September to 9 December 2026 |
Offers change without much notice and banks can close them early if enough people apply. Read the terms on the bank's own site on the day you apply, not a summary written a week earlier.
The conditions that trip people up
Each bank sets its own rules, but the pattern is similar:
- You must use the Current Account Switch Service to do a full switch, which closes your old account. A partial switch does not count.
- You usually need to pay in a set sum within a set time. This does not have to be salary. Moving money from a savings account and back again generally counts, but check the wording.
- Most banks want at least two active direct debits transferred across. Old, cancelled or dormant direct debits often do not qualify.
- Some ask you to log in to the app or use the debit card a number of times.
- Most exclude anyone who has had a switch bonus from that bank, or from the same banking group, in recent years.
Miss one step and the bonus is not paid. Write the conditions down and tick them off.
How the Current Account Switch Service works
The service is free and run across almost every UK bank and building society. Once you open the new account and pick a switch date, the new bank does the rest:
- Your balance, direct debits and standing orders move to the new account.
- Your old account closes on the switch date.
- Payments sent to your old details are redirected to the new account.
- The whole process takes 7 working days.
The Current Account Switch Guarantee means that if anything goes wrong, such as a missed payment or a charge caused by the switch, the new bank has to put it right and refund any costs.
Before you start, clear any overdraft on the old account or agree one with the new bank. If your old account is overdrawn, the switch can be refused.
What it does to your credit file
Opening a current account is a credit application, so most banks run a hard search that sits on your file for about a year. One search is not a problem for most people. Several in a few months can lower your score and make a mortgage or loan application harder, so time switches with care if you plan to borrow soon.
The switch itself, and closing the old account, are not marks against you. Losing a long-held account can nudge your score down slightly because average account age falls, but the effect is usually small and short-lived.
Doing it more than once
There is no rule against switching repeatedly. Some people open a spare account, move it across for a bonus, then repeat with the next offer a few months later. It works, but:
- Each switch closes the account you moved, so keep your main salary account separate.
- Check the exclusion period in each bank's terms.
- Spread applications out to limit the credit search effect.
Watch out for
- Monthly fees. Some accounts carrying a bonus, including Club Lloyds, charge a fee unless you pay in a minimum each month. A £3 fee for a year is £36 off your £200.
- Overdraft rates. If you regularly use an overdraft, the bonus may be worth less than a cheaper overdraft elsewhere.
- Deadlines. Lloyds has a published end date of 9 December 2026. Others may close earlier without warning.
A £200 bonus on an account you would be happy to use anyway is one of the easiest sums to earn this year. A bonus on an account you then pay fees on can cost more than it pays.