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Santander, Nationwide, TSB and First Direct offer up to £200 free but you have to do one thingHere is a breakdown of the top five deals that could pocket you hundreds of poundsNewsLois
McCarthy16:28, 04 Jun 2025Banks up and down the country are offering switching deals that could mean hundreds of pounds worth of bonuses for customers Switching your bank account might seem
like a hassle, but it can actually be one of the easiest ways to earn some extra money with very little effort.
Right now, banks and building societies are battling for new customers and are offering free cash to anyone willing to move their current account using the official switching service. With
just a few simple steps - like setting up direct debits or using your debit card - you could walk away with a cash bonus worth well over £100.
According to MoneySavingExpert, a number of banks are offering switching deals that can pay out up to £250 or more, depending on how much you use your account. Many of these offers are
only available for a limited time, so if one catches your eye, it's worth acting quickly before it disappears. For money-saving tips, sign up to our Money newsletter here
Alongside the upfront cash, you could also benefit from perks like high-interest regular savers, 0% overdrafts, cashback on bills, or competitive overseas spending rates. If you're looking
to give your finances a boost with minimal effort, here are five of the top switch deals available now.
First Direct 1st Account: With this offer, you can earn £175 in free cash, with the potential to boost it up to £205 if you meet a few simple requirements. To qualify, you need to switch an
account from a different bank, set up two or more direct debit or standing orders, make five or more payments with your debit card within 45 days, and pay in £1,000 or more (you can withdraw
this amount immediately after depositing it.) The £175 will be paid into your account, with the possibility of a £30 bonus if you apply through MoneySupermarket. You must open the account
and complete the switch by July 31 to receive the bonus by August 14.
TSB Spend and Save: Take advantage of TSB's offer of £190 in switch cash, plus a £120 reward. To qualify, you need to switch an account from another bank, set up two or more direct debits
and make 20 or more debit card payments each month. You'll get £100 in switch cash by making at least five debit card payments and logging into its app by July 19.
Article continues below After that, you will then receive £15 cashback each month for the first six months if you make 20 or more debit card payments monthly. On top of this, if you make
20-plus debit card payments in December, 2025, you can claim a £120 reward in the form of either an Expedia hotel voucher or UK activity tickets (including: theme parks, trampoline parks,
escape rooms and museums). However, this is for one person only, so not the best for families.
To be eligible for this offer, you must not have received a switch bonus from TSB since October 1, 2022.
Nationwide FlexDirect: This offer stands out as a strong all-rounder, but the free £200 switch bonus is only available to existing customers who already hold a Nationwide personal savings
account (including cash ISAs) or residential mortgage. Existing current account customers can also qualify for £200, but only if they switch a different current account in from another bank.
To get the bonus, you must switch your account, set up two or more direct debits, pay in at least £1,000 and make at least one debit card payment within 31 days. In addition to the bonus,
you will benefit from 5% interest on up to £1,500 in your current account for a year, 1% cashback on most debit card spending (up to £5 per month, requiring a £1,000 pay-in) and an ongoing
£50 interest-free overdraft for many customers. There's also a linked 1-year variable regular saver paying 6.5% AER on up to £200 monthly payments, which can earn you up to £84 in interest
annually.
Santander Edge: Score £180 cash when you switch to Santander Edge, and enjoy cashback on your household bills. If you have two or more household Direct Debits and pay in £1,500 or more
within the first 60 days, you'll receive the £180 bonus. On top of that you will earn 1% cashback on household bills (£10/month), and a 1% cashback on supermarket, fuel, and train spending
(up to £10/month) until September 9. To be eligible for this, you can't have had its switch bonus before.
Co-op Bank: This offers a total of £175 in cash bonuses plus a linked 7% AER regular saver. To qualify, both new and existing customers switching an account from elsewhere must deposit
£1,000 or more, set up two or more direct debits, register for online or mobile banking and make 10-plus debit card transactions within 30 days of switching to receive a £100 bonus.
Article continues below After that, you can earn an additional £25 each month for the next three months by continuing to deposit £1,000 (plus) a month, making 10 or more debit care
transactions and maintaining two or more direct debits. The account also comes with a linked 7% AER one-year variable regular saver for up to £250 monthly payments, which can earn up to £114
in interest annually. Note that you cannot claim this bonus if you have received a Co-op bonus since November 1, 2022.