The best bank accounts for switching bonuses 2025

Considering changing banks? We round up the best UK bank switching bonuses.

Banks have long used juicy current account switching bonuses as a way of enticing new customers.

They can be an easy way to boost your bank balance, especially if you're looking to change banks anyway.

What’s more, they often come with other perks like interest-free overdrafts and access to savings accounts with excellent rates.

So, let's run through the top switching bonuses currently available, or you can jump straight in and apply for the account of your choice through Moneysupermarket.

First Direct – £175 cash

If good customer service is important to you, then it's worth checking out First Direct. The online bank regularly tops customer satisfaction polls and is currently offering a hefty £175 bung to anyone who switches to its 1st Account. 

The 1^st Account offers a free £250 overdraft limit and access to First Direct’s 7% Regular Saver account (fixed for 12 months).

To qualify, you'll need to switch your account using the Current Account Switch Service, pay in at least £1,000 and make a minimum of five debit card payments in the first 45 days of account opening.

You should get your £175 by the 20th of the following month after you've completed all of the above, but you won’t be eligible if you’ve previously had an account with First Direct or with HSBC since 1 January 2018.

Co-op: £175 cash

The Co-op offers a £175 switching bung and access to one of the most generous savings rates on the market.

New and existing customers opening a qualifying current account – including the Standard and Everyday Extra accounts – receive £100 upfront as soon as the switch is complete.

You can then bag £25 a month for three months if you meet certain criteria.

To qualify for the initial £100, you’ll need to request a switch from your previous provider within two weeks.

You'll also need to deposit a minimum of £1,000 within 30 days, maintain two active Direct Debits and make at least 10 debit card or digital wallet payments. 

To receive the cashback offer, you'll have to deposit at least £1,000 per month, as well as keeping up your minimum 10 transactions and two Direct Debits.

Switchers can also access the bank’s Regular Saver, which currently offers a market-leading 7% AER interes for one year on up to £250 a month.

NatWest – £150 cash

NatWest is offering a £150 bonus for customers who switch to a Reward Account, plus £36 a year in cashback.

To claim the bonus, open a new NatWest Reward account (or already have one), switch a non-NatWest, RBS or Ulster Bank account online or via the mobile app.

You'll also need to pay in £1,250 and log into mobile banking within 60 days.

The Reward Account has a £2 monthly fee, but you can earn £5 per month in cashback by paying in £1,250, paying out two or more Direct Debits of £2 or more, and logging into the mobile banking app each month.

In addition to the cashback, the Reward Account gives you access to a linked regular saver that offers a competitive 6.17% variable interest rate.

You can save up to £150 per month.

If you save the maximum, you’ll earn £60 in interest over the course of a year.

Bag yourself a top switching bonus now by switching through Moneysupermarket

A quick warning on bank switching

Before we jump in, be warned: while the incentives are great, you need to ensure the account you're switching to meets your specific financial needs or you could end up significantly out of pocket.

For example, if you're constantly in the red and the account has no interest-free overdraft, you could quickly rack up hundreds of pounds in interest and charges.

If you're unsure of all the different types of bank accounts available to you, our complete guide to current accounts will help you choose the one that's best suited to your needs.