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. 

Starling Bank is a popular choice among switchers: click here to see if the bank is right for you

Nationwide – £175 cash

Nationwide is currently offering new customers a £175 welcome bonus.

To qualify, you’ll need to open a FlexDirect or FlexPlus packaged account.

As well as the £175 welcome bonus, you’ll earn 5% on balances of up to £1,500 and 1% cashback for 12 months (up to £5 per month).

To receive the cashback, you'll need to open your account online, switch from a different bank and set up at least two Direct Debits within 28 days.

As a packaged account offering a host of other perks, note that the FlexPlus account has an £18 monthly fee so if you're just after the switching bonus this won't be the account for you.

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.

Lloyds – £175 cash

Lloyds is the joint market leader, with a choice of additional bonuses such as Disney+, cinema tickets, a Coffee Club & Gourmet Society membership or a magazine subscription.

Club Lloyds has a £3 monthly fee (rising to £5 in June) unless you deposit £2,000+ monthly.

You’ll also get access to a 6.25% regular saver (up to £161 interest yearly).

To qualify, switch an account (with 3+ Direct Debits) from another bank by 1 April. Bonus paid within three days of switch completion. Exclusions apply if you’ve had Lloyds switch cash since April 2020.

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.

Triodos Bank - £60 voucher or charity donation

Triodos Bank will make a £25 donation to an existing customer’s chosen charity (Friends of the Earth, RSPB, or Soil Association) when they recommend someone.

The existing customer must be over 18 and have a current account, savings account, cash ISA, investment ISA, or joint account to qualify, and must use the Refer a Friend scheme.

It’s worth pointing out that existing customers can recommend as many people as they want but they will have a maximum limit of 30 charity donations within a 12-month period. 

New Triodos customers will be able to choose from a £60 voucher for Ethical Superstore or Neal’s Yard, a charity donation, or a combination of both.

They need to open a Personal current account (which costs £3 a month) using the email address they used to register for the referral scheme, within 60 days of registration.

The new customer must use the unique link from the recommender and deposit £100 within 30 days of opening the account. Triodos employees and their family/household members are not eligible for this offer.

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.

Now that we've got the warning out of the way, let's take a look at how you can easily bag some extra cash or freebies.