People considering changing their current account provider this month may be able to receive up to £200 through limited-time bank switching offers.
Several UK banks regularly introduce cash incentives to attract new customers, particularly during competitive periods in the retail banking market. These offers are usually aimed at first-time switchers and often require customers to meet certain conditions, such as paying in a minimum amount or transferring active direct debits.
According to guidance highlighted by Money Saving Expert (MSE), Barclays and NatWest are currently offering £200 incentives for eligible customers who complete a switch before May 28.
Switching
Bank account switching allows customers to move their current account from one provider to another using the Current Account Switch Service (CASS). The process is designed to transfer balances, direct debits, and standing orders automatically, usually within seven working days.
Banks often use financial incentives to encourage customers to switch providers.
| Bank | Cash Incentive | Deadline |
|---|---|---|
| Barclays | £200 | May 28 |
| NatWest | £200 | May 28 |
Most switching offers are only available to customers who have not previously received a switching bonus from the same bank.
Barclays
Barclays is currently offering a £200 switching incentive for eligible new customers who open a Barclays Bank Account and complete the required steps before the deadline.
Money Saving Expert described the account as a straightforward option for people looking primarily for an upfront cash payment.
The standard Barclays Bank Account does not include bundled rewards, although customers can optionally join the bank’s Blue Rewards programme.
For a monthly fee of £5, Blue Rewards includes access to Apple TV+ at no additional cost. However, customers must also:
- Pay in at least £800 each month
- Register for digital banking
Requirements
To qualify for the £200 Barclays payment, customers must:
| Requirement | Details |
|---|---|
| Open account | Via Barclays mobile app |
| Account type | Sole account only |
| Switch deadline | By May 28 |
| Direct debits | Transfer at least two |
| Deposit requirement | Pay in £2,000 within 30 days |
According to the offer terms, the £200 payment is expected within 45 working days after completing the qualifying steps.
Barclays is also offering a separate £400 incentive for customers switching to Barclays Premier accounts.
To qualify for Premier banking, customers generally need either:
- An annual income of at least £75,000
- £100,000 or more saved or invested with Barclays
NatWest
NatWest is also offering a £200 switching bonus for eligible customers opening a NatWest Reward account.
In addition to the upfront payment, the account includes cashback features and access to a linked regular savings account offering up to 5.25% interest.
Money Saving Expert noted that the account may appeal to customers looking for both a switching bonus and ongoing rewards.
The NatWest Reward account charges a monthly fee of £2. Customers can receive £5 cashback each month if they meet certain conditions, resulting in a potential net gain of £36 annually after fees.
Cashback Conditions
To receive the monthly cashback, customers must:
- Pay in at least £1,250 each month
- Have at least two direct debits of £2 or more
- Log into the mobile banking app
Requirements
To qualify for the £200 switching bonus, customers must:
| Requirement | Details |
|---|---|
| Open account | By May 28 |
| Switch method | Online or mobile app |
| Deposit requirement | Pay in £1,250 within 60 days |
| App usage | Log into mobile app |
NatWest states that the £200 payment should arrive within 30 days after all qualifying conditions have been met.
Considerations
Before switching bank accounts, financial experts often recommend reviewing the full terms of any offer carefully.
Some accounts include monthly fees or ongoing eligibility requirements that may affect whether the offer is worthwhile over time. Customers should also consider factors such as:
- Online and mobile banking features
- Branch access
- Customer service ratings
- Overdraft charges
- Savings rates and rewards
The Current Account Switch Service guarantees that payments mistakenly sent to an old account are redirected automatically for a period after the switch.
Timing
Both Barclays and NatWest have set May 28 as the deadline for customers to begin the switching process.
As bank switching incentives are usually temporary, offers can change or be withdrawn depending on demand and market conditions.
For customers already considering changing providers, these promotions may offer an opportunity to receive additional cash while moving to a new account.
FAQs
Which banks offer £200 switching bonuses?
Barclays and NatWest currently offer £200.
What is the switching deadline?
Both offers end on May 28.
Does Barclays require direct debits?
Yes, at least two direct debits are needed.
Is the NatWest Reward account free?
No, it has a £2 monthly fee.
