UK bank customers could receive a free £200 simply by switching their current account. Three major banks are currently running cash switching offers aimed at attracting new customers, according to the latest roundup from Money Saving Expert (MSE).
Cash incentives for switching banks are common, but they usually come with specific conditions that must be met within a set timeframe. At present, First Direct, NatWest and Barclays are each offering £200 to eligible customers who complete a full account switch.
Below is a breakdown of what each bank is offering, along with the key requirements to qualify for the bonus.
Switching bonuses are designed to encourage customers to move their main current account, typically using the Current Account Switch Service. This service transfers balances, direct debits and standing orders, and closes the old account automatically.
While the £200 offers are straightforward in principle, each bank has its own criteria related to deposits, account activity and deadlines. Missing a step can mean missing out on the cash.
First
First Direct is offering £200 to customers who switch to its 1st Account. In addition to the cash bonus, the account includes several features that may appeal to frequent travellers or those needing short-term overdraft support.
Money Saving Expert describes it as a strong option for customer service and interest-free overdraft access.
Key features include a seven per cent fixed regular saver, fee-free overseas debit card spending, and a £250 interest-free overdraft for most customers, subject to credit checks.
To qualify for the £200 bonus, customers must open the account via the First Direct app, or online for joint accounts. Within 45 days, they must:
- Switch in an account with two or more direct debits or standing orders
- Pay in at least £1,000
- Make five or more debit card payments
The £200 is expected to be paid by the 20th of the following month once conditions are met.
Nat West
NatWest is offering £200 to customers who switch to its Reward account. In addition to the upfront bonus, the account provides ongoing cashback and access to a linked regular saver paying 5.25 per cent interest.
MSE notes that this account can deliver a modest ongoing return for customers who meet the monthly requirements.
The Reward account pays £5 cashback each month if customers pay in £1,250 or more, pay out two qualifying direct debits, and log in to the mobile app. After accounting for the £2 monthly fee, this works out to £36 a year in net cashback.
To receive the £200 switching bonus, customers must open the account online or via the app and switch from a non-NatWest, RBS or Ulster Bank account. Within 60 days, they must:
- Pay in at least £1,250
- Log in to the mobile banking app
The £200 bonus should be paid within 30 days of meeting the criteria.
Barclays
Barclays is also offering £200 to customers who switch to its standard bank account. The offer may appeal to those looking for a straightforward cash incentive, with optional extras available through its rewards scheme.
According to MSE, customers who apply early may also qualify for five per cent cashback on fuel purchases at Tesco forecourts, capped at £10 per month. This promotion applies to purchases of £5 or more made with a Barclays debit card, including digital wallets, but excludes PayPal and Curve.
To qualify for the £200 bonus, customers must:
- Open a sole account via the Barclays app
- Pay in at least £2,000 within 30 days
- Start a switch from an account with two or more direct debits by 27 August
- Complete the switch within 30 days
The £200 is expected to be paid within 28 working days.
An optional Blue Rewards add-on costs £5 a month and includes half-price Apple TV, provided customers pay in at least £800 monthly and register for digital banking.
Points
Before switching, customers should check eligibility carefully and consider whether they can meet the required deposits and account activity. Switching bonuses are usually one-off offers, and many banks exclude customers who have previously received incentives from the same banking group.
For those who can meet the conditions, however, switching can be a relatively low-effort way to earn extra cash while potentially accessing better account features.
FAQs
Do I need to switch my main account to get £200?
Yes, a full current account switch is required.
How long does a bank switch usually take?
Most switches complete within seven working days.
Can I get more than one switching bonus?
Yes, if you meet each bank’s eligibility rules.
Are switching bonuses taxable?
They are usually treated as taxable interest.
