Bank switch bonuses return as competition heats up
Several major banks are again offering £150–£200 to switch through the Current Account Switch Service, with conditions on direct debits and deposits.
By Money Guide editorial team
Published:
After a quieter period in 2024, switch incentives are back on the table at several major banks, with offers typically ranging from £150 to £200 for completing a Current Account Switch Service transfer.
Conditions vary but usually require moving two or more active direct debits, depositing a minimum amount (often £1,500), and logging into the mobile app within a set window. The bonus is normally paid within 30 days of meeting the criteria.
Switching through CASS automatically moves direct debits, standing orders and incoming payments to the new account within seven working days and redirects any missed payments for at least three years. There is no fee.
FSCS protection of £85,000 per banking licence still applies — and several large brands share a licence, so check before consolidating large balances.