UK banks offer switching bonuses of up to £220

UK bank customers can currently access switching bonuses of up to £220 as financial institutions compete for new clients. Research from Hargreaves Lansdown suggests that staying with the same bank for long periods may cost British savers approximately £12bn in missed interest annually.

To claim these incentives, customers must meet specific eligibility criteria. For example, Barclays offers a £200 bonus provided the switch is completed by August 27, 2026, and includes maintaining two active direct debits and paying in £2,000 within 30 days. First Direct offers a £175 bonus contingent on paying in £1,000, switching at least two direct debits, and using a debit card five times within 45 days. Other providers, including HSBC and Santander, also offer competitive incentives.

The Current Account Switch Service (CASS) facilitates the process for over 50 UK banks and building societies, managing the transfer of balances, payments, and direct debits within seven working days. However, consumers are advised to be mindful of their credit reports, as opening multiple accounts in quick succession can impact credit scores, which may affect future mortgage applications.