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Grace is Money editor at Which?, on the hunt for ways to help people save with smart tips and deals. She was named personal finance journalist of the year 2025.
If you're thinking about switching banks, there are now nine cash incentives available.
The Co-operative Bank has launched a market-leading offer worth up to £300 for eligible existing customers, while most other banks are paying between £175 and £220 to switch.
Read on for a breakdown of the latest current account offers (ordered by newest first), how they compare and their key eligibility rules.
You can use the links to jump to the offer you are interested in.
Please note that if you're thinking of switching to any of the accounts mentioned in this article, ensure you refer to the T&Cs of the deal to make sure it's right for you.
The Co-operative Bank is offering up to £300 when you switch your current account. Following its takeover by Coventry Building Society last year, eligible existing customers of both brands can receive the full £300, while new customers can earn up to £200.
The deal is available on the standard current account and the Everyday Extra packaged account. The standard current account has no monthly fee and now offers fee-free debit card spending abroad.
Everyday Extra now costs £12 a month, down from £18, and includes worldwide family travel insurance, mobile phone insurance, and UK and European breakdown cover.
How to get £300: You'll need to switch using the Current Account Switch Service (CASS).
Within 30 days of your switch completing, you'll need to pay in at least £1,500, have at least two active direct debits, make five debit card transactions, and register for online or mobile banking.
Once you've met these requirements, you'll receive £125, followed by £25 a month for the next three months if you continue to meet the monthly pay-in, direct debit and debit card requirements.
If you were a Co-operative Bank or Coventry Building Society customer, you'll also receive an additional £100 loyalty payment in November 2026, taking your total reward to £300.
What's in the small print? You won't qualify if you've received a The Co-operative Bank switching incentive since 1 November 2022.
The additional £100 payment is only available to customers who held a Co-operative Bank or Coventry Building Society account on 21 June 2026.
When the deal ends: There's no end date but the offer can be withdrawn at any time.
Is Co-operative Bank a good provider? The Co-operative Bank scored 75% in our latest customer satisfaction survey, placing it joint 13th out of 22 providers.
It's also one of just two banks to hold the Which? Eco Provider badge, recognising providers that meet our standards on environmental policies.
Santander is offering £180 to new and existing customers who switch their main bank account.
Customers who choose the Edge Explorer account can also claim a £150 hotel voucher, taking the total value of the incentives up to £330.
The £180 bonus is available when you switch to one of Santander’s eligible accounts – Everyday, Edge, Edge Up, Edge Explorer or Private – using the CASS.
How to get £180: You’ll need to submit a full switch request through the CASS and complete the switch within 90 days.
To qualify, you must pay in at least £1,500 and set up two active direct debits, such as for bills or council tax. The £180 payment will be made within 90 days of meeting these conditions.
How to get £150 voucher: If you switch to the Edge Explorer account, you can also get £150 credit towards hotel bookings made through Santander's rewards partner, TLC Marketing. The voucher can be used on hotels available through TLC's booking portal rather than booked directly with a hotel. Santander says it will email your redemption code within 90 days, provided you still hold the account.
What's in the small print? The offer is open to both new customers and people who already hold another Santander product, such as a savings account, mortgage or credit card. However, you must be switching from a current account held with another bank into a new Santander current account.
You won’t qualify if you already hold a Santander, Cahoot or Cater Allen current account, or if you’ve previously received a Santander switch incentive.
When the deal ends: No closing date has been confirmed, but the offer can be withdrawn at any time.
Is Santander a good provider? Santander ranked 19th out of 22 banks in our latest customer satisfaction survey, with a score of 71%.
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HSBC UK is offering £220 when you switch to an HSBC UK bank account using the CASS.
The account has no monthly fee and includes access to Global Money, HSBC's multi-currency account, which allows customers to hold, convert and spend money in multiple currencies. Customers can also access exclusive offers and discounts on shopping, dining and travel.
How to get £220: You'll need to open an HSBC UK Bank Account through the HSBC UK app and complete a full switch using CASS.
Within 60 days of opening the account, you'll need to transfer at least two direct debits, pay in a minimum of £2,000 and spend £500 using your debit card. HSBC says the £220 bonus will be paid within 60 days of meeting the requirements.
What's in the small print? The offer is only available to new customers opening an HSBC UK Bank Account through the HSBC UK app.
When the deal ends: No closing date has been announced.
Is HSBC a good provider? It came 18th out of 22 banks in our latest customer satisfaction survey, with a score of 72%.
Barclays is offering £200 when you switch to a Barclays Current Account using the CASS.
The account has no monthly fee. Customers can also choose to join Blue Rewards for £5 a month, which includes cashback on selected spending, access to exclusive savings rates and perks such as Apple TV+.
How to get £200: You'll need to open a Barclays Current Account and complete a full switch from another bank using CASS.
Your switch must include at least two active direct debits, and you'll need to pay in £2,000 within 30 days of opening the account. Once you've met the conditions, Barclays will pay the £200 directly into your account.
What's in the small print? You won't qualify if you already held a Barclays Current Account or Premier Account when the offer launched on 9 June 2026, or if you've previously received a Barclays switching incentive. Joint accounts aren't eligible, and you'll need to apply through the Barclays app.
When the deal ends: 27 August 2026.
Is Barclays a good provider? It came 11th out of 22 banks in our latest customer satisfaction survey, with a score of 76%.
Nationwide is offering £175 when you switch to one of its eligible current accounts using the CASS. The deal was announced alongside details of this year’s £100 Fairer Share payment for eligible members.
The deal is available on the FlexDirect, FlexAccount and FlexPlus accounts.
How to get £175: You’ll need to switch from a non-Nationwide or non-Virgin Money current account using CASS. Your old account must have at least two active direct debits to transfer across.
You’ll also need to pay in £1,000 and make one debit card payment within 31 days of opening your new account or applying to switch into an existing one. Your switch must complete within 28 days.
Nationwide will pay the £175 within 10 days of you meeting all the conditions.
What’s in the small print? Existing customers can qualify by switching into an eligible Nationwide account they already hold. You can receive Nationwide’s switching incentive a maximum of twice — once on a sole account and once on a joint account. Joint accounts only receive one payment. You won’t qualify if you switch from another Nationwide or Virgin Money account.
When the deal ends: Nationwide says the offer is available for a limited time, but no closing date has been confirmed.
Is Nationwide a good provider? Nationwide is a Which? Recommended Provider (WRP) for 2026. The building society achieved an impressive 84% in our latest customer satisfaction survey, placing it joint-4th out of 22 providers.
First Direct is offering £200 to switch to its 1st Account, an extra £25 more than its usual £175 offer.
The account has no monthly fee and offers a £250 interest-free overdraft buffer. However, if you borrow more than £250, you'll pay 39.9% EAR.
It also offers fee-free spending abroad. Before the bank scrapped its fees in 2023, customers used to pay 2.75% to withdraw cash or spend money abroad.
How to get £200: You’ll need to use the CASS to be eligible for the offer and switch at least two direct debits or standing orders.
Other requirements include depositing a minimum of £1,000 into the account within 30 days of opening, and registering and logging in to digital banking.
What’s in the small print? This deal is available only to new customers who haven’t previously held a First Direct product.
You also won’t be eligible for this deal if you held an HSBC current account on or after 1 January 2018.
When the deal ends: To be eligible for £200, you'll need to open the account before 15 July.
Is First Direct a good provider? First Direct was recently named Banking Brand of the Year at the Which? Awards 2026. It consistently ranks among the top providers in our research. The bank achieved an impressive 84% in our latest customer satisfaction survey, placing it joint-4th out of 22 providers. It’s also been named one of our Which? Recommended Providers (WRPs) for 2026.
As a division of HSBC, First Direct is covered by the Financial Services Compensation Scheme (FSCS), but it’s important to keep in mind that the £120,000 FSCS protection limit applies across both brands. If you have accounts with both First Direct and HSBC, ensure that your total deposits across the two accounts are below this threshold to remain fully protected.
Bank of Scotland is offering £175 when you switch to a new current account using the CASS.
The deal is available on the Classic, Silver and Platinum accounts:
How to get £175: You’ll need to complete a full switch from another bank using CASS and move at least three active direct debits to your new account.
The £175 reward will be paid within 14 working days of the switch being completed.
What’s in the small print? You won’t qualify if you switch from a Lloyds or Halifax current account, change an existing Bank of Scotland account to another Bank of Scotland account, or if you’ve received a switching incentive from Lloyds Banking Group since 1 January 2023.
When the deal ends: The deal ends 4 August.
Is the Bank of Scotland a good provider? It came 9th out of 22 banks in our latest customer satisfaction survey, with a score of 77%.
Use our advice, ratings and customer scores to help you choose with confidence
Compare and chooseNatWest and Royal Bank of Scotland (RBS) are both offering £200 when you switch to a Select or Reward current account using the CASS.
The Select account has no monthly fee and offers standard everyday banking features.
The Reward account costs £2 a month and pays £4 a month in cashback when you have at least two direct debits of £2 or more, plus an extra £1 a month for logging into the mobile app.
How to get £200: You’ll need to open a Select or Reward account and complete a full switch from another bank using CASS.
Within 60 days of the switch completing, you must pay in at least £1,250 and log into the mobile banking app. This can be done during multiple payments, but must be held in the account for at least 24 hours. The £200 will then be paid within 30 days.
What’s in the small print? You won’t qualify if you previously received a switching incentive from NatWest Group, including NatWest, RBS or Ulster Bank. You also can’t switch from another NatWest Group bank.
Existing customers can still qualify, provided they didn’t hold the relevant current account as of 6 May 2026. Joint accounts aren’t eligible.
When the deal ends: No end date has been confirmed, but the offer can be withdrawn at any time.
Are NatWest and RBS good providers? NatWest came 15th out of 22 banks in our latest customer satisfaction survey, with a score of 74%. RBS came 16th with a score of 73%.
