Six major banks are competing for new customers this summer with switching bonuses worth up to £200 in cash — and for high earners, Barclays is dangling a premium rewards package worth up to £600 including dinners at Gordon Ramsay restaurants and hotel stays.
First Direct and NatWest are currently offering the largest direct cash incentives, both paying £200 to eligible switchers. First Direct’s 1st Account requires customers to complete a full switch, move at least two direct debits or standing orders, deposit £1,000 within 45 days and make five debit card transactions. Beyond the bonus, the account offers a seven per cent regular saver, fee-free overseas spending and a £250 interest-free overdraft for many customers.
NatWest matches the £200 offer through its Reward account, though applicants must be switching from outside the NatWest, Royal Bank of Scotland and Ulster Bank groups. Customers must deposit at least £1,250 and log into the bank’s mobile app to trigger the payment.
Barclays has launched two separate offers targeting different customer segments. Its standard deal pays £200 to those who open an eligible current account, complete a full Current Account Switch Service transfer with at least two active direct debits and deposit £2,000 within 30 days. For higher earners, its Premier Current Account offers a “signature experience” worth up to £600 — available to those earning at least £75,000 annually or holding £100,000 in savings and investments with Barclays. Customers choose between four reward options including fine dining at restaurants featuring Gordon Ramsay’s Petrus, UK hotel stays, live entertainment or family experiences such as monthly cinema trips.
Santander is offering £180 through its Edge account for customers who deposit at least £1,500 and maintain two direct debits, with the added benefit of cashback on selected household bills. Nationwide’s FlexDirect account pays £175 to switchers alongside five per cent interest on balances up to £1,500 in the first year and access to a regular saver paying 6.5 per cent variable interest. Bank of Scotland is also offering £175 through its Classic account, which MoneySavingExpert notes involves fewer requirements than many rivals, making it attractive for those seeking a simpler process.
Customers who have previously received switching bonuses from the same banking group are warned to check eligibility carefully, as many banks exclude previous customers from claiming repeat payments. Most offers also require a full Current Account Switch Service transfer, meaning the old account is closed and payments are automatically moved across.
MoneySavingExpert advises consumers not to focus solely on the upfront cash payment, recommending that customer service standards, account fees and long-term benefits all be considered before switching. Full details of all six offers are available on the MoneySavingExpert website.
