Several major UK banks are offering free cash bonuses of up to £200 to customers who switch their current account.
Santander, Nationwide and First Direct all have active switching deals right now. If you move your bank account using the Current Account Switch Service, you could receive between £175 and £200 as a welcome bonus, as long as you meet the conditions. Here’s how each offer works.
Santander: Get £200 for Switching
Santander is currently offering the largest bonus, paying £200 cash to customers who switch to a Santander Edge current account.
To qualify, you must:
- Switch using the Current Account Switch Service
- Complete the switch within 60 days
- Pay in at least £500 per month
- Have two active Direct Debits
The Santander Edge account:
- Charges a £3 monthly fee
- Offers 1% cashback on selected household bills (up to £10 a month)
- Has no fees for spending abroad
- Gives access to an exclusive Santander Edge Saver paying 6% AER
If you meet all the conditions, the £200 bonus is paid once the switch is complete. People switching now should receive the money by mid-March 2026.
Nationwide: £175 Free Cash for New Switchers
Nationwide is offering £175 to customers who switch to one of the following accounts:
- FlexDirect
- FlexAccount
- FlexPlus
To qualify, you must:
- Switch using the Current Account Switch Service
- Move over at least two Direct Debits
- Complete the switch within 28 days
- Pay in at least £1,000 within 31 days
- Make one debit card payment
You can only get this bonus if you haven’t received a Nationwide switch bonus since 2021.
Extra benefits include:
- 5% interest for 12 months on balances up to £1,500
- 1% cashback on debit card spending, up to £5 a month (up to £60 over a year)
Nationwide pays the £175 bonus within 10 days of meeting all requirements, meaning some customers could receive the money before the end of December.
First Direct: £175 Welcome Bonus
First Direct is also offering £175 free cash to customers who switch to its 1st Account.
To qualify, you must:
- Switch using the Current Account Switch Service
- Transfer at least two Direct Debits or standing orders
- Within 45 days, pay in £1,000
- Make at least five debit card payments
- Log in to digital banking
The 1st Account includes:
- Access to a 7% AER Regular Saver
- A £250 interest-free overdraft
- No debit card fees for spending abroad
If you meet all the conditions, First Direct will pay the £175 bonus before the 20th of the following month. Customers switching now should receive the cash by January 20, 2026.
Key Things to Remember Before Switching
- You must use the Current Account Switch Service
- Missing any requirement could mean no bonus
- Some offers are limited to first-time switchers
- Always check fees and conditions before switching