Best Bank Account Switch Offers July 2025

Lloyds is offering £185 to new and existing customers who switch to a new Club Lloyds account, Club Lloyds Platinum account, Lloyds Premier account or Club Lloyds Silver account using the Current Account Switch Service (CASS).

Club Lloyds also comes with one of the following lifestyle benefits:

• 12 months of Disney+ (with ads),
• 6 cinema tickets
• An annual digital Coffee Club and Gourmet Society membership
• An annual magazine subscription.

You’ll qualify for this deal if you:

✅ Switch using the Current Account Switch Service between 1 and 28 July 2025.
✅ Transfer at least 3 active Direct Debits.

The £185 cash bonus is paid within 10 days of starting the switch.

You won’t qualify for this deal if you:

❌ Switch from a Halifax or Bank of Scotland current account.
❌ Received a switching offer since April 2020 for switching to any Lloyds, Bank of Scotland or Halifax Bank account.

Offer ends 28 July 2025.

Reasons to use

• Cash bonus paid within 10 days
• Available for existing customers
• Fee-free spending abroad
• Lifestyle benefit available
• Up to 3% AER interest on balances up to £5,000

Reasons to avoid

• £2,000 minimum monthly deposit
• Monthly fee if you don’t meet the minimum pay in

Santander is offering £180 to new and existing customers who switch their main bank account to a Santander Everyday, Edge, Edge Up, or Private (v2) current account.

You’ll qualify for this deal if you:
✅ Open an account online or in a branch.
✅ Switch your main bank account within 60 days.
✅ Pay in at least £1,500 into the eligible Santander account within 60 days.
✅ Set up at least two active household Direct Debits within 60 days.

The £180 cash bonus is paid within 90 days of starting the switch.

You won’t qualify for this deal if you:
❌ Opened a Santander account after 1 January 2025.
❌ Have ever received a Santander switch bonus.
❌ Switch from an account you hold with Santander, Cahoot or Cater Allen.

Reasons to use

• £180 cash bonus
• Available for existing customers
• Fee-free spending abroad with the Santander Edge debit card

Reasons to avoid

• Minimum account pay in

First Direct is offering £175 to new customers who switch to its First Direct 1st Account. This account comes with a £250 interest-free overdraft (subject to status) and access to the First Direct Saver account paying 7% AER. You’ll also get fee-free debit card spending abroad.

You’ll qualify for this deal if you:
✅ Open your account using the Current Account Switch Service.
✅ Switch your main bank account within 45 days.
✅ Pay in at least £1,000 within 45 days.
✅ Transfer at least 2 Direct Debits within 45 days.
✅ Make 5 or more debit card payments within 45 days.

The £175 cash bonus is paid by the 20th of the following month in which all criteria have been met.

You won’t qualify for this deal if you:
❌ Have ever had any financial product with First Direct.
❌ Have opened an HSBC current account since January 2018.

Reasons to use

• £175 cash bonus
• Fee-free debit card spending abroad

Reasons to avoid

• Only available for new customers

NatWest is offering a £125 cash bonus to new customers switching to the NatWest Select or Reward account. You’ll need to apply online or via the NatWest banking app.

Customers can also get an extra £50 if they open a Digital Regular Saver which allows you to deposit up to £150 per month and currently pays 5.5% AER on up to £5,000. Anything over this earns 1.15% AER.

You’ll qualify for this deal if you:
✅ Open your account using the Current Account Switch Service.
✅ Pay in at least £1,250 within 60 days.

The £125 cash bonus is paid within 30 days of the switch.

You won’t qualify for this deal if you:
❌ Have ever received a cash bonus for switching to NatWest, RBS or Ulster Bank.

Reasons to use

• £125 cash bonus
• £50 extra with regular saver
• Fee-free debit card spending abroad

Reasons to avoid

• Minimum account pay in
• Only available for new customers

As well as earning you a cash bonus, switching banks can help you access features to boost your finances. For instance, some accounts offer fee-free debit card spending overseas. You might also get access to savings accounts paying higher rates of interest.

Currently, First Direct is the only digital bank that offers a switching bonus (currently £175). If you’re interested in opening a digital bank account, check out our best digital bank accounts guide to see how the other providers compare.

Most banks have signed up to the Current Account Switch Service (CASS), which allows you to transfer to a new current account simply. This includes moving your direct debits and standing orders over to your new account. You can complete an application online and the process takes seven working days. Although you can choose to delay the switch date if needed. If anything goes wrong with the switch, you’ll get a refund on any interest (paid or lost) and charges made on your old or new account due to the failure.

Each bank has its own terms and conditions for paying the cash bonus. Some pay your cash bonus within as little as 10 days of your switch being completed. While others take up to 60 days to pay out. 

There isn’t a limit on how often you can switch bank accounts. However, if you’re trying to get a switching bonus, some banks have rules that exclude customers who have already received a switching offer or held an account with them previously.

It is possible to switch bank accounts if you have an overdraft, so long as your new bank agrees to match the amount you’ve borrowed. If your new bank agrees to take your overdraft on, they’ll pay your old bank and move the balance to your new account. If the overdraft amount you’re offered is smaller or you can’t get one, you’ll have to repay your existing overdraft balance before making the switch.

Switching your bank account alone doesn’t affect your credit score. However, there are other aspects of opening an account that may have an impact on your rating. For example, if you apply for an overdraft when you switch, the bank will carry out a hard credit check, which leaves a permanent mark on your credit file.

If you pay off your overdraft on time and stick to your arranged limit, your credit score will improve. That’s because it shows lenders that you are a responsible borrower and can manage money well. Your credit score will be negatively impacted if you don’t clear your overdraft on time or spend more than your arranged overdraft limit.