The best bank accounts for switching bonuses 2025

Considering changing banks? We round up the best UK bank switching bonuses.

Banks have long used juicy current account switching bonuses as a way of enticing new customers.

They can be an easy way to boost your bank balance, especially if you're looking to change banks anyway.

What’s more, they often come with other perks like interest-free overdrafts and access to savings accounts with excellent rates.

So, let's run through the top switching bonuses currently available, or you can jump straight in and apply for the account of your choice through Moneysupermarket.

First Direct – £175 cash

If good customer service is important to you, then it's worth checking out First Direct. The online bank regularly tops customer satisfaction polls and is currently offering a hefty £175 bung to anyone who switches to its 1st Account. 

The 1^st Account offers a free £250 overdraft limit and access to First Direct’s 7% Regular Saver account (fixed for 12 months).

To qualify, you'll need to switch your account using the Current Account Switch Service, pay in at least £1,000 and make a minimum of five debit card payments in the first 45 days of account opening.

You should get your £175 by the 20th of the following month after you've completed all of the above, but you won’t be eligible if you’ve previously had an account with First Direct or with HSBC since 1 January 2018.

Bag yourself a top switching bonus now by switching through Moneysupermarket

Co-op: free £100 upfront, plus £75 for using the account

The Co-operative Bank currently offers up to £175 in cash incentives alongside access to a linked Regular Saver paying 7% variable interest.

New customers who complete a full switch receive £100 within seven days of meeting the eligibility rules. 

To qualify, you’ll need to deposit at least £1,000, set up two Direct Debits, register for online or mobile banking, and make 10 debit card transactions within 30 days of the switch completing.

Once that’s done, you can earn an extra £25 a month for three months by continuing to meet the same monthly requirements. Together that adds up to £175 in switching bonuses.

The linked Regular Saver allows deposits of up to £250 a month for 12 months. If you contribute the maximum, you’d earn around £114 in interest at the current rate, though it is variable.

You can open either the fee-free Current Account or the Everyday Extra, which costs £15 a month but comes with added insurance perks.

A quick warning on bank switching

Before we jump in, be warned: while the incentives are great, you need to ensure the account you're switching to meets your specific financial needs or you could end up significantly out of pocket.

For example, if you're constantly in the red and the account has no interest-free overdraft, you could quickly rack up hundreds of pounds in interest and charges.

If you're unsure of all the different types of bank accounts available to you, our complete guide to current accounts will help you choose the one that's best suited to your needs.