More banks add switching bonus - which are the best accounts right now?
Bank operators often try to lure customers over with current account switching bonuses of up to about £200 if they bring a number of direct debits or other payments with them.
While the spring of 2024 saw a temporary drought in switching incentives, the market has seen a resurgence in 2026.
As of February 2026, several major providers are competing for new customers with significant cash bonuses. Santander is currently leading the market with a £200 switching offer, followed closely by First Direct, Nationwide, and The Co-operative Bank, all offering £175 bonuses.
NatWest and RBS have also returned with a £150 incentive. These deals are often time-limited, mirroring the volatility seen in 2024 when banks like HSBC and Lloyds frequently launched and withdrew high-value offers within weeks.
| Bank | Bonus Amount | Key Requirement | Extra Perk |
|---|---|---|---|
| Santander | £200 | Switch to Edge/Everyday + Pay in £1,500 + 2 active selected household Direct Debits | |
| First Direct | £175 | Switch + Deposit £1,000 + 5 Card Payments | Access to 7% Regular Saver |
| Nationwide | £175 | Full Switch + 2 Direct Debits + £1,000 Pay-in | |
| NatWest / RBS | £150 | Switch + £1,250 Pay-in + App Login | Access to 7% Regular Saver |
| Co-op Bank | £175 | £100 Upfront + £25/month for 3 months (must use your debit card 10 times per month to get the £25/m) | Access to 7% Regular Saver |
Note: Barclays is currently offering a £400 switch (but for Premier account only, requires £75k+ salary).
NimbleFins monitors the market for the best bank accounts, updating its page every other week.
In addition to cash switching deals, there are some other perks available.
NimbleFins CEO and co-founder, Erin Yurday, said: "Bank account switch bonuses do come and go from the market. In addition to cash switches, you can also see which other perks are most relevant to you.
"If you’ll be using an overdraft regularly you might want to look at accounts which offer the biggest amount without charge, or longest time to repay. If you go abroad a lot, an account without foreign transaction fees could be a useful option.
"Some offer cashback, while others have discounts with retailers like coffee chains or restaurants.
"You may not want the hassle of switching but if you do decide it, it is relatively straightforward as the bank does the admin involved in switching your direct debits over."
Banks with current account perks
Our research shows Chase Bank continues to offer 1% cashback on eligible spending, but the terms have evolved. From April 2025, Chase restricted cashback to a narrower set of categories: groceries, fuel, and everyday transport only (UK spending in GBP only).
New customers receive 1% cashback for their first 12 months, capped at £15 per month. After this introductory period, you must deposit at least £1,500 into your account each month to maintain the 1% cashback perk. Additionally, as of early 2026, the standard linked Chase Saver rate has adjusted to 2.25% AER, though new customers can often access a 'boosted' rate of 4.5% AER for their first year.
Nationwide FlexPlus offers family worldwide travel and mobile phone insurance and European breakdown cover. It costs £18 a month but that could work out at quite a saving on your insurance.
Check out our bank account guide here for more information.
Current accounts with good interest rates
Barclays' Rainy Day Saver is offering 4.21% AER on anything up to £5,000, with a lower rate for anything over. Note, this account requires Barclays Blue Rewards membership (£5/month fee) or Premier Banking status.
Our separate research on the best savings accounts has more options of savings interest rates.
Best current accounts for overdrafts, overseas use and students
Elsewhere in our research, First Direct offers a £250 interest-free overdraft buffer on an ongoing basis (not just for an introductory period), which is the most generous permanent buffer currently available from a mainstream UK bank (but charges 39.9% after that!).
Chase Bank tops our list for the best bank account for overseas use.
For the full list of our best bank accounts, their perks and conditions, check our our best bank accounts guide.
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