How to get paid for opening a bank account

After a quiet period, the bank switching market is currently at its most competitive level in years. Major providers including Santander, Nationwide, and NatWest are offering incentives of up to £250.

Right now, there are seven banks that'll reward you for switching.

So if you're fed up with your current bank, or you just fancy some free money, here's how you can get your hands on some cold, hard cash.

How easy is it to switch bank account?

Since the introduction of the current account switch service, changing your bank account is now a piece of cake. The process takes just seven working days and all payments coming in and out of your account are moved over for you automatically. Your new provider also takes care of closing your old account for you. Plus, if anything goes wrong, you won't be out of pocket as you're covered under the scheme.

To switch accounts under the current account switch service all you have to do is open a new bank account of your choosing, and then inform your new provider that you want to switch your accounts. Do this, and all payments will be moved over for you, and your old account will be closed.

Why do banks pay customers to switch?

Prior to the introduction of the switch service, if you wanted to switch your current account you had to do all of the work yourself. So, you'd first have to open a new account and then manually close your old account by informing your provider. Importantly, you were also responsible for moving over any direct debits, standing orders, plus any other important payments—such as your monthly mortgage payment. If you failed to move over payments in time, it was your problem to solve.

Since seven-day switching was launched, moving bank accounts is now a whole lot easier. Despite this, much of the UK population is still seemingly reluctant to move bank accounts. This is why a number of banks regularly offer juicy incentives to encourage reluctant customers to give their old bank the boot.

While bank switch offers change all the time, the strategy of shamelessly paying to acquire new customers is almost certainly working.

Switching volumes have remained consistently high as consumers become more money-conscious and proactive. According to recent data from the Current Account Switch Service (CASS), released on January 29, 2026, the UK saw over 1.1 million switches in the last 12 months. This sustained interest is driven by a competitive banking landscape where high-street names and digital disruptors alike use generous cash incentives to attract new long-term customers.

What bank switch offers are available right now?

While there are currently seven bank switch offers available, though they won't be around forever. So if you like the look of one specific deal, it's best not to wait! All of the offers below require you to use the official current account switch service. Here's the lowdown:

1. First Direct: Free £175.

Switchers to the First Direct 1st Account can currently claim a £175 bonus. To qualify, you must initiate a full switch using CASS within 45 days of opening the account, moving across at least two Direct Debits or standing orders.

Additionally, you must deposit a minimum of £1,000, make at least five debit card payments, and log in to the digital banking app.

Unlike in previous years, First Direct no longer offers a smaller 'welcome bonus' for those who simply open an account without switching. To qualify for their current £175 incentive, you must perform a full switch from another provider using the Current Account Switch Service.

While non-switchers miss out on the cash, they still gain immediate access to the bank's 7% AER Regular Saver and a £250 interest-free overdraft buffer.

2. Nationwide: Free £175

Nationwide is offering a £175 switching incentive for customers moving their account to FlexDirect, FlexAccount, or FlexPlus.

To grab the cash, you must transfer at least two Direct Debits, pay in £1,000, and make one debit card payment within 31 days of the switch request.

The FlexDirect account is particularly popular in 2026 for its 1% cashback on spending and 5% AER interest for the first year.

The offer is available to both new and existing Nationwide customers. Previously, Nationwide reduced its fee for current customers. In 2026, the focus has shifted toward 'Active Banking'. They want to ensure that anyone receiving the £175 is using Nationwide as their primary bank.

3. Santander: Free £200

Santander is offering a £200 switch bonus for new and existing customers. To qualify, you must switch into a Santander Edge, Edge Up, or Everyday account within 60 days of making your switch request with CASS.

The requirements include paying in at least £1,500 and having at least two active household Direct Debits (such as energy or council tax) in place when they assess your eligibility.

4. NatWest / RBS: Free £150

On February 17, 2026, NatWest and the Royal Bank of Scotland (RBS) launched a new £150 switch offer. Available to both new and existing customers, the deal requires you to switch a non-NatWest Group account into a Select or Reward account by 28 May 2026.

To secure the cash, you must pay in at least £1,250 (which must stay in the account for 24 hours) and log into the mobile banking app within 60 days of switching.

A major perk of this offer is access to their Digital Regular Saver, which currently pays a market-leading 7% AER.

5. Barclays Premier: Free £400 - but strict entry

Barclays has entered the 2026 switching market with a massive £400 incentive, though it is strictly aimed at high-earners.

To qualify, you must open a Premier Current Account via the Barclays app by 30 April 2026 and complete a full switch including at least two active Direct Debits.

Unlike standard accounts, you must meet the Premier eligibility criteria, which requires a gross annual income of at least £75,000 (paid into the account) or £100,000 in Barclays savings or investments.

You must also deposit at least £4,000 into the account within the first 30 days.

6. The Co-operative Bank: Free £100

The Co-operative Bank is currently offering a 'Switch and Stay' package worth up to £175.

This is split into two parts: you receive an initial £100 for completing a full switch, and a further £75 (£25 per month for three months) for continued use.

To get the first £100, you must deposit £1,000, have at least two active Direct Debits, and make 10 or more debit card payments within 30 days of the switch completing.

To earn the remaining £75, you must continue to meet these same deposit and transaction requirements for each of the following three months.

Bank switching: top tips

Now we've touched on the hot bank switch offers available right now, there are a few tips to keep in mind when it comes to moving current accounts.

1. You don't really have to switch your main account.

While most banks would prefer you switched your main account, you don't really have to. If you like your existing bank there's nothing stopping you keeping it, and opening another account solely for grabbing switching offers.

2. You're allowed to bag more than one offer.

Some hardcore bank switchers have made £100s by switching from bank to bank. As long as you fulfill the criteria of each individual offer there's nothing stopping you bagging multiple bonuses.

3. Pay very close attention to the terms of each switch offer.

Each bank switch offer is different. Most won't let you switch from one of their existing accounts, while others will disqualify you from a bonus if you're switching from a 'sister bank'. For example, First Direct doesn't pay a bonus to those switching from a HSBC account. Always study the terms of each bank switch offer before you apply.

4. Don't settle for a poor account because of a one-off switching bonus.

If you switch to a new account because of switching cash, don't feel obligated to stay if you aren't happy. With the current account switch service, switching is now easier than ever, so make use of it.

Need an overdraft, or looking for a bank account thats pays interest?

If so, don't focus solely on bank switch offers. While it can be difficult to turn down free cash, it's likely there are other accounts out there better suited to your needs. For a list of options, plus more switching tips, take a look at our comprehensive best bank accounts guide.