Bank Account Switch Offers: Compare Bonuses and Real Costs

Which bank account switch offers are available, and how much do they pay?

The offers described by the providers pay £175 from Nationwide, £200 from Lloyds or NatWest, and £240 from Santander, but each reward comes with different conditions. Treat the headline bonus as the starting figure, not the final comparison: monthly fees, required funding and any linked product affect the value you keep.

Lloyds offers £200 for a full switch to a new Club Lloyds, Club Lloyds Silver, Club Lloyds Platinum or Premier account; the campaign shown ends 9 December 2026. It requires at least 3 active Direct Debits. Club Lloyds costs £5 a month, refunded when at least £2,000 is paid in monthly; Silver costs £11.50 and Platinum £22.50, with the £5 Club Lloyds fee refundable under the same pay-in condition. Lloyds pays within 14 working days of the switch starting if the terms are met.

Nationwide pays £175 for an eligible FlexDirect, FlexAccount or FlexPlus switch. FlexDirect and FlexAccount have no monthly fee; FlexPlus costs £18 a month. NatWest pays £200 for eligible Select or Reward customers. Select has no monthly fee, while Reward costs £2 monthly and requires £1,250 paid into an eligible NatWest account each month. Santander offers £240 for switching to its fee-free Everyday Current Account and funding a Santander Regular Saver as required.

These are not equal offers with different prices. Nationwide has a smaller bonus but fee-free account options; Santander has the largest stated reward but adds a savings deposit condition. Lloyds and NatWest each have a no-monthly-fee route through specified accounts, while premium or reward accounts add recurring costs. Which? also stresses that offers and terms change, so confirm the provider’s current conditions before applying.

Can I get a switching bonus if I’ve had an account with that bank before?

Previous banking relationships do not have one universal rule; each provider sets its own exclusion date and scope. Check both your own history and any joint applicant’s history before opening an account or starting a switch.

Lloyds excludes people who received a switching offer from Lloyds, Bank of Scotland or Halifax since 1 January 2023. Existing Lloyds customers can still qualify by opening a new qualifying account and switching an account held elsewhere. This makes the distinction between being an existing customer and having previously received a group switching bonus important.

NatWest excludes customers who held a NatWest current account on 6 May 2026, anyone who previously received a NatWest Group cash switch incentive, and switches from NatWest Group brands including Royal Bank and Ulster Bank. Nationwide allows customers to receive its offer at most twice: once on an eligible sole account and once on an eligible joint account. Santander excludes people who held a Santander current account on 1 January 2026 or previously received a Santander switcher incentive.

These limits are not interchangeable. An old account, a previous incentive and a switch from a related banking brand can each trigger a different rule. Read the offer terms for every applicant on a joint account, not only the person who begins the application.

Do I need active Direct Debits to qualify, and do standing orders or subscriptions count?

Direct Debit conditions vary by bank, and standing orders or recurring card subscriptions do not automatically satisfy them. Lloyds defines an active Direct Debit as one paid to its originator in the last 13 months, and requires 3; it explicitly excludes standing orders and subscriptions.

Nationwide requires the old account to have at least 2 Direct Debits to move over. Santander requires at least 2 qualifying household Direct Debits, such as specified council tax, phone, broadband, TV, water, gas or electricity bills; it publishes a qualifying-provider list. NatWest’s stated requirements focus on the full switch, pay-in and mobile-app login rather than an active Direct Debit count.

The payment type matters. The Financial Conduct Authority explains that a Direct Debit uses bank-account details, while a recurring card payment uses debit or credit card details. Subscriptions and memberships are common recurring card payments; these may not move during a bank switch, so the merchant may need new card details. They are also not covered by the Direct Debit Guarantee. You can cancel a recurring card payment through the business or card issuer; the issuer must stop it when asked by the end of the business day before the next payment is due.

Before applying, inspect the old account’s actual payment list. Count only payments that meet the target bank’s definition, and check that qualifying household bills are from providers Santander accepts. A card subscription appearing regularly on a statement is not proof of an active Direct Debit.

Does switching with the Current Account Switch Service close my old account and move my payments?

Yes: a full Current Account Switch Service switch closes the old account, moves the balance and regular payments, and redirects incoming payments mistakenly sent to the old account. Pay.UK says the process takes 7 working days after the new account is open and the switch date is agreed; the chosen date cannot be a Saturday, Sunday or bank holiday.

The service does not capture every payment arrangement. New arrangements made at the old bank during the 7 working days before the switch date are not transferred, so set them up on the new account. Recurring card payments can also need new card details from you, because they are distinct from Direct Debits and standing orders.

The Switch Guarantee covers charges or interest incurred on either account because of a switching failure when the customer reports the problem to the new bank. The service is offered through participating banks and building societies; Pay.UK’s page reports more than 50 participants. Check that both banks participate and agree the switch date before relying on the service timeline.

For a practical sequence, first check the bonus terms and eligibility exclusions; then confirm the old account contains the required qualifying payments. Open the new account, arrange the full switch and agreed date, and meet any pay-in, card-payment, app-login or linked-saver conditions within the stated window. Keep the new account open through the provider’s payment date, since Nationwide specifically requires this when its bonus is paid.