There are forms to fill in, conditions to meet, deadlines to remember, and that low-level anxiety that something might go wrong with your bills. However — and this is the important bit — in 2026 UK banks are still offering £150 to £250+ in cash just to persuade you to switch.
So is it worth the admin? For many people, yes. For others, absolutely not — and that’s OK too.
This guide explains which UK banks offer switching bonuses in 2026, how they work, the real pros and cons, and whether switching is right for you.
What Is a Bank Switching Bonus?
A bank switching bonus (sometimes called a join-up incentive) is a cash payment offered by banks when you move your current account to them.
To qualify, you usually need to switch using the Current Account Switch Service (CASS), which is the official, bank-backed switching system used in the UK.
CASS:
- Moves your balance automatically
- Transfers direct debits and standing orders
- Redirects incoming payments like salary or benefits
- Completes the switch within 7 working days
- Guarantees compensation if anything goes wrong
Banks offer these incentives because once you’ve moved everything over, most people tend to stay.
The Best Bank Switching Bonuses in the UK (2026)
Important: Switching offers change regularly and can be withdrawn at any time. Always check the bank’s own website before applying.
| Bank | Bonus (2026) | Main Conditions | Monthly Fee | Worth the Faff? |
|---|---|---|---|---|
| Lloyds Bank | Up to £250 | Full CASS switch, minimum pay-in | £0–£22.50 | Yes – high payout |
| Santander | £200 | £1,500 pay-in + 2 direct debits | £0–£5 | Yes – achievable |
| Nationwide | ~£175 | Full switch + eligibility rules | £0–£13 | Yes – solid option |
| First Direct | ~£175 | Switch + minimum funding | £0 | Yes – great service |
| TSB | £150–£180 | Switch + debit card use | £0 | Maybe – more steps |
The Honest Truth: Why Switching Is a Faff
I won’t pretend this is effortless money. You are being paid because banks know most people won’t bother.
Here’s why switching puts people off:
- You must complete a full switch, not just open an account
- You usually need two active direct debits
- There’s often a minimum pay-in (even if you move the money straight back out)
- Deadlines matter — miss one and you lose the bonus
- Some accounts charge monthly fees if conditions aren’t met
If admin stresses you out or you know you won’t follow instructions carefully, this may not feel worth it — and that’s a perfectly sensible decision.
Pros and Cons of Bank Switching Bonuses
Pros
- Cash rewards that often beat savings interest
- Fully regulated and legal in the UK
- Opportunity to leave a poor-value bank
- CASS guarantee protects you from errors
Cons
- Admin-heavy and deadline-driven
- Some accounts come with fees
- Multiple switches can affect your credit score
- Bonuses are not guaranteed if you miss conditions
How to Reduce the Faff (My Practical Tips)
- Set up two small direct debits you control (e.g. charity, Netflix)
- Move money in and out on the same day
- Screenshot confirmation pages and emails
- Set calendar reminders for deadlines
- Switch a secondary account, not your main salary account
Treat switching like a short-term money project, not something to do while half-watching TV.
Frequently Asked Questions
Are bank switching bonuses legal?
Yes. They are openly advertised, regulated, and protected by UK banking rules.
Can I switch more than once?
Yes, but banks often exclude people who’ve received a bonus from them before.
Will switching affect my credit score?
Possibly in the short term, especially if you do it frequently.
Are switching bonuses taxable?
Generally no, unless HMRC considers it a regular income source.
My Final Word
Switching banks for a cash bonus in 2026 isn’t free money — but it is one of the few remaining ways people can still earn £200+ with no special skills.
If you’re organised, calm under admin pressure, and happy to follow instructions, it can absolutely be worth the faff.
If not, don’t beat yourself up — there are plenty of other ways to save money that don’t involve switching anything at all.
I’ve recently opened an account with Starling. They notify me before large payments are going out, they send me a notification whenever I use my debit card. They have zero transaction fees on any transactions abroad and the switch to them was seamless. On the one occasion I needed to speak to them I had a person immediately that I was able to understand, efficiently fix my problem. I couldn’t really rate them highly enough. They aren’t the right people for a savings account as other banks offer a much higher rate but for a current account you can’t fault… Read more »
One thing that might need to be considered is where the nearesst branch of any bank you switch to is. This could be especially important if you plan to collect coins in jars and do a lot of depositing or even if you sell stuff online and accept cheques or postal orders as payment. Although some banks do except deposits via the Post Office.
Does anyone out there know which is the best offshore bank to
Put your money in giving the best interest rate thanks.
Obviously none of these banks want pensioners or other low earners as customers, if they only offer these accounts to people with at least £1,000 a month available to pay in. Doesn’t that just prove that banks are out to make money, not offer a good service to customers?
Let’s hear it for a bank that actively encourages pensioners. After all, they have a guaranteed income for life and a pay-as-you-go mindset, making them a better risk in the long term.
Very good point Maggie. As you say, there’s a business opportunity there. It’s time that maybe one of the supermarket chains considered special banking offers for pensioners.
Interesting. Sounds like you could go around 20 to 30 years without be able to change your current accounts as a pensioner! But if a full state pension is about 113 pounds per week which works out as 452 every 4 weeks or 489 pounds monthly could you not add savings interest to this (or transfer money from an external savings account)? Look again as I found an account that accepts 500 pound a month deposit. Also surprised that National Savings & Investments haven’t provided a current count – unless they do not want potential borrowing customers.
A huge thank you to you. I’ve been struggling with my basic Barclays account and I’ve been thinking of switching to a different account but did not know which one. Basically, you’ve done the job for me. Thanks.