Four banks including Barclays and NatWest offering up to £175 for switching

Finance experts have named four banks currently offering as much as £175 to switch. These deals not only provide free cash, but some also come with ongoing cashback and other perks.

Banks often offer money for switching accounts as a way to get more customers. However, these deals are often available for limited periods - so it's worth keeping an eye out for the best options for you.

On the consumer advise website Money Saving Expert, which was founded by Martin Lewis, its team provided a break down of the offers that are currently available.

It said: "Banks sometimes offer switch incentives - free cash, boosted savings rates or other perks - to new customers who switch in an existing current account to a new current account with them.

"Essentially, banks want your custom and switch bribes are a double win for banks - you not only join them, but you leave one of their rivals."

At the moment the following banks are offering free cash for switching:

• First Direct - £175
• TSB - £100
• Barclays - £175
• Natwest - £125

First Direct

If you switch to First Direct's first account you could be entitled to a free £175. This will also allow you to access a savings account with seven per cent interest and a £250 interest-free overdraft.

How to get the £175 bonus:

• You can't have ever had any product with First Direct
• You can't have opened an HSBC current account since January 2018
• Open the account in-app (online for joint accounts).
• Switch in an account from a different bank including two or more direct debits or standing orders within 45 days
• Pay in £1,000 or more and make five or more debit card payments within 45 days

The £175 is paid by the 20th of the following month after you meet the switch bonus criteria.

TSB

By switching to TSB's spend and save account you can get £100 free upfront as well as £15 a month cashback for six months and a choice of an extra reward in March 2026.

How to get the £100 bonus:

• You can't have had a switch bonus from TSB since 1 October 2022
• Open the account online, in-app or in branch
• Before 22 September switch in an account from a different bank, spend on the debit card five or more times and log in to the mobile app

The £100 will then be paid between 6 and 12 October.

Barclays

Switching to a Barlacys bank account can get you a free £175, 4.61 per cent interest on up to £5,000, plus Apple TV+ & Major League Soccer Season Pass subscriptions.

How to get the £175 bonus:

• You can't have opened a Barclays current account on or before 15 July 2025
• You can't have ever received switch cash from Barclays before
• Open a sole account via Barclays' app (no joint accounts)
• Switch in an account from a different bank, including two or more direct debits by 28 August - you must complete the switch within 30 days of starting it
• Join its Blue Rewards scheme (there's a £5 monthly fee, and you'll need to pay in £800 or more each month and register for digital banking)
• Pay in at least £1,500 within 30 days of opening the account

The £175 is paid within 28 working days of meeting all the criteria.

Natwest

You can get £125 for free upfront, plus £50 to open 5.5 per cent interest linked regular saver, and £36 a year cashback by switching to a Natwest reward account.

How to get the £125 bonus:

• You can't have ever received a switch bonus from NatWest, RBS or Ulster Bank before
• Open a new NatWest Reward or Select account
• Switch in a non-NatWest, RBS or Ulster Bank account online or via the mobile app
• Pay in £1,250 or more and log in to mobile banking within 60 days

The £125 is paid within 30 days of meeting the above criteria. To get the extra £50 bonus you must have qualified for and received the £125 bonus above

You will also need to open a new digital regular saver online or via the app within 60 days of switching.