Savings experts have highlighted several banks currently offering bonuses of up to £200, urging individuals to see if they qualify for these offers.
High street banks are providing incentives for both new and existing customers in some cases. However, specific criteria must be met to be eligible for these rewards, according to the Mirror. The MoneySavingExpert website, launched by consumer champion Martin Lewis, reveals that five banks are offering switch bonuses this June, with one bank providing a free bonus of £200. The banks and their respective offers are detailed below. MSE said: « Switching’s usually quick and easy. In Martin’s recent social media poll, 90% of the 5,500 who’d switched said it was easy and hassle-free. »
First Direct – £175
First Direct is offering new customers £175 if they open an account using the Current Account Switch Service. Within 45 days of opening the account, you’ll need to transfer at least two Direct Debits or standing orders, deposit £1,000, make five or more debit card payments, and log on to digital banking.
Additionally, First Direct is offering a £250 interest-free overdraft (subject to status) and access to its 7% AER/gross Regular Saver account. However, this offer is only available to new customers, excluding those who have previously held a First Direct product or those who have opened an HSBC current account on or after January 1, 2018.
Co-op Bank – £100
The Co-operative Bank continues to offer a £100 incentive for new customers, provided they deposit £1,000, set up two or more Direct Debits, register for online/mobile banking, and make at least 10 debit card transactions within the first 30 days of switching. The Co-op has cautioned that deposits or transactions made before the switch is completed will not contribute towards the £100 criteria.
Additionally, you can earn £25 for three months (totalling £75) by actively using your current account. This requires customers to deposit £1,000 or more, make ten or more card or digital wallet transactions, and maintain two active Direct Debits.
If you fail to meet the eligibility criteria for one month, you can still qualify in the subsequent months.
TSB – £100
TSB is also enticing newcomers with a £100 welcome bonus for completing a full switch to their Spend and Save account. To secure the bonus, you’ll need to log into the TSB Mobile Banking App and make at least five payments on your debit card before July 19, 2025.
The bonus will be paid between 2 and 16 August 2025.
Customers can also pocket £15 cashback each month for up to six months, amounting to £90. To be eligible for this separate bonus, you’ll need to make 20 or more debit card payments in a calendar month (pending payments are excluded), and the cashback will be credited to your account the following calendar month.
Santander – £180
Santander is enticing customers with a £180 offer when they open a Santander Edge current account using the Current Account Switch Service. Similar to other banks, you’ll need to set up at least two Direct Debits and deposit £1,500 within 60 days of initiating your switch request.
This generous offer isn’t available for anyone who has held a current account with Santander since January 1, 2025, or if you’ve previously taken advantage of a Santander switcher incentive. However, there’s a caveat with this account as it requires a monthly deposit of £3 to keep it active, and you must pay in £500 into your account each month.
Nevertheless, with one per cent cashback on energy bills, council tax, broadband, TV, mobile and water bills (capped at £10 per month), it could still be worth maintaining the account.
According to Money Saving Expert, Santander is also offering 1% cashback on supermarket, fuel and train spending. This is capped at £10 per month and is only valid until September 9, 2025.
Nationwide – £200
Nationwide is offering customers £200 for opening a Nationwide FlexDirect account. However, this perk is exclusively for existing Nationwide personal savings account holders (including cash ISAs) or residential mortgage customers who are transferring a different current account from another bank.
To qualify, you must have been a member as of March 31, 2025, maintain at least two Direct Debits, deposit a minimum of £1,000 and make one debit card payment within the first 31 days of opening the account.
