Overview
- Seven major providers—Barclays, Lloyds, Nationwide, NatWest, TSB, Co‑operative Bank and First Direct—are paying £175 to £200 to new switchers this month.
- Barclays also advertises £400 for its Premier Current Account, a deal limited to customers with a £75,000 salary.
- Offer structures vary, with Barclays’ £200 via Blue Rewards carrying a £5 fee and Apple TV+, Lloyds’ £200 on fee‑charging Club or Premier accounts with five‑year bonus exclusions, and Nationwide’s £175 typically paid within around 10 days.
- Other packages include TSB’s £150 upfront plus £10 a month for three months, Co‑operative Bank’s £100 plus three £25 instalments with ten card transactions, First Direct’s £175 with a £250 interest‑free overdraft, and NatWest’s £175 with paid‑for cashback taking the total to about £211.
- Banks require switches to be completed through CASS, with typical conditions such as two active Direct Debits, an initial deposit and app use, and the service usually completes within seven working days.