Overview
- In mid‑June, consumer sources highlighted six major offers that pay one‑off switching bonuses typically between £175 and £200 for new current‑account customers.
- Barclays has two summer deals running until 27 August that pay £200 for a standard switch or offer a Premier experience package worth up to £600 for higher‑value customers.
- Santander’s Edge account pays a £180 switch bonus plus 1% cashback on selected household Direct Debit bills and gives access to an Edge Saver at 6.00% AER on balances up to £4,000, with the bank checking eligibility 60 days after the switch and paying within 30 days.
- Most banks require customers to complete the Current Account Switch Service transfer, meet minimum pay‑in thresholds, set up at least two Direct Debits, and exclude people who previously received a switch incentive from the same provider.
- Consumer advisers urge checking the fine print on eligibility, fees and ongoing perks because upfront cash can be outweighed by long‑term value from savings rates, cashback rules, account charges and the impact of multiple bank account applications on credit records.