Major banks offer millions of Britons up to £300 cash for simple switch – but deadline looms

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The Co-operative Bank is leading the pack with the most generous deal on the table

Banks are handing out hundreds of pounds in free cash to anyone willing to switch their current account, with deals worth up to £300 available right now.

With household budgets still under pressure, there has rarely been a better time to take advantage of these offers from some of Britain's biggest lenders.

The Co-operative Bank is leading the pack with the most generous deal on the table.

Eligible existing customers of Co-op Bank, Smile, Coventry Building Society, Godiva Mortgages and ITL Mortgages can pocket up to £300 by switching another bank account across.

That total includes a £100 "loyalty" payment on top of the standard £200 switching bonus. However, the deadline to act on the loyalty element is Monday, August 17, giving customers just three days to get their application in.

Rivals including HSBC (£220), Barclays (£200), NatWest (£200), Nationwide (£175) and First Direct (£175) are also running significant switching incentives.

To qualify for the extra £100, customers must have held a personal account with Co-op Bank, Coventry Building Society or Smile on or before 21 June 2026.

This includes anyone with a savings account, current account, or a mortgage through those brands or their subsidiaries Godiva Mortgages and ITL Mortgages. Business accounts do not count.

Those who already hold a Co-op current account simply need to request a switch from a different bank by the August 17 cut-off.

Customers who do not yet have an eligible Co-op current account must open one by the same date and then initiate the switch within a fortnight.

The £100 loyalty bonus will be paid into qualifying accounts in November, provided the recipient has also met the conditions for the initial £125 switching reward.

The standard switching bonus available to all new Co-op Bank customers is worth up to £200 in total.

The first £125 is paid once the account holder completes a full switch and, within 30 days, deposits at least £1,500, makes five debit card transactions, keeps two active Direct Debits running and signs up for online or mobile banking.

After that initial payout, customers can earn a further £25 each month for three months. To receive each monthly payment, they must continue depositing £1,500, carry out five debit card transactions and maintain the two Direct Debits.

The bank also provides access to a linked regular saver paying 7 per cent variable interest for 12 months on up to £250 a month. Customers who have received Co-op switching cash since 1 November 2022 are not eligible for the offer.

HSBC is currently paying £220 to new customers who open its Bank Account through the mobile app.

To collect the bonus, switchers must complete a full transfer via the Current Account Switch Service, bring across at least two Direct Debits, deposit £2,000 and spend £500 on their debit card within 60 days.

The offer is not available to joint account applicants or anyone who has held an HSBC or First Direct current account since 1 January 2023.

Barclays is offering £200 to those who open a sole Bank Account via its app and begin a full switch by 27 August. Applicants need to carry over at least two active Direct Debits, complete the switch within 30 days and pay in a minimum of £2,000 within the same period.

Anyone who has previously received a Barclays switching bonus or held a Barclays current account on or before 9 June is excluded.

NatWest is paying £200 to customers who switch to one of its Select or Reward accounts, provided they did not hold a NatWest current account on 6 May 2026. Switchers must deposit at least £1,250, keep that sum in the account for a minimum of 24 hours and log into the mobile app, all within 60 days.

The Reward account also offers ongoing cashback of £5 a month for those who pay in £1,250, maintain two Direct Debits of at least £2 each and use the app. After the £2 monthly fee, that works out at a net £36 a year, though from 1 October the cashback drops to £4 a month, reducing the annual gain to £24.

A linked regular saver pays 5.25 per cent variable interest on up to £150 a month. Importantly, anyone who has previously claimed a switching incentive from NatWest, Royal Bank of Scotland or Ulster Bank is ineligible, as all three sit within the same banking group.

Nationwide is offering £175 to customers who fully switch into a FlexDirect, FlexAccount or FlexPlus account within 28 days, bringing at least two Direct Debits with them.

They must also pay in £1,000 and make one debit card payment within 31 days of opening. The FlexDirect account adds five per cent interest on balances up to £1,500 for a year and one per cent cashback for 12 months, capped at £5 a month for those depositing at least £1,000 monthly.

First Direct is also handing out £175 to newcomers who have never held any of its products and have not opened an HSBC current account since 1 January 2018. Switchers need to transfer two or more Direct Debits or standing orders, deposit £1,000, make five debit card payments and log into digital banking within 45 days.

All of these offers are subject to eligibility and can be changed or pulled at any time, so customers should check the terms before starting a switch.