Bank customers across the UK are being advised to consider switching their current accounts before this Thursday to take advantage of lucrative cash incentives offered by several major banks.
Time-Sensitive Banking Opportunity
According to Money Saving Expert, the personal finance website founded by Martin Lewis, customers with accounts at HSBC UK, Halifax, Virgin Money, TSB, and Monzo risk missing out on significant cash bonuses if they don't act before the deadline. The initiative involves using the Current Account Switch Service (CASS) to move to participating banks offering switching incentives.
Substantial Cash Incentives Available
Several prominent banks are currently offering attractive switching bonuses to new customers. Barclays is offering £400 for switching to its Premier Current Account, though this requires meeting specific eligibility criteria including earning £75,000+ annually or having £100,000 in savings or investments with Barclays.
Other substantial offers include Santander providing £200, Lloyds offering £200, and both Nationwide and NatWest providing £175 each. These incentives represent what Money Saving Expert describes as 'switch bribes' where banks not only gain new customers but also see rivals lose them.
How to Secure Your Banking Bonus
To qualify for these switching bonuses, customers must complete a full switch of an existing current account using the Current Account Switch Service through their new bank. The service guarantees that all payments, Direct Debits and standing orders will be automatically transferred to the new account, with the old account subsequently closed.
Important requirements include ensuring the account being switched from is with a different banking group than the one being switched to. For example, switching from HSBC to First Direct wouldn't qualify as both belong to the same banking group.
For those targeting Barclays' £400 bonus, additional steps include opening a sole Premier account via the Barclays app, initiating the switch by November 27, 2025, paying in at least £4,000 within 30 days of account opening, and maintaining at least two Direct Debits throughout the switching process.
Money Saving Expert also recommends downloading several years' worth of statements from the old bank before switching, in case they're needed for future reference.
