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Best bank account switching deals December 2025
We round up the best deals for getting a cash bonus or other perks, with up to £200 available for some customers
If you're looking to boost your balance this Christmas, there are currently six switching deals available from the Co-operative Bank, Santander, NatWest, Nationwide, Lloyds Bank and First Direct.
Read on for a breakdown of the latest current account offers (ordered by newest first), how they compare and their key eligibility rules.
If you're thinking of switching to any of the accounts mentioned in this article, ensure you refer to the terms and conditions of the deal to make sure it's right for you.
Latest bank account switching incentives
- The Co-operative Bank: £175
- Santander: £200
- NatWest: £175
- Nationwide: £175
- Lloyds: £200 + £50 refer a friend deal
- First Direct: £175
The Co-operative Bank: £175
The Co-operative Bank is offering £175 when you switch to its Standard Current Account or Everyday Extra account. You’ll receive £100 once your switch is complete, followed by £25 a month for the next three months, as long as you continue using your account.
If you choose the Everyday Extra packaged account, you’ll also get three months of free worldwide family travel insurance, mobile phone insurance and UK and European breakdown cover. The account normally costs £18 a month, so the free trial is worth up to £54, bringing the total value of the deal to £229.
The bank is also donating to its charity partner Centrepoint for every switch completed, with every six switches funding a warm bed for a young person on Christmas Day.
How to get £175: You’ll need to switch using the Current Account Switch Service (CASS).
Within 30 days of your switch completing, you must pay in at least £1,000, have two active direct debits, make 10 debit card or digital wallet payments and register for online or mobile banking.
You will receive your £100 switch incentive within seven days of meeting all the criteria. The remaining £75 is paid as £25 a month for three months, but only if you continue to meet the same monthly requirement
New customers must request a full switch within two weeks of opening their account. Existing Co-operative Bank customers can also qualify if they switch from another bank while the offer is live.
What’s in the small print: You won’t be eligible if you’ve received a Co-operative Bank switching bonus since 1 November 2022. Smile, Student and Cashminder accounts aren’t included.
When the deal ends: No closing date has been confirmed, but the offer can be withdrawn at any time.
Is the Co-operative Bank a good provider? The Co-operative Bank scored 75% in our latest customer satisfaction survey, placing joint 12th out of 22 providers.
It scored four stars for its customer service in general and for its online banking service. It earned three stars for its service in branch, telephone service, mobile banking service and contacting customer service.
- Find out more: best banks and bank accounts 2025 – see how our experts have rated the Co-operative Bank Current Account in their product analysis
- Find out more: how to switch your bank account
Santander: £200
Santander is offering £200 to new and existing customers who switch their main bank account, plus a free 12-month Kids Pass membership worth £40 for those opening a Santander savings account or cash Isa.
The £200 bonus is available when you switch to one of Santander’s eligible accounts – Everyday, Edge, Edge Up, Edge Explorer or Private – using the CASS.
- The Everyday account has no monthly fee and offers standard banking features.
- The Edge account costs £3 a month and pays 1% cashback (up to £10 a month) on selected household bills.
- The Edge Up account costs £5 a month, offering up to £15 a month cashback on bills plus 2.5% AER (variable) on balances up to £25,000.
- The Edge Explorer account costs £10 a month and adds travel and mobile phone insurance, 24/7 GP access and fee-free debit card spending abroad.
How to get £200: You’ll need to submit a full switch request through the CASS and complete the switch within 90 days.
To qualify, you must pay in at least £1,500 and set up two active direct debits, such as for bills or council tax. The £200 payment will be made within 90 days of meeting these conditions.
Other perks: Customers opening any Santander savings account or cash Isa can also claim a free 12-month Kids Pass membership worth £40 by paying in at least £100 within 30 days.
The membership offers discounts on family days out, restaurants, cinema trips and holiday activities.
You’ll receive a unique code through online or mobile banking within 30 days of crediting your account.
- Find out more: best cash Isas 2025
What's in the small print?: The offer is open to both new customers and people who already hold another Santander product, such as a savings account, mortgage or credit card. However, you must be switching from a current account held with another bank into a new Santander current account.
You won’t qualify if you already hold a Santander, Cahoot or Cater Allen current account, or if you’ve previously received a Santander switch incentive.
When the deal ends: No closing date has been confirmed, but the offer can be withdrawn at any time.
Is Santander a good provider? Santander ranked 19th out of 22 banks in our latest customer satisfaction survey, with a score of 71%. It earned four stars for its mobile app and online banking, and three stars for customer service overall. It scored two stars for its service in-branch, its telephone banking service and contacting customer services.
- Find out more: best banks and bank accounts 2025 – see what our experts thought of the Everyday, Edge and Edge Up accounts in their product analysis
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Compare and chooseNatWest: £175
NatWest is offering £175 to new customers who switch their main current account using the CASS. The offer is available on the Select and Reward accounts.
The Select account has no monthly fee and offers standard banking features.
The Reward account costs £2 a month but pays £5 a month in Rewards when you set up two direct debits of at least £2 each and pay in £1,250 a month. This means you can make up to £36 a year once the fee is deducted.
- Find out more: best cashback current accounts 2025
How to get £175: You’ll need to apply online or through the NatWest mobile app to open a Select or Reward account and complete a full switch from another bank using CASS.
Within 60 days, you must pay in at least £1,250 (this can be made up of multiple payments that remain in the account for 24 hours) and log in to the NatWest mobile banking app.
Once you’ve met these conditions, the £175 will be paid into your account within 30 days.
What’s in the small print: You won’t qualify if you already have a NatWest current account, are switching from Royal Bank of Scotland or Ulster Bank NI, or have previously received a switching incentive from NatWest Group. Joint accounts aren’t eligible.
When the deal ends: No closing date has been confirmed, but the offer can be withdrawn at any time.
Is NatWest a good provider? NatWest received a customer score of 74% in our latest customer satisfaction survey, placing it 15th out of 22 providers.
It received four stars for its mobile app and online banking, and three stars for customer service and service in-branch. It earned two stars for contacting customer services and its telephone banking service.
- Find out more: best banks and bank accounts 2025 – see what our experts thought of the Select and Reward accounts in their product analysis
Nationwide: £175
Nationwide is giving new and existing customers £175 when they switch their main bank account using the CASS. The switching incentive will be paid to those who move to one of Nationwide’s three main accounts:
- FlexAccount: This is Nationwide’s everyday bank account offering standard banking features, including making and receiving payments, withdrawing cash with a debit card, and setting up Direct Debits for bills.
- FlexDirect: This online-only current account offers standard banking features as well as 5% AER credit interest on up to £1,500, and 1% cashback (capped at £5 a month) on debit card spending for the first 12 months. If you combine the cashback and the switching offer, it totals £235 over 12 months.
- FlexPlus: This is a packaged account offering benefits including worldwide family travel insurance, mobile phone insurance, UK and European breakdown cover and commission-free usage abroad. This costs £18 a month.
How to get £175: To qualify, you will need to complete a full switch from your current bank using the CASS to one of the listed Nationwide accounts. The switch must have been started on or after 18 September, and needs to be completed within 28 days.
After this, the money will be sent directly to your account within 10 days. Your old account must have at least two direct debits to move over, and you'll need to pay at least £1,000 into the account within 31 days. You must also make one debit card payment within this timeframe.
Existing Nationwide customers can also qualify for the offer by requesting a full switch from another bank into an eligible account they already hold while the offer is active.
What's in the small print? You won’t qualify for the money if you've received a switching incentive for a sole or joint account since 2021.
However, you can still get the money if you previously took up the offer on a sole current account, and you’re now switching into a joint current account that hasn’t had the offer before – and vice versa. If you're switching into a joint account, you'll only receive one payment of £175.
When the deal ends: No end date has been confirmed by Nationwide, but the offer can be withdrawn at any time.
Is Nationwide a good provider? In our latest survey of banking customers, Nationwide ranked joint 4th with a customer satisfaction score of 84% and was the only Which Recommended Provider with physical branches across the UK.
The building society earned a five-star rating for its online banking and a four-star rating for its mobile banking, branch services, application process, contacting customer service and overall customer service. It scored three stars for its telephone banking service.
- Find out more: best banks and bank accounts 2025 – see which other banks have been named WRPs this year
Lloyds Bank: £200
Lloyds is offering £200 to new and existing customers who switch to a Club Lloyds account or Lloyds Premier account.
The deal is available on the Club Lloyds account and its packaged versions, Club Lloyds Silver and Club Lloyds Platinum.
Club Lloyds costs £5 a month (waived if you pay in £2,000) and includes benefits such as cinema tickets, Disney+ or a magazine subscription. You can also open a Club Lloyds Monthly Saver, paying 6.25% AER on savings of £25 to £400 a month.
Club Lloyds Silver (£11.50 monthly fee plus £5 Club Lloyds fee) includes European travel insurance and breakdown cover, while Club Lloyds Platinum (£22.50 a month plus £5 Club Lloyds fee) offers worldwide travel insurance, breakdown cover and mobile phone insurance.
Lloyds Premier is designed for people with higher incomes or assets. To qualify, you’ll need to pay in at least £5,000 a month, or hold £100,000 in savings or investments with Lloyds Banking Group.
How to get £200: You'll need to use the CASS to switch from another bank to a new Club Lloyds, Club Lloyds Silver or Club Lloyds Platinum account, including at least three active direct debits.
The £200 will be paid within 10 working days of your switch being completed.
Other perks: Lloyds customers can earn up to £250 by referring friends or family members to open a new Lloyds current account. Both the referrer and the new customer will receive £50 for each successful referral.
You’ll need to share your unique referral link from the Lloyds mobile app, which your friend must use to open their account. Once their account is up and running, both payments are made within 30 days. The offer can be used up to five times, meaning you could earn £250 in total.
The scheme is open to most Lloyds current account holders, excluding Under 19s, Smart Start and Student accounts.
What's in the small print? You won’t qualify if you’ve received a switching bonus from Bank of Scotland, Halifax or Lloyds since April 2020.
Existing Lloyds customers can get the £200 bonus as long as they open a new eligible Club Lloyds account and switch in from an external bank.
When the deal ends: There's no end date to the deal, but it can be withdrawn at any point.
Is Lloyds a good provider? Lloyds achieved a satisfaction score of 75% in our most recent survey of the best banks, placing it joint 13th out of 22 providers.
It scored well for its online banking service, with five stars, and got four stars for its mobile app. It scored three stars for its customer service in-branch, contacting customer services, customer service in general and its telephone banking service.
- Find out more: best banks and bank accounts 2025 – see what our experts thought of the Club Lloyds account in their product analysis
First Direct: £175
First Direct is offering £175 to switch to its 1st Account.
The account comes with no monthly fee and offers a £250 interest-free overdraft buffer. However, if you borrow more than £250, you'll pay 39.9% EAR.
It also offers fee-free spending abroad. Before the bank scrapped its fees in 2023, customers used to pay 2.75% to withdraw cash or spend money abroad.
- Find out more: best debit cards to use abroad
How to get £175: You’ll need to use the CASS to be eligible for the offer, and switch at least two direct debits or standing orders.
Other requirements include depositing a minimum of £1,000 into the account within 30 days of opening, and registering and logging in to digital banking.
What’s in the small print: This deal is available only to new customers who haven’t previously held a First Direct product.
You also won’t be eligible for this deal if you held an HSBC current account on or after 1 January 2018.
When the deal ends: There’s no end date listed for this deal, but it can be withdrawn at any point.
Is First Direct a good provider? First Direct consistently ranks among the top banks, . It got an impressive 84% customer satisfaction score in our latest survey, placing joint 4th out of 22 providers. It’s also been named one of our Which? Recommended Providers (WRPs).
First Direct earned the full five stars for its online, telephone and mobile banking service and its customer service in general, and four stars for contacting customer service.
As a division of HSBC, First Direct is covered by the Financial Services Compensation Scheme (FSCS), but it’s important to keep in mind that the £120,000 FSCS protection limit applies across both brands. If you have accounts with both First Direct and HSBC, ensure your total deposits across the two are below this threshold to stay fully protected.
- Find out more: best banks and bank accounts 2025 – see which other banks have been named WRPs this year
