Switching your current account is one of the easiest bits of side income going. You fill in one form, the Current Account Switch Service moves your bills and salary for you, and a bank pays you for the privilege. This month, the best deals pay between £200 and £300.
The catch is in the small print. Every offer asks for something slightly different: a minimum pay-in, a number of Direct Debits, a set number of card payments, or a deadline. Get one of them wrong and you don’t get paid. Here are the five best offers as of 3 October 2026, and exactly what each one asks.
Good to know: Switch offers change often and can end without warning. The details below were correct on 3 October 2026. Always check the bank’s own terms before you start.
The five best switch offers right now
| Bank | Bonus | Main conditions | Deadline |
|---|---|---|---|
| Barclays | Up to £300 | Switch 3 Direct Debits, £2,000 salary in each month | None given |
| Santander | £240 | 2 Direct Debits, pay in £1,500, save £200 in a Regular Saver | 7 October 2026 |
| HSBC | £220 | 2 Direct Debits, pay in £2,000, spend £500 on the card | None given |
| First Direct | £210 | 2 Direct Debits, pay in £1,000, 5 card payments | 2 December 2026 |
| Lloyds | £200 | Old account needs 3 active Direct Debits | 9 December 2026 |
1. Barclays: up to £300
Barclays launched this on 1 October and it’s the biggest everyday offer around, but it’s paid in two parts. You get £150 once you’ve completed a full switch through the Barclays app, moved at least three Direct Debits and had at least £2,000 of salary paid in by your employer within 30 days. You then get £30 a month for five months, as long as you make at least ten card payments and get at least £2,000 of salary paid in each month.
That second part matters. If you plan to switch again in a couple of months, you’ll miss out on up to £150. You can’t get this one if you had any Barclays current account open on or before 1 October 2026, or if you’ve had a Barclays switch reward before.
2. Santander: £240 (ends 7 October)
This is the one to move fast on. You need to request a full switch to the Santander Everyday Current Account by 7 October. Then, within 60 days, you need two household Direct Debits on the account, at least £1,500 paid in, and at least £200 saved into a Santander Regular Saver.
The Regular Saver part is easy to miss, so set it up on day one. You can’t get this offer if you held a Santander current account on 1 January 2026, or if you’ve had a Santander switch bonus before.
3. HSBC: £220
HSBC rarely offers switching bonuses on its standard account, so this one is popular with people who have already used up the other banks. Open the HSBC Bank Account in the app, complete a full switch, and within 60 days move two Direct Debits, pay in £2,000 and spend £500 on your debit card.
You can’t get it if you’ve held an HSBC UK or First Direct current account since 1 January 2023.
4. First Direct: £210 (until 2 December)
First Direct normally pays £175, so this boosted £210 is worth having. Within 45 days of opening a 1st Account you need to move two Direct Debits or standing orders, pay in £1,000, make five or more card payments and log in to its online or app banking.
Two extras make it worth keeping: a £250 interest-free overdraft and access to a 7% Regular Saver. It’s for people who have never had a First Direct product, and not for anyone who opened an HSBC current account on or after 1 January 2018.
5. Lloyds: £200 (until 9 December)
Lloyds pays £200 for a full switch to a Club Lloyds or Lloyds Premier account, started by 9 December 2026. The account you switch from needs at least three active Direct Debits. You can’t switch from Halifax or Bank of Scotland, which are part of the same group, and you can’t have had a switch reward from any of the three since 1 January 2023.
Watch the fees here. Club Lloyds costs £5 a month unless you pay in at least £2,000 each month, so it’s best if your salary will land there.
Close but not quite
NatWest and its sister bank RBS both pay £200 to switch to their Select or Reward accounts. You need to pay in £1,250 and log in to the app within 60 days. Nationwide pays £175 to switch to its FlexDirect, FlexAccount or FlexPlus, if you haven’t had a Nationwide switch bonus since 2021.
If you earn more, look at the premier accounts. Barclays Premier pays up to £600 if you earn £75,000 or more, and HSBC Premier and NatWest Premier each pay £500 with income or savings conditions of around £100,000.
How to collect switch bonuses without the stress
Pick the order by deadline. Santander ends first, so if you’re eligible, start there. The First Direct and Lloyds offers run into December.
Use one account as your “switching” account. Many people keep their main bank where it is and repeatedly switch a second account instead. Point a couple of small Direct Debits at it, such as a charity donation or a phone bill, so it always has enough to move.
Keep a simple checklist. For each switch, note the date you started, the conditions and the date the bonus should arrive. Most of the time a bonus goes missing because someone forgot a card payment or a pay-in.
Mind the banking groups. HSBC and First Direct rule each other out, as do Lloyds, Halifax and Bank of Scotland. They also share a single savings protection limit under the Financial Services Compensation Scheme, so spread larger savings across separate banking groups.
Avoid switching right before a mortgage. A new account can involve a credit check and closes your old banking history. Give it a few months’ gap either side of a big application.
If you’re building a bigger safety net while you collect bonuses, here’s why your emergency fund should stay in cash, and our family money check-up shows where a switch fits in your wider plan.
The short version
Switching banks takes one form and a week, and right now it can earn you £200 to £300. Barclays pays the most, but in instalments. Santander’s £240 needs to be started by 7 October. HSBC, First Direct and Lloyds round out the top five. Read each bank’s conditions, keep a checklist, and the money is close to guaranteed.
Common questions
Does switching bank hurt my credit score?
Opening a new account can mean a credit check, especially if you apply for an overdraft, and closing your old account shortens your banking history. The effect is usually small and short-lived, but avoid switching in the months before a mortgage application.
Will my bills and salary move automatically?
Yes. The Current Account Switch Service moves your Direct Debits, standing orders and incoming payments for you, closes the old account and takes seven working days. Anything paid to the old account by mistake is redirected.
Can I get more than one switching bonus?
Yes, as long as you meet each bank's rules. Many people switch every few months, using the same account each time. Check whether banks in the same group, such as HSBC and First Direct, rule each other out.
Do I need to keep the new account forever?
No, but most offers want you to keep paying money in and using the account until the bonus lands. Some pay in instalments, so read when each payment arrives before you switch again.
This article is general information, not personal financial advice. Your situation is your own, so check the details for yourself or speak to a regulated adviser before making big decisions. Where investments are mentioned, their value can go down as well as up.
